AURORA, CO—Sonoma Resort at Saddle Rock, a 604-unit, class A, garden-style, multi-housing community has been sold to a private investor for an undisclosed amount free and clear of existing debt.

HFF marketed the property on behalf of the seller, a joint venture between The Bascom Group and GE Capital Real Estate. Aurora is an eastern Denver suburb. 

Sonoma Resort at Saddle Rock was built as two separate properties in 2001 and 2002 and sits on 19.45 acres at 21904 East Ontario Drive.  The now-combined property is located about 10 minutes east of the Denver Tech Center, one of metro Denver's main employment centers and home to the headquarters of seven Fortune 500 companies.  The 97% occupied property includes 30 two- and three-story buildings with one-, two- and three-bedroom units averaging 923 square feet each.  Community amenities include two fitness centers, a business center, two resort-style clubhouses and pools with a Jacuzzi, an outdoor barbeque area and a playground.

The HFF investment sales team representing the seller was led by director Jordan Robbins along with co-head of HFF's national multi-housing investment sales platform, Sean Deasy, associate director Jeff Haag and real estate analyst Jared Buffington.

“Sonoma Resort at Saddle Rock is located in a very high demographic submarket within one of Colorado's best school districts,” Robbins said.  “There is very little new competition within proximity, resulting in significant rent growth over the last 12 months, which should continue for the foreseeable future.  The asset was highly sought after.”