Vintage Multifamily Property in Aurora Sells for $29M

Highline Lofts, courtesy of Northmarq

Denver-based owner/operator Summit Communities has acquired Highline Lofts Apartments, a 112-unit, 1972-vintage multifamily property located at 456 South Ironton Street in Aurora, for $29,075,000 million.

Northmarq’s Colorado Multifamily Investment Sales team of Alex Possick, Rich Ritter and Seth Gallman listed represented the seller, Lowe Property Group.

“The sale of Highline Lofts Apartments is an excellent example of the strength of the Denver market and the intense demand for well-located, value-add investment opportunities from multifamily equity investors,” said Possick. “We saw significant interest during our marketing campaign with almost two hundred groups registering to underwrite the prospective acquisition. The asset represents a strategic repositioning opportunity through the completion of a value-add business program and organic rental runway exhibited during the marketing campaign. These factors drove maximum attention from the investment field and ultimately enabled us to hit a record-setting price per unit ($260k/Unit), for 1970’s vintage product in Aurora.”

Highline Lofts Apartments offers one, two and three-bedroom floorplans (ranging from 740 to 1,395 sq. ft.) within a serene, low-density environment. The property sits steps away from Expo Park & the Highline Canal Trail, with miles of running and cycling trails, as well as a renowned disc golf course and recreation center.

Strategically located less than ten minutes from the R-Line Aurora Metro Center light rail station and I-225, Highline Lofts Apartments provides excellent transportation linkages and convenient access to some of Denver’s largest employment centers, including Denver’s Central Business District (20 minutes), the Denver Tech Center (15 minutes), Anschutz Medical Campus (10 minutes) and Cherry Creek (10 minutes) – and is situated within the prestigious Cherry Creek School District.

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