BMC Investments Acquires Landon Park Apartments in Aurora
Denver, CO — BMC Investments (BMC) recently acquired Landon Park Apartments, a 464-unit multi-family community in Aurora, Colorado.
Landon Park Apartments presents a strong value-add opportunity for BMC as it continues its growth in the Denver market. The property offers a choice of five floor plans for the one- and two-bedroom apartment homes averaging 728 square feet, with approximately 35 percent of the units recently renovated and achieving premiums of $130-$200 per month.
The multi-family property is situated one mile from the imminent Aurora Metro Center light rail station on the R Line, which runs along the I-225 Corridor. The R Line is set to commence service at the end of February, which will provide the long-anticipated, expedient connection of Aurora to many of metro Denver’s largest employment hubs as well as easy linkage to the A Line connecting to Denver International Airport.
“We believe the location of this property, in this part of Aurora, presents an uncommon investment opportunity in a market that continues to be a hot spot for investors,” said Max Bresner, chief operating officer at BMC Investments. “The new light rail stop, walkability to retail and entertainment, as well as the proximity to major job centers aligns seamlessly with our long-term investment strategy. When paired with the exceptional track record of BLDG Management, our property management affiliate, we expect to add significant value to the asset and the surrounding area.”
ARA Newmark served as broker for the $58.2 million sale. Holliday Fenoglio Fowler, L.P., a leading provider of capital markets transactions services to the commercial real estate industry, helped to secure $46.56 million financing on behalf of BMC.
Community features for the property include direct access to the 66-mile High Line Canal Trail and its prime location across the street from the Town Center at Aurora, which houses 125 retail shops and restaurants including Dillards, Super Target, Century Theaters, and PetSmart. Other amenities include private balconies or patios and full kitchens, a two-story clubhouse with a theater room and billiard area, a fully equipped fitness center, a business center, two outdoor pools, picnic areas with barbeques, two all-season soccer courts and a playground.
Image courtesy of BMC Investments