Fletcher Southlands, a 320-unit multifamily property in Aurora, recently sold for $94.75 million, according to a special warranty deed filed in Arapahoe County. The buyer was Kennedy Wilson, a Beverly Hills, California-based global real estate investment company. The seller was CBRE Global Investors.
Located at 22959 E Smoky Hill Rd. in Aurora’s Southlands submarket, the 2001-vintage property features expansive floorplans averaging 1,100 square feet across a 23-acre site. The property previously traded in April 2021 for $103.3 million—nearly 9 percent above the current sale price.
The property’s strategic location adjacent to E-470 provides convenient access to major employment hubs throughout the Denver metro area, including Denver International Airport and Buckley Space Force Base. Residents benefit from proximity to Southlands Town Center and Park Meadows Mall.
JLL worked on behalf of the borrower, Kennedy Wilson, to originate a $61.75 million, five-year, fixed-rate agency loan with a 0.96% spread and 65% loan-to-value ratio. JLL Capital Market’s Debt Advisory team was led by Managing Directors Brandon Smith, Annie Rice and Mark Wintner, with local expertise from Tony Nargi out of JLL’s Denver office.
“The aggressive loan terms we secured reflect our ability to create a competitive market by leveraging a high-quality asset with the strength of Kennedy Wilson as a borrower,” said Rice. “This financing positions the borrower to execute their value-add strategy while benefiting from a favorable agency execution.”
Kennedy Wilson’s global investment portfolio includes 40,900 multifamily units and has $31 billion of assets under its management. In Colorado, the company owns Griffis Marston Lake in Littleton, along with the Rockrimmon apartments in Colorado Springs.
