Property Purchased and Its Potential Unlocked
2020 marked a good year for the growth of Summit Communities’ portfolio with the purchase of Highland Way Apartments. This 230 unit apartment built in 1973 was acquired by Summit Communities in late 2020 for $40.6M according to an article written by Beata Lorincz on multihousingnews.com titled “Summit Communities buys Colorado Asset for $41M”.
Highland Way Apartments is still an ongoing project for Summit Communities with its renovations continuing onward. On top of the standard renovations that are taking place inside of the units, such as the in-unit laundry, stainless steel appliances, and updated flooring; Highland Way has been working on improving the outward look of the property with new paint and fresh landscaping. Management and maintenance continue to work hard to make the 10 building community a great place to live in the Northglenn area.
Current reviews for Highland Way apartments show the impact that Summit Communities is making on residents and prospective residents alike. As with any project there are hiccups here and there, but Summit Communities and the team that works to manage this community are proving that they care about fixing the issues and getting over any hurdle that is thrown their way.
As with all other properties, the goal of Summit Communities and their work at Highland Way is to demonstrate its ability to grow in investment value. The community’s occupancy has risen to 95% since its acquisition by Summit Communities with rent growth proving a great investment for the future.
As shown through the positive reviews and the goals of the company, Summit Communities will continue its diligent work of improving the property and building its rapport with the community. They are clearly dedicated to making it the best community they can.