We’ve partnered with a local real estate owner to acquire a stabilized apartment property in Denver, Colorado. Asbury Plaza Apartments is a 110-unit garden-style apartment complex consisting of four three-story brick buildings. We aim to boost rents by improving the common areas at the apartment complex and performing minor renovations on some of the units.
Orion Real Estate Partners, our joint venture partner in this project, currently owns three other communities totaling 358 units. This acquisition is the second deal that Fundrise and Orion will own together.
According to the US Census Bureau, between 2010 and 2016 Denver’s population grew by over 15%, and is projected to continue growing for the foreseeable future. Housing construction has failed to keep pace with the growing population, which has translated to higher rents and occupancy rates in apartments throughout the city.
