Chateaux Verde Apartments
Union Square Apartments formally Chateaux Verde Apartments, was purchased in late 2012 as a multi-family value add opportunity. Located at 13050 West Cedar Drive in Lakewood, Colorado. The property, built in 1973, is a 66 unit apartment complex consisting of 5 buildings with an excellent mix of 3 bedroom, 2 bedroom and 1 bedroom units. It is located approximately three quarters of a mile south of 6th Avenue (Hwy 6) and one half mile west of Union Blvd.The property was owned by the same family for over 30 years and has been somewhat neglected for the at least the last 5 years. Even with the deferred maintenance and run-down appearance, the property has been able to maintain 95%+ occupancy due to the strong demand for rental units in the area.
Immediately embarking on an extensive rehabilitation of the property. These improvements included new roofs on all 5 buildings, a new parking lot, significant improvements to the landscaping, replace all windows and sliding glass doors throughout the property, new flooring and appliances in the vast majority of the units as necessary and other exterior and interior improvements.
Brue Capital partnered with Skyline Property Management to help manage this asset and the improvements.
In one short year, Skyline Property Management made an offer and purchased the apartment complex from Brue Capital Partners. Which saw immediate value in adding this property to their portfolio. Skyline owns and manages the 444 unit apartment complex located a block away (Americana Lakewood) and another 1,800+ units within the Denver metro area which gives us the opportunity to significantly reduce operating expenses by taking advantage of the buying power of Skyline and better utilizing the staff and resources of a larger entity. Additionally, Skyline has created an excellent referral program for all of its properties which will drive potential renters to this property.
Property Type: Multi-Family
Site Size: 3.38 Acres (147,199 SF)
Size: 66 Units - 61,926 Square Feet
- 3bd/2ba: 9 units @ 1,150 SF
- 2bd/2ba: 45 units @ 940 SF
- 1bd/1ba: 12 units @ 773 SF
Year of Construction: 1971-1974
Construction Type: Brick & Wood
Apartment Amenities: Swimming Pool, Individual Fireplaces and Balconies in each Unit