It is by far the largest apartment sale ever in Aurora, broker Doug Andrews told GlobeSt.com. Andrews has handled the sale with fellow Grubb & Ellis broker Jeff Hawks. General Investment is the new owner of the class-A, 342-unit complex, completed last October by Irving, TX-based JPI.
The sales price equates to $116,228 per unit and $123.60 per sf and shatters any previous record in Aurora, Andrews says. He says it holds the distinction of being the first class-A complex built in Aurora and the second-largest community along the Front Range, after Denver.
"It dispels the reputation that Aurora is not served by high-end, luxury communities," Andrews told GlobeSt.com. "JPI was able to lease it up faster than any other community they have built in Colorado to date."
Last August, he says JPI had been leasing an average of 42 units each month, but then it had several months where it was renting more than 50 units each month. "So they ended up leasing 45 units each month, which is phenomenal," he says.
Hawks says JPI makes a great effort to make its communities a nice place to live. "They consistently get the highest rents in the market, but their residents get real value for their money," Hawks says.
General Investment Development has renamed its first buy Windsor at Meadow Hills, Andrews says."GID expects to purchase additional apartment communities in order to establish a significant presence in the market," Hawks says.
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