The new owner is a joint venture of Redwood Capital Partners, a Chicago-based, privately held multi-family investment and management firm, and Dallas-based Westdale Asset Management. The seller was Equity Residential, the Chicago based apartment REIT. The brokers were Jeff Hawks and Doug Andrews of Apartment Realty Advisors in Denver.

Highland Point is comprised of one- and two-bedroom units averaging 747 square feet and totaling 238,315 square feet. Amenities include fireplaces, walk in closets, extra storage, washer/dryer hookups, covered parking and a heated outdoor pool. The development covers 13.64 acres at 16894 Arkansas Ave., just south of Buckley Air Force Base. Some unit renovations are planned in order to maximize rental income.

"We purchased Highland Point Apartments for a compelling price per pound, on a very appealing cap rate against in place numbers," says Redwood principal David Carlson. "Nationally Aurora has consistently been one of the fastest growing cities over the last 10 years. This property probably maintains one of the best sites in Aurora, with its location at the corner of Mississippi Avenue and Buckley Road."

The acquisition brings Redwood's apartment investment portfolio total to 2,700 units in seven properties in the Midwest, Southeast and Southwest.