118 Unit Apartment Portfolio Neighboring Fitzsimons-Anschutz Medical Campus Acquired

1612 Paris Street 1645 Peoria Exterior

Aurora, COGreystone Unique Apartment Group is pleased to announce the sale of Gardens on Paris, an apartment portfolio sale located at 1612 Paris Street, 1650 Paris Street, 1678 Paris Street, 1686 Paris Street and 1645 Peoria Street. The 118-unit portfolio sold at $11,200,000 or $94,915 per unit. The 109,126-square foot portfolio sold on February 27, 2017 at a 7.15% cap rate.

Property Highlights:
Fourteen (14) – Studios (634 s.f.. per unit)
Fifty-Four (54) – 1 Bed/1 Bath (700 s.f. per unit)
Thirty-Five (35) – 2 Bed/1 Bath (900 s.f. per unit)
Twelve (12) – 2 Bed/1.5 Bath (900 s.f. per unit)
Three (3) – 3 Bed/2 Bath (1,200 s.f. per unit)
Fitness Center, Recreation Room, Reserved Parking, & On-Site Leasing Office

Gardens on Paris was built in the early 1960’s and consists of five adjacent buildings. The seller had invested a significant amount of money on capital expenditure items including new boiler installations, roof replacements, exterior repairs and more. The investors were attracted to the portfolio’s location and long term prospects of the 578-acre medical campus, the largest medical related development in the United States.

“This sale offers a true reflection of the demand for North Aurora multifamily investment opportunities.” said Jason Koch, Managing Director of Greystone Unique Apartment Group. “With the lowest vacancy rate in the Denver metro area, North Aurora continues to be in high demand for investors looking for higher yielding properties, specifically near the hospital where
economic growth looks to outpace the overall economy.”

Image Courtesy of Unique Properties, Inc.

Related Posts

Scroll to Top