Executing the Ninth Square Playbook: Successful Exit of Ammons Crossing

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At Ninth Square, we believe that disciplined execution, deep market expertise, and strategic asset management create lasting value for our investors. Our latest successful exit—Ammons Crossing, a 14-unit multifamily property in Denver’s Lakewood submarket—is a prime example of how our approach consistently delivers strong, risk-adjusted returns.

After eight years of ownership and targeted improvements, we sold Ammons Crossing in January 2025, generating a 19.8% Net IRR and nearly full capital return within the first year via refinance

This success underscores our ability to identify undervalued assets, execute high-impact renovations, and optimize operations to maximize value—even in challenging market conditions.

Ammons Crossing: A Case Study in Value Creation

When we acquired Ammons Crossing in 2016, we saw an opportunity in Lakewood, a high-growth but overlooked Denver submarket. Our business plan focused on:

  • Strategic Value-Add Renovations – Upgraded all unit interiors, common areas, and exteriors, increasing property value by $1M in the first year

  • Operational Efficiencies – Implemented proactive property management to reduce vacancies and improve tenant quality.

  • Aggressive NOI Growth – Raised rents by 40% in the first year, significantly improving cash flow and asset value.

  • Early Capital Return to Investors – In 2018, we refinanced with a Freddie Mac loan, returning nearly all investor capital within just over a year of acquisition.

  • Navigating Market Volatility – Despite COVID, rising insurance costs, and higher property taxes, we successfully maintained the building’s value and secured a profitable exit.

This sale reaffirms our investment philosophy—finding the right assets, executing well, and staying disciplined in all market conditions.

Why Denver’s Multifamily Market Remains a Prime Opportunity

With the sale of Ammons Crossing, we remain focused on the next phase of opportunities in Denver’s multifamily market. While some investors take a "wait-and-see" approach, we see current market conditions as a rare moment to acquire undervalued assets in the city’s most resilient neighborhoods.

Key 2025 market trends we’re watching:

  • Rising Interest Rates & Market Dislocation – Creating attractive buying opportunities for those willing to act.

  • Temporary Oversupply from 2024 Deliveries – Keeping pricing favorable for acquisitions before inventory tightens again.

  • Long-Term Growth Outlook – Denver remains a top rental market, with strong fundamentals supporting future appreciation.

At Ninth Square, we remain committed to:

  • Deep Local Expertise – Targeting underperforming assets poised for strong appreciation.

  • Proven Value-Add Strategies – Delivering strong returns through thoughtful renovations and operational improvements.

  • Disciplined Investment Approach – Focusing on quality, cost basis, and long-term stability to create enduring value.

Join Us in Capitalizing on Denver’s Multifamily Potential

The success of Ammons Crossing is just the latest example of how Ninth Square delivers results through disciplined investing and market insight.

If you're interested in learning more about our investment approach—or want to discuss upcoming opportunities in the Denver market—let’s connect.

📩 Contact us at info@ninthsquarere.com to start a conversation.