Overview
Marcus & Millichap is pleased to present Monaco South, a 220-unit, multifamily community located at the intersection of South Monaco Parkway and Iliff Avenue in East Denver. Originally constructed in 1971, Monaco South offers a compelling blend of scale, location, and operational upside, supported by over $3.6 million in recent capital improvements and strong submarket fundamentals. The property benefits from high visibility at the northeast corner of South Monaco Parkway and Iliff Avenue, with immediate proximity to I-25 providing seamless access to Downtown Denver, the Denver Tech Center, Cherry Creek, and the broader metro area.
Monaco South features a desirable unit mix of 69% one-bedrooms and 31% two-bedrooms, with an average unit size of 744 square feet. The community has undergone substantial renovations, with 96% of the units updated along with extensive improvements to common areas and building systems, including new HVAC systems, boiler and
elevator upgrades, clubhouse and fitness center remodels, catwalk and stair repairs, outdoor kitchen installation, and refreshed signage. These updates position the property to operate with minimal deferred maintenance and allow a new owner to focus on operational efficiencies and targeted rent growth.
The property’s robust amenity package includes two swimming pools, a fitness center, clubhouse, business center, dog park, playground, covered parking, and more, setting it apart from many competitors in the area. Residents also benefit from proximity to an abundance of retail, dining, and entertainment options including University Hills Plaza, Tamarac Square, Tiffany Plaza, and the Colorado Boulevard commercial corridor all located within a 5- to 10-minute drive.
Investment Highlights
AMPLE CAPEX COMPLETED OVER PAST FIVE YEARS
The acquisition of Monaco South presents a completing opportunity to acquire a well-maintained asset at a significant discount to today’s replacement cost. The property has benefitted from institutional ownership and a wide variety of capital expenditures over the past five years under current ownership. Capital expenditures include but are not limited to unit renovations of 211 units, extensive clubhouse & fitness center remodel, catwalk repairs, stair & railing repairs, outdoor kitchen installation, elevator repairs, boiler & HVAC replacement, and new signage. The ample work completed to date allows new ownership to focus time and resources on operational efficiencies.
FUTURE RENT GROWTH FUELED BY LIMITED SUPPLY
Only 234 conventional multifamily units are currently under construction within a 3-mile radius of Monaco South, all located west of I-25 near the University of Denver campus, at the far edge of the radius. With no new supply in the immediate vicinity, Monaco South is well-positioned to capture outsized demand and benefit from future rent growth.
CENTRAL LOCATION PROVIDES EASY ACCESS TO MAJOR EMPLOYMENT HUBS
Monaco South is located at the northeast corner of Monaco Street Parkway and Iliff Avenue, a high-visibility intersection with over 21,000 vehicles passing daily. The property offers convenient access to several of Metro Denver’s major employment hubs, including Downtown Denver, the Denver Tech Center, the Colorado Boulevard Business Corridor, and the Fitzsimons Medical Campus. This highly accessible yet relatively affordable location consistently attracts working-class residents seeking proximity to Denver’s broad employment base.
STEPS FROM GROCERY, DINING, AND RETAIL
With a Walk Score of 65, Monaco South offers residents convenient access to a variety of shopping, dining, and entertainment options. Nearby destinations include Tamarac Shopping Center, University Hills Plaza, Boulevard Center, Glendale Center, Tiffany Plaza Mall, and numerous spots along Colorado Boulevard and Hampden Avenue, all within a 10-minute drive. Major retailers such as Whole Foods, Target, King Soopers, Safeway, Ace Hardware, PetSmart, 24 Hour Fitness, and Dave & Buster’s provide ample choices for everyday needs and leisure.
STRONG MISSION DRIVEN AGENCY FINANCING CANDIDATE
Strong demographics surrounding Monaco South represent significant naturally occurring affordability, positioning the asset as a strong candidate for mission driven financing via the agencies at stabilization. The average proforma rent at Monaco South represents a 62% discount to buying a home within one mile of the property.
ROBUST AMENITY PACKAGE SETS MONACO SOUTH APART FROM THE COMPETITIVE SET
Monaco South stands out in the submarket with one of the most comprehensive amenity packages in its class, offering residents covered parking, a dog park, playground, two swimming pools, a remodeled clubhouse and fitness center, business center, and game room. These features go well beyond what’s typically available at comparable properties, resulting in stronger tenant satisfaction, higher retention, and elevated occupancy rates.
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