Luxury Denver-Area Multifamily Sells for $134M
29th St. Capital has acquired the 424-unit, class A apartment community in Aurora, CO, and plans to implement an improvement plan at the property.
DENVER, CO – The privately-held real estate investment firm, 29th St. Capital (29SC) has acquired a 424-unit, class A, luxury apartment community in Denver’s Southeast Aurora submarket for $134 million.
The community, Parq at Iliff Station was built in 2018 and features large units and luxury amenities. Located at 2606 S. Anaheim St. in Aurora, the asset is situated 11 miles southeast of Downtown Denver.
Parq at Iliff Station represents 29SC’s 11th multifamily acquisition in the Denver region. The firm now owns nearly 1,500 units in the area.
At Parq at Iliff Station, 29SC plans to implement new smart-home technology packages, upgrade interior finishes and add additional amenities throughout. 29SC’s in-house property management group, Haven Residential will manage the community.
29SC has primarily focused on value-add multifamily acquisitions in the past, however, the firm recently launched a core plus strategy to focus on newer and higher-quality assets. Through the strategy, the firm aims to benefit through management efficiencies, energy savings programs and improving market conditions.
The community was financed with a fixed-rate, life company loan arranged by CBRE’s Brian Eisendrath and Cameron Chalfant.
“Our proven track-record and bolt-on acquisition approach is what allows us to step up to projects of this caliber,” says Robb Bollhoffer, 29SC managing principal. “We are able to provide improved service to the community and as a result, additional value to both our residents and investors.”
“The southeast business corridor of the Aurora submarket gives residents convenient access to an abundance of high paying jobs across a variety of industries,” says Rob Gersch, SVP of acquisitions and development for 29SC in Colorado and Utah. “Consistently strong levels of population migration, a favorable income tax rate and a diverse, highly-educated workforce are all contributing factors to Denver being one of the fastest-growing metropolitan cities in the mountain region.”