Overview
Marcus & Millichap is pleased to present Candlelight Apartments, a fully renovated 52-unit multifamily community located at 6985 Stuart Street in Westminster, Colorado. Built in 1971 and extensively modernized under current ownership, the property offers an attractive blend of updated interiors, significant building system upgrades, and a quiet courtyard setting within one of Denver’s most strategically positioned submarkets. Candlelight represents a rare opportunity to acquire a stabilized, turnkey asset with minimal deferred maintenance and strong regional connectivity to the northwest employment corridor.
Candlelight Apartments features a desirable unit mix of 40 one-bedroom units and 12 two-bedroom units, meeting the robust demand for well-renovated workforce housing within the Westminster area. Each unit has been comprehensively updated with new countertops, cabinetry, white appliance packages, hard-surface vinyl flooring, new fixtures, new sinks, modernized bathrooms, and new air-conditioning units. The property’s central courtyard, mature landscaping, and walk-up design contribute to a comfortable, low-density residential feel that appeals to long-term renters.
Current ownership has paired the interior renovation program with substantial capital investment into core building systems, dramatically reducing future capex exposure. Recent improvements include new boilers, hot water heaters, electrical panels, windows, and doors (all replaced within the last two to eight years) along with a 2018 roof replacement carrying a transferrable 20-year warranty. Plumbing updates and parking lot resurfacing completed in 2020 and 2025 further enhance operational reliability. With these improvements in place, incoming ownership can concentrate on operational efficiency and optional value-add initiatives rather than large-scale repair work.
As a turnkey, system-modernized community with strong renter appeal and a supply-constrained location, Candlelight Apartments provides new ownership with a compelling combination of stability, efficiency, and long-term growth potential. Additional upside remains through operational enhancements such as parcel lockers, upgraded outdoor recreation areas, reserved or covered parking, and a second level interior renovation program. With its comprehensive renovations, favorable location, and durable workforce housing demand, Candlelight Apartments stands out as an exceptional acquisition opportunity within the northwest Denver metro.
Investment Highlights
Comprehensive System & Capital Improvements
Current ownership has completed a wide array of major system upgrades, providing long-term operational durability and reducing near-term capital needs. Improvements include:
New boilers, hot water heaters, electrical panels, windows, and doors (all within the last 2–8 years)
Roof replacement in 2018 with a transferable 20-year warranty
Plumbing upgrades
Parking lot resurfacing in both 2020 and 2025
This extensive capital investment positions Candlelight as a highly reliable and low-risk asset for the next owner.
Low-Maintenance Exterior Walk-Up Design
The property’s simple exterior-entry construction minimizes operating complexity and reduces ongoing maintenance costs. With efficient mechanical systems and no elevators or enclosed corridors, the building design supports stable operations and an attractive expense profile.
Inviting Courtyard Atmosphere
A central courtyard with mature landscaping, shade trees, and green space creates a peaceful, community-oriented environment for residents. This outdoor amenity enhances livability and increases renter appeal while differentiating Candlelight from more urban or high-density alternatives.
Transit-Oriented Location (1 Mile to Westminster Station)
Located just one mile from the Westminster Station Light Rail stop, Candlelight Apartments offers direct access to downtown Denver via RTD’s B Line. From Union Station, residents can connect to the A, E, N, and W lines, providing efficient rail access to DIA,
Lone Tree, Eastlake/124th, Golden, and key job centers across the metro. This level of regional transit connectivity is a significant competitive advantage for the property.
Strong Regional Connectivity to Employment Hubs
Candlelight’s central Westminster location provides exceptional access to major employment nodes via U.S. 36 and I-25—both within a 10-minute drive. Key commute times include:
29 minutes to Boulder
15 minutes to Broomfield
20 minutes to Downtown Denver
The property benefits from proximity to a diverse range of employers spanning technology, aerospace, healthcare, financial services, and outdoor recreation industries.
Supply-Constrained, High-Demand Submarket
Westminster continues to attract renters seeking affordability, convenience, and connectivity. With limited new construction in this pocket and consistent demand for renovated workforce housing, Candlelight Apartments is well positioned for durable occupancy and long-term rent growth.
Value-Enhancement Opportunities for New Ownership
Although Candlelight has already undergone substantial interior and system renovations, multiple avenues for incremental revenue remain available, including:
Second Level Renovation Program
Reserved Or Covered Parking
Outdoor Recreation Upgrades
These enhancements offer meaningful upside while preserving the asset’s current low-maintenance profile.
Fully Renovated, Turn-Key Community
Candlelight Apartments offers investors a fully modernized 52-unit multifamily asset with extensive interior renovations completed across the entire property. Upgrades include new countertops, modern cabinetry, white appliance packages, hard-surface vinyl flooring, new fixtures, new sinks, new air-conditioning units, and fully renovated bathrooms. With minimal deferred maintenance, new ownership can focus capital on operational efficiencies and strategic enhancements rather than major repair projects.
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