Crossroads at City Center, a 208-unit multifamily community in Aurora, has sold to Tahoma Capital Partners for $51.5 million. This is the sixth acquisition for Tahoma Capital Partners. Phil Nahas and Roy Kim of Tahoma (and through its prior partnership) have acquired over 10,000 units totaling over $2.4 billion in transaction volume.
Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt with CBRE’s multifamily investment properties team in Denver represented the seller, Jackson Square Properties and Friedkin Property Group.
Located at 15490 E. Center Ave., Crossroads at City Center is a 13-building, garden-style community completed in 1999 that is 96% leased. The buildings are two or three stories and are divided into one and two-bedroom units with an average apartment size of 831 square feet. All units have gas fireplaces, in-unit washers and dryers, hardwood-style flooring and oversized closets. Community amenities include a swimming pool, 24-hour fitness center, playground, dog park, business center, grilling areas, outdoor fire pit and package lockers.
“This clean asset had below market assumable debt and garnered a strong buyer interest” said Terrance Hunt, vice chairman, CBRE
Over the last eight years, the seller completed property improvements including a full exterior repainting, clubhouse and fitness center refresh, and upgrades to the outdoor common area amenities. They also renovated 90% of the unit interiors and began installing new lighting in over 30% of the units.
Located southeast of Aurora’s city center, there are 550,000 jobs within a 20-minute drive of the property, with connectivity to the employment hubs at Fitzsimons Innovation Campus, Buckley Space Force Base, the Denver Tech Center and Denver International Airport. Crossroads at City Center is also three minutes from Town Center at Aurora, a two-story shopping center with 125 storefronts.
The rising cost of single-family homes in Denver continues to create barriers to homeownership, according to CBRE research. Since 2017, average home prices within a five-mile radius of Crossroads at City Center have risen 72%, compared to a 38% increase in rents in the submarket over the same period.
The sale is the latest in a recent series brokered by the Denver-based multifamily investment properties team, including Platform at Union Station in downtown Denver and Fielders Creek in Englewood.
