CBRE Global Investors, on behalf of a separate account client, has purchased The Fletcher Southlands, a 320-unit multi-housing property in Aurora, for $103.3 million, according to property records.
JLL represented the seller, a partnership between Origin Investments and Aegon Real Assets U.S., to complete the sale to CBRE.
The Fletcher Southlands is a garden-style apartment community that totals 350,700 square feet, sitting on 21.2 acres and consisting of 14 buildings, including a clubhouse. Built in 2001, the property is well-maintained with the previous owner completing over $1.4 million in upgrades to the common spaces and 59 percent of units, offering value-add opportunity for the buyer to continue renovating the property.
The property includes, one-, two-, three- and four-bedroom floorplan options and feature various community amenities, including a heated year-round outdoor pool, coffee bar with coworking spaces, lounge areas, sun deck, picnic and barbeque area, playground, fitness center, indoor game room, basketball court, fire pit area and dog park and pet washing station.
Located at 22959 E. Smoky Hill Rd., the property is proximate to the Southeast Business Corridor, which is comprised of the Denver Tech Center, Greenwood Plaza, Inverness and Meridian International Business Center, which employs over 240,000 people; the Buckley Air Force Base, which employs over 13,000 people; the Denver International Airport, which employs over 35,000 people and consists of over 61 million annual passengers on average; and the Fitzsimons Medical District, which employs over 25,000 people and consists of over 10 million square feet of medical, research and educational facilities.
Limited supply in this strong-performing suburban market provides desirable demand for rental properties, especially with the area holding a 95 percent occupancy over the last two quarters. Additionally, there are only 536 units under construction within a six-mile radius.
