Denver-based developer MGL Partners, that specializes in multifamily and senior housing development, strategic investments and long-term property ownership, has sold its property Elevate @ Peña Station apartments, a 218-unit multifamily property located at 17607 E. 61st Avenue in Aurora. KG Investors, LLC was the buyer. A sale price was not disclosed.
Completed in 2019, the units at Elevate @ Peña Station are designed as a mix of one-, two-, and three-bedroom units spread throughout five, three-story rental buildings with tuck-under garages in every building. A 7,000 square foot, two-story clubhouse adjoins a spacious fitness center with a yoga/spinning/barre room and sundeck.
NorthMarq represented the seller, Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team listed and completed the sale.
“Elevate @ Peña Station represents the ideal suburban TOD opportunity with the University of Colorado A-Line commuter rail station situated adjacent to the property,” said Martin.
The property is an important initial phase of the innovative Peña Station NEXT development, a 382-acre smart city prototype envisioned as the future of technologically integrated and sustainable mixed-use development. Upon build-out, Peña Station Next will feature 1.5 million square feet of office space, 500,000 square feet of retail, and over 2,500 residences “designed to be the smartest and most sustainable 382 acres in the country,” Martin added.
A mere 10 minutes, and only one light-rail stop, from Denver International Airport, Elevate @ Peña Station is well-positioned to attract the affluent renter pool rapidly gravitating to one of Denver’s best long-term growth submarkets.
