Value-Add Multihousing Asset in Aurora Sells for $31.5M
DENVER — Vista Park Apartment Homes, a 282-unit, value-add asset located in Aurora has sold for $31.5 million,
ARA, A Newmark Company’s (ARA Newmark) Vice Chairmen Terrance Hunt and Shane Ozment represented Denver-based Capital Real Estate in the sale to Denver-based BMC Investments, a real estate acquisitions and development company.
“We saw a tremendous amount of interest in this asset due to its proximity to light rail, retail, employment and schools. As rents continue to rise in urban areas in Denver, evolving markets, like Aurora, are garnering more attention from investors,” commented Ozment. “BMC has been one of the most active buyers of 70s product in Aurora.”
Located at 12707 East Mississippi Avenue, the property is centrally located between downtown Denver, the DTC Business Corridor and DIA, three of the state’s largest employment centers. The DTC Business Corridor employs 200,000 people, downtown Denver is home to 130,000 jobs and DIA employs 35,000 people.
The property is two miles from Aurora Metro Center Station on the newly opened I-225 Light Rail Line; the 10.5-mile linkage between the Southeast Rail Line and the University of Colorado A Line connects the Denver Tech Center (DTC) Business Corridor and Denver International Airport (DIA).
Built in 1973, the property has significant renovation upside potential. 60 percent of the units have undergone light renovations, including vinyl plank flooring, new cabinets and new plumbing hardware. Select units feature walk-in closets and dishwashers. The property’s community amenities include a swimming pool, courtyard, fitness center, on-site laundry and business center.