AURORA, CO—Sonoma Resort at Saddle Rock, a604-unit, class A, garden-style, multi-housing community has beensold to a private investor for an undisclosed amount free and clearof existing debt.

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HFF marketed the property on behalf of theseller, a joint venture between The Bascom Groupand GE Capital Real Estate. Aurora is an easternDenver suburb.

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Sonoma Resort at Saddle Rock was built as two separateproperties in 2001 and 2002 and sits on 19.45acres at 21904 East Ontario Drive. Thenow-combined property is located about 10 minutes east of theDenver Tech Center, one of metro Denver's mainemployment centers and home to the headquarters of seven Fortune500 companies. The 97% occupied property includes 30 two- andthree-story buildings with one-, two- and three-bedroom unitsaveraging 923 square feet each. Community amenities includetwo fitness centers, a business center, two resort-styleclubhouses and pools with a Jacuzzi, an outdoor barbequearea and a playground.

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The HFF investment sales team representing the seller was led bydirector Jordan Robbins along with co-head ofHFF's national multi-housing investment sales platform,Sean Deasy, associate director JeffHaag and real estate analyst JaredBuffington.

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“Sonoma Resort at Saddle Rock is located in a very highdemographic submarket within one of Colorado's best schooldistricts,” Robbins said. “There is very little newcompetition within proximity, resulting in significant rent growthover the last 12 months, which should continue for the foreseeablefuture. The asset was highly sought after.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.