Magellan Investment Partners and Kinship Capital Joint Venture Acquires Avant at Castle Pines
CHICAGO, IL —January 18, 2017 — Magellan Investment Partners, LLC (MIP) and Kinship Capital announced that, through a joint venture, they have acquired Avant at Castle Pines in Castle Pines, Colorado. The 356-unit apartment community built in 2002 is the only rental property located in Castle Pines, a prosperous suburb of Denver that has experienced tremendous growth over the last few years.
“Avant marks the third acquisition by MIP in the past twelve months,” stated David Levin, Principal of MIP. “This acquisition represented a great opportunity to invest in Denver, a market we believe in long term. Castle Pines is a barrier to entry location which is coveted for its access to top rated schools, its affluent demographics and access to employment.”
Avant at Castle Pines is comprised of one, two and three bedroom apartments with large floor plans. The property was designed to condominium specifications with approximately 80% of the units offering attached garages and individual driveway access points. As part of its renovation strategy, the joint venture will immediately begin to update the apartments along with the club house and accompanying common area amenities to ensure that it remains competitive with other properties located in the neighboring submarkets of Lone Tree and Castle Rock.
“Avant at Castle Pines fits perfectly with our commitment to being an innovative and duration-driven investment partner,” said Ethan Meers of Kinship Capital. “And it fits with our goal to expand our presence in the greater Denver area.”
About Kinship Capital
Kinship Capital is a private real estate investment firm founded on 125 years of family business success. The company makes growth oriented and duration driven investments in the U.S. across a variety of product types including office, retail, multi-family, hospitality, and industrial real estate. The Kinship team has built an institutional scale portfolio while retaining an entrepreneurial approach to the investment process. Kinship’s structural flexibility and 50 year investment horizon regularly prove to provide a unique competitive advantage in the marketplace. Building on seven generations of family legacy, Kinship Capital is committed to the next century of success. For more information, please visit www.kinshipcapital.com.
About Magellan Investment Partners
Magellan Investment Partners, LLC (www.magellaninvestments.com) is a real estate investment management company focused on the acquisition and asset management of multifamily properties in key U.S. markets. MIP is led by industry leaders with notable track records of acquiring apartment communities and repositioning them to maximize value propositions. MIP is an affiliate of Magellan Development Group (www.magellandevelopment.com) is a prolific and highly accomplished Chicago based developer of luxury high rise residential and mixed-use properties throughout the country