Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1996
Building Area Net
Land Area Net ()
Rentable Area
Number of units 160

Asset Description

JLL is pleased to present the exclusive listing of Ardenne, a 160-unit apartment community strategically located in the highly desirable community of Lafayette, CO, between Boulder, Denver, and the Interlocken Business Park. Consistently named as one of the best places to live in Colorado, the housing stock in Lafayette consists of primarily high-cost single-family homes whose average prices eclipse $850k, creating an extreme lack of multifamily rental supply in the area. Located just fifteen minutes from Boulder and Interlocken Business Park, Ardenne provides convenient access to the “US-36 Creative Corridor,” Metro Denver’s major technology and innovation hub between Boulder and Downtown Denver. In addition to the technology employment, residents at Ardenne are one mile from the Good Samaritan/Kaiser Permanente medical center, with over 1,600 employees, and ten minutes from the Flatiron Crossing regional mall.


Ardenne presents an attractive value-add opportunity for potential investors. The 160 units comprise 96 market-rate units and 64 affordable units. The affordable units are governed by a LURA agreement restricting 40% of the units at 60% of the area’s median income. However, current in-place rents for these units are below rent levels set by the county, providing a new owner the ability for immediate rental increases. This agreement was established when the property was developed in 1996 and is set to expire in December 2026. At that time, the 64 units can be converted to market rate units, allowing the current rents to reset, resulting in a circa 12% increase in rental revenues. Additionally, new ownership could increase NOI through a comprehensive renovation program of those units. Ardenne’s coveted location and clear value-add potential create a rare opportunity for new investors.  

Investment Highlights

  • LIHTC Value-Add Opportunity
  • Strong Submarket Growth
  • Coveted Neighborhood Demographics
  • Exceptional Access to Major Employment
Last Updated Date: 31 Oct 2022

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 31 Oct 2022

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.