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AURORA, CO-Comcor LLC, a local development company owned by real estate attorney Harvey Deutsch and his development partner, Joel Farkas, plans a $23.5-million, 248-unit apartment complex in its Sterling Hills development in southeast Aurora. The complex is 15 minutes from Denver International Airport and 15 minutes from the southeast corridor, says Farkas.

The 10-buildng, two- and three-unit development will include a clubhouse, community room, outdoor pool, spa, and garages on 16.04 acres at Tower Road and Iliff Avenue.

”I don’t know if you would call it luxury,” Farkas tells GlobeSt.com. ”I’d call it market rate.”

Comcor retained Insignia/ESG’s Capital Advisory Group to find financing for the community.

A number of major, institutional players such as life insurance companies, pension funds, and pension advisors already have shown interest in it, says Insignia’s managing director Carol Nichols.

”Some will want to do all equity deals, others might want to do mini-perms, and other might want to do debt and mezzanine financing,” Nichols tells GlobeSt.com. ”It’s almost tailored to the institutional and their style of investment. Overall, the cost to the developer is quite similar. I anticipate we’ll have only lender and or investor.”

She expects a lot of demand from the investment community.

”This is an ideal investor entrée into one of the hottest multifamily markets in the country,” Nichols says. “The development will be institutional quality, will co-exist among single-family homes, and is zoned for a multifamily community. Final design and site approvals are in process and ground breaking is scheduled for the spring of 2002.”

In addition to Nichols, the Insignia group spearheading the financing effort includes David Nogler and Steven Nicoluzakis of Phoenix and Denver-based Bobby Walsh.

“We’re eager to work closely with an institutional player who’s as excited about the future of residential opportunities in Denver as we are,” Deutsch says.

Farkas adds the strong Denver-area demand for apartments ”is not likely to abate any time soon. The concept of building an apartment community as part of a master-planned development with single family homes and a convenience retail component has been well-received and suits many contemporary lifestyles.”

Rental rates for the one-, two- and three-bedroom apartments will range from $885 to $1,455 per month. Martin Design, Inc., architects based in Denver, is designing the project.

Chuck Sweeney, a broker with the Denver office of Hendricks & Co., says there are quite a few multifamily developments in the area, as well as a number of entry-level condominiums and townhomes.

”But that’s a very nice infill site,” Sweeney tells GlobeSt.com. ”Joel is a veteran developer and Harvey is a real smart real estate attorney. And Harvey’s cost into the ground isn’t nearly as much as someone who is trying to buy ground today. I’d say if anybody could do it, they can.”

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