600-unit Aurora apartment complex fetches $96 million

Arapahoe County

Address: 11850 E. Maple Ave., Aurora, “Aurora Hills Apartments”

Land Size: 47 acres

Improvements: 600-unit, two- to three-story apartment complex, 550,264 sf, YOC 1970, 1974

Date of Recording: 12/12

Reception No.: 2017161763

Price: $96M, or $160,000 per door, or $174.46 psf

Grantor: 11850 East Maple GP LLC, James Kane, mgr.

Grantee: Maple Owner LLC & Aurora Owner LLC, c/o Oak Coast Properties, Los Angeles, CA 90066, Attn: Phillip J. Nahas, mgr., 310-566-7751

Financing: $76.7M payable to HFF, Houston, due 1-1-2028

Comments: This property is the 7th acquisition in the metro Denver-Boulder area including the 959-unit Pembrooke in Denver; 384-unit Villas on 76th in Adams County; 434-unit Artisan Townhomes in Denver; 390-unit Timber Lodge in Thornton; 584-unit Liberty Creek Apartments, Aurora; and 418-unit One Dartmouth Place in Denver. This complex sold in October 2014 for $53.3 million, or $88,833 per door, an increase of 80.1%, or a weighted average of 1.56% per month, or 20.3% per annum growth.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.