Aurora Apartments Acquistition Marks Second-Highest Multifamily Sale of 2019
Los Angeles-based IMT Capital LLC has purchased The Savoy at Dayton Station Apartments, a 612-unit community located at 3645 South Dallas Street in Aurora, just steps from the Dayton Light Rail Station. This marks one of the largest properties to sell this year, second to the 1,023 units Ivy Crossing sale in April 2019.
Los Angeles-based IMT Capital LLC purchased the asset after a competitive bid process and have renamed the asset, IMT Dayton Station. Newmark Knight Frank (NKF) Vice Chairmen Terrance Hunt and Shane Ozment represented the seller, Starwood Property Trust, in the transaction. The sale was structured as an entity sale — meaning a sale price was not immediately disclosed.
“The Savoy at Dayton Station provided a proven value-add opportunity with an ideal transit-oriented development (TOD) location that was within the Cherry Creek school district, minutes from the DTC and very attractive to investors,” remarked Hunt. “The property received over 20 offers and ultimately achieved the second-highest sale price for marketed transactions in metro Denver this year.”
“Of the 612 units, 444 units were built in 2000 and 168 units in 2011, The Savoy at Dayton Station offers a terrific value-add opportunity,” added Ozment. “Only 86 of the units, or 14% of the property, have been renovated. The opportunity exists for
IMT Capital to continue renovating the remaining 526 units to a more modern scope to generate additional rental revenue.”
A high-quality, well-maintained asset with a spectacular unit mix ranging from studios to spacious three-bedroom townhomes (12% of the property), apartment homes at The Savoy at Dayton Station Apartments feature nine-foot ceilings, walk-in closets, full size washers/dryers and private patios/balconies. The property offers a robust amenity package with two clubhouses, two outdoor swimming pools/spas, a 24-hour fitness center, cyber café and outdoor grilling area with a fire pit.
Photo courtesy of NKF