Steadfast Apartment REIT III Inc., based in Irvine, California, announced on Tuesday that it paid $47.4 million for the 240-unit Bristol Village in Aurora.
The sales price equates to $197,500 per unit.
Tru America Multifamily, based in Los Angeles, paid $34.35 million or $143,125 per unit, in 2014, according to public records.
“We are excited to add our second property to STAR III with the purchase of Bristol Village,” said Ella Shaw Neyland, president of STAR III.
“We believe this asset is consistent with our focus on acquiring mid-tier apartments in locations that present strong opportunity for rent growth and value appreciation,” Shaw said.
Built in 2003, Bristol Village includes 10 3-story buildings with one-, two- and three-bedroom garden-style apartment homes that average 901 square feet in size.
Rents average $1,266 per month and the complex is 95.8 percent occupied.
The gated community’s amenities include a year-round heated swimming pool, hot tub, club house with fireplace, demonstration kitchen, BBQ area, business center and detached garage parking.
Each apartment unit includes central air conditioning, 9-foot ceilings, large closets, soaking tubs and fireplaces.
Approximately 50 percent of the apartment homes were renovated by the previous owner to include new stainless steel appliances, upgraded fixtures, carpet and vinyl flooring and updated countertops.
As part of its Value Enhancement Strategy, STAR III plans to continue the interior upgrades on the remaining units when turning the apartments between residents.
Bristol Village is an easy commute to many of Denver’s top employers such as Northrup Grumman, Buckley Air Force Base, Lockheed Martin and Raytheon. Additionally, by the end of this year Aurora will have its own light rail line providing residents easy access to metro Denver.
The Aurora neighborhood where Bristol Village is located has experienced an 8 percent increase in population over the past five years and is projected to grow another 7.5 percent by 2021.
