Intercontinental Real Estate Corporation, in a joint venture with MG Properties, has acquired Stone Cliff Apartments, a 394-unit garden-style multifamily community in Aurora for $143 million. Intercontinental will infuse fresh capital into the property, renovating unit interiors to maintain and enhance the community’s competitive position in the marketplace.
Built in 2000, Stone Cliff includes one, two, and three-bedroom units that are housed in 21 three-story walk-up apartment buildings on 26-acre site. Common area amenities include a fitness center, resort-style pool and spa, a dog park with pet wash area, outdoor grilling areas, business center and TV lounge.
“Stone Cliff’s proximity to a sizeable base of employers across several industries, convenient access to retail and nearby recreational amenities were among the locational qualities that attracted us to the investment,” said Allen Logue, director, acquisitions at Intercontinental. “We are diligently working to expand our multifamily portfolio in Denver. Stone Cliff’s physical and locational qualities, combined with Aurora’s strong demand and supply fundamentals, are an ideal fit with our investment objectives.”
This is the second significant real estate acquisition in Denver for Intercontinental in the past five months, adding to their existing Denver footprint. Intercontinental, whose portfolio includes 30.7 million square feet of commercial and industrial space, and more than 13,000 multifamily units across the United States, acquired a 147,000-square-foot-warehouse and distribution facility in Denver late last year. The firm plans to aggressively target additional investments, according to Jessica Levin, Intercontinental’s senior director, acquisitions.
“Stone Cliff’s location, vintage and recent strong performance put it at the top of our target list. Also, coming off a very active year and recently closing with both the seller and broker helped secure the transaction in the current competitive market.” said Jeff Gleiberman, MG Properties’ managing director.
Despite population growth of 17 percent over the last decade, there have only been five multifamily projects delivered within a three-mile radius of Stone Cliff, according to JLL’s Denver Multi-Housing Team, which marketed the property on behalf of the seller.
