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MARKETING FLYER
312 UNITS | VALUE-ADD OPPORTUNITY | 1991 YOC | ENGLEWOOD, CO
EXECUTIVE SUMMARY
PRICING SUMMARY
Silver Cliff is offered unpriced to the market and
free and clear of any existing debt.
INVESTMENT HIGHLIGHTS INCLUDE:
• Demonstrated Value-Add Potential
• Surrounded by Dynamic Retail
• Excellent Access to Transit
OFFERING SUMMARY
Address
Year Built
Total Units
Total SF
Average Unit Size
Average Market Rent/Unit*
Average Market Rent/SF*
Occupancy*
Site Size
Parking Ratio
Number of Buildings
*As of January 3, 2017 Rent Roll
5109 S Delaware St
Englewood, CO 80110
1991
312
254,400
±815 SF
$1,227
$1.50
95%
±10.83 AC
491 Spaces
±1.08 per Bedroom
9 residential,
2 leasing/clubhouse
• Strong Property-Level Performance
• Limited Competition from New Supply
HFF is pleased to present Silver Cliff, a 312-unit apartment community located in Englewood,
Colorado just west of the intersection of South Broadway and Belleview Avenue. Originally
completed in 1991, Silver Cliff is among the newest assets in an established area of metro
Denver and is conveniently located near major employment centers, retailers, and public
transit. Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton,
Silver Cliff offers a full suite of amenities not available at many properties in the immediate
submarket including covered parking, a fitness center, and pool with sweeping mountain
views. Current ownership has renovated approximately 40% of the apartment homes and
has achieved in-place rent premiums averaging more than $150 per month, offering a new
investor a demonstrated road map to capturing higher rents and enhanced yields.
Silver Cliff is located in proximity to numerous parks, major retailers including a new Sprouts
Farmers Market, downtown Littleton, the South Broadway corridor and RTD Light Rail. These
amenities, as well as the lack of available development land and subsequent constraint on
new supply, combine to create a compelling investment opportunity in one of metro Denver’s
most desirable locations.
I N V E S T M E N T H IG H L IG H T S
DEMONSTRATED VALUE-ADD POTENTIAL
STRONG PROPERTY-LEVEL PERFORMANCE
SUPERIOR ACCESS TO RETAIL AMENITIES
LIMITED COMPETITION FROM NEW SUPPLY
Current ownership has established a proven interior renovation program on 117 of the 312 units,
with 195 units remaining in their original condition. Upgrades completed include granite countertops,
black appliances, modern lighting and hardware fixtures, new cabinetry, and plank vinyl flooring in
wet areas. Rental premiums for completing these unit upgrades are anticipated to continue to range
from $125 - $175 per month over non-renovated units. Additionally, significant potential remains
from upgrading common area amenities and re-purposing one of the two clubhouses, which should
further enhance yields and position the property to compete for years to come.
Residents of Silver Cliff enjoy easy access to numerous retail amenities. Just east of the property at
the intersection of South Broadway and Belleview Avenue is the Brookridge Shopping Center, home
to numerous restaurants and retailers including Sprouts Farmer’s Market, Kmart, Sears, Walgreens,
and Starbucks. Located 1.5 miles west of Silver Cliff is the Columbine Square Shopping Center,
home to King Soopers, 24 Hour Fitness, The Home Depot, and more. Further, the River Point at
Sheridan Shopping Center is located 2 miles northwest of Silver Cliff. This 135-acre shopping center
is home to ±600,000 square feet of retail space including Costco, Target, Chick Fil-A, and Michael’s.
Silver Cliff’s location provides residents with superior access to some of the world’s most notable
restaurants and retailers.
PROXIMATE TO LIGHT RAIL
Located just one mile west of the RTD’s Littleton/Downtown Park-n-Ride Station, Silver Cliff offers
residents quick access to the C & D Light Rail lines. The C & D Lines, which stretch approximately
14 miles through southwest Denver, provides passengers with direct access to Downtown Denver,
including stops at Sports Authority Field, the Pepsi Center and Union Station. Opened in 2000, the
C & D Light Rail lines are tremendously successful, serving more than 27,000 passengers daily. The
Littleton/Downtown Park-n-Ride also offers 361 parking spaces and 28 bike racks to riders. Through
this Light Rail station, residents of Silver Cliff have access to Downtown Denver’s urban attractions
as well as Denver International Airport.
Silver Cliff has averaged approximately 95% occupancy over the past six months, while rental
revenue increased by 11.9% from January 2016 until December 2016. These stats prove Silver
Cliff’s desirability in the market and signal the ability to further implement a comprehensive renovation
program.
Over the past decade, only three market rate projects have been delivered within two miles of Silver
Cliff, and no market rate properties are currently under construction in the same radius. This extreme
lack of competition positions Silver Cliff to realize continued strong performance, and will enhance
the value added by a comprehensive renovation plan.
VA L U E-A D D O PPO R T U N I T Y
Silver Cliff offers investors the opportunity to complete a comprehensive renovation to unit interiors and common area spaces. Current ownership has recently installed granite countertops, black appliances including
stoves, refrigerators, dishwashers, and range hoods, in 117 apartment homes. Limited new supply is under construction in the submarket, positioning Silver Cliff as the prime opportunity to capitalize on the high
demand for housing in a desirable location. It is anticipated that rental premiums will continue to average approximately $150 per month and the suggested upgrades include:
1. Granite Countertops
5. Updated lighting & Hardware Fixtures
2. Reface/Upgrade Cabinetry & Hardware
6. Six-Panel Doors
3. Deep Single or Double-bowl Stainless Steel Sinks
7. Black or Stainless Steel Appliances
4. Vinyl Wood Plank Flooring
Unit Type
1x1
2x2
Total/Average
Total Units
168
144
312
Rehabbed Units
59
58
117
Classic Units
109
86
195
Proposed Premiums
$125
$175
$148
Annualized Premium Potential
$163,500
$180,600
$344,100
5
5
2
2
6
3
7
1
7
4
3
1
6
4
Downtown Denver CBD
10 miles from Silver Cliff
RIVERPOINT
Overland
Golf Course
Light Rail Line
25
PLATT PARK
NEIGHBORHOOD
Craig Hospital
700 Employees
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ta F
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ENGLEWOOD CITY CENTER
Ch
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wa
Rotolo Park
Clayton
Elementary
School
Belisle
Reservoir
Cherry Hills
Country Club
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ne
il Li
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Li
ENGLEWOOD
RECREATION
CENTER
SB
S Sa
11,800 STUDENTS | 3,830 STAFF
Swedish Medical Center
2,000 Employees
r
Broken Tee
Golf Course
University of Denver
4 miles from Silver Cliff
ry
Hi
Cherrelyn
Elementary
School
lls
Vi
lla
$1-$5+ Million
Home Values
ge
Duncan Park
Belleview Park
Denver Tech Center
4 miles from Silver Cliff
Pirates Cove Family
Fun Aquatic Center
W Belleview Ave
Progress Park
Big Dry Creek Trail
INVESTMENT SALES INQUIRIES
DEBT FINANCING INQUIRIES
CHRIS WHITE
JOSH SIMON
JEFF HAAG
DIRECTOR
REAL ESTATE ANALYST
REAL ESTATE ANALYST
SENIOR MANAGING DIRECTOR
MANAGING DIRECTOR
303.515.8010
[email protected]
303.515.8004
[email protected]
303.515.8078
[email protected]
303.515.8031
[email protected]
303.515.8001
[email protected]
303.515.8002
[email protected]
MANAGING DIRECTOR
MACK NELSON
ERIC TUPLER
JORDAN ROBBINS