Berkadia Sources Sources Equity For Amplify Development Company to Acquire A Value-Add Student Housing Property in Denver
DENVER – January 10, 2023 – Berkadia announced today that it has sourced a joint venture equity partner for Amplify Development Company, a national development, investment and management company, to acquire Vista Denver, nine-story, 84-unit, 284-bed student housing property located in Denver, Colorado directly adjacent from the University of Denver. Senior Director Nick Steele and Director Tyler King of Berkadia Denver secured the equity partner which provided the equity for the $41.3 million acquisition.
“The equity market responded well to the asset and to the Sponsor,” said King. “The Sponsor just completed a very similar value-add strategy in the sub-market through its sale of University Lofts (also sold by Berkadia). Through the process, Berkadia is proud to have procured several competitive term sheets for Amplify Development.”
Located at 1920 S University Boulevard, Vista is the premier student focused housing community serving the University of Denver. The property features ample amenity offerings for its residents and will undergo a significant renovation as part of Amplify Development Company’s value-add business plan for the property. Residents are afforded convenient access to the University of Denver, Denver International Airport, Denver Botanic Gardens and the shops and restaurants near Interstate 25.
This is the second transaction that Amplify and Berkadia have completed in just under 45 days. Berkadia represented Amplify on the sale of University Lofts just 500 yards away from Vista in October, which was master leased to the University of Denver by Amplify prior to its completion of an aggressive value-add program.
“The Berkadia team has been instrumental to our success in both the sale of University Lofts and acquisition of Vista, all within a 45-day window,” said Alec Paddock, Managing Partner of Amplify Development Company and Louisville Colorado native. “We are thrilled to be a long-term owner, landlord and member of the DU and Denver community. We look forward to executing an exciting renovation plan at Vista and to continuing to work with Tyler, Nick and the Berkadia team to expand our footprint in the Denver.”