The site includes s 21 buildings plus a clubhouse. The average sized of a unit is 853 sf. The property contains 200 one-bedroom/one bath units; 70 one-bedroom/one bath/den units; 100 two-bedroom/two bath units; and 34 three-bedroom/two bath units.
Houston-based Allied Realty developed and sold the property, completed at the end of last year. It was 88% leased at closing. The Retreat at the Heights is Allied's fourth multifamily rental community in Colorado and has two more underway in Westminster and Aurora.
"This property represented a unique opportunity for the purchaser," says Jeff Hawks, who sold it with fellow Grubb & Ellis broker Doug Andrews. "There has been very little apartment construction in Aurora during the last 15 years. The property was leased very well, especially in the last couple of months."
Adds Andrews, "Aurora is the one part of Denver that still has strong employment growth because of the Fitzsimons Redevelopment and Buckley Air Force Base. Allied build the perfect property for this area. The Retreat offers great amenities and floor plans at an affordable price.
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