Allied Realty, based in Houston, completed the community at the end of last year. It was 88% leased at the closing. The price equates to $93,909 per unit. The capitalization rate was 6.99%.
The average size of the units is 853 sf.
The deal was handled by Jeff Hawks and Doug Andrews, when they were with Grubb & Ellis. Since the closing, Hawks and Andrews have started their own company, Apartment Realty Advisors.
"This property represented a unique opportunity for the purchasers," Hawks says. "There has been very little apartment construction in Aurora during the past 15 years. The property was leased very well, especially in the last couple of months."
Andrews adds, "Aurora is one part of Denver that still has strong employment growth because of the Fitzsimons Redevelopment and Buckley Air Force Base. Allied built the perfect property for this area."
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