Two Multifamily Properties Within Minutes of Anschutz Medical Campus Sell to Investors
The separate sales of two apartment communities in Aurora were announced this week. Both properties are within minutes of The University of Colorado Anschutz Medical Campus, giving them significant rental upside.
11300 E. 16th Ave
Park 16 Apartments, a 60-unit, 50,466-square-foot apartment community located at 11300 E. 16th Ave in Aurora, has sold for $10.8 million, to an undisclosed buyer.
“Our team represented the buyer to purchase Park 16, a 60-unit apartment building just blocks from Anschutz Medical Campus,” stated Fetter. “The buyer intends to continue making improvements to units and common areas in an event to provide safe and affordable housing to residents in the area long term,” said Scott Fetter, NorthPeak Commercial Advisors.
1677 Geneva Street
A 12-unit property located at 1677 Geneva Street in Aurora sold on July 26 for a contract price of $1,985,000; $165,417 per unit and $212.07 per square foot. The property, built in 1964, consists of six 2Br/1Ba units and six 1Br/1Ba units.
Located in the North West pocket of Aurora, the light value-add property is just minutes away from the Children’s Hospital/Medical Campus, Spencer Garrett Park, and Stanley Marketplace. The property was sold to a first-time multifamily investor who was excited about the opportunity to pick up 12 units with significant rental upside. “In a challenging market, we were able to lean on our network of established relationships and get this deal to the closing table,” said Quentin.
Quentin Shore, associate advisor, Chris Knowlton, vice president, and Jim Knowlton, owner/principal, with Pinnacle Real Estate Advisors, LLC represented the buyer in the transaction.
The University of Colorado Anschutz Medical Campus is the largest academic health center in the Rocky Mountain region, and a world-class medical destination at the forefront of transformative education, science, medicine, and healthcare.
The campus includes the University of Colorado health professional schools, multiple centers and institutes and two nationally ranked hospitals, UCHealth University of Colorado Hospital and Children’s Hospital Colorado, which treat nearly 2 million patients each year.