Aurora apartments sell to CBRE Global Investors for $51 million

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Arapahoe County

Property Location: 10901 E. Garden Drive, Aurora, “Viridian at the Gardens Apts.”

Property Description: 227-unit, three-story apt. complex, 209,259 sf, YOC 2014

Land Size: 9.43 acres

Sales Price: $51M, or $224,670 per unit, or $243.72 psf (rentable area)

Reception No.: D7067246

Grantor: Gardens Development Owner c/o Post Investment Group LLC, Los Angeles, CA 90067, attn: Jason Post, mgr.

Grantee: CPUS Viridian LP c/o CBRE Global Investors LLC, 3280 Peachtree Road, Suite 1400, Atlanta, GA 30305

Closing Date: 6/13

Financing: $46M payable to HFF, due 7-1-24

Comments: See APN: 1973-23-2-41-011 & 016 & 1973-23-2-42-001. The property was listed and sold by the ARA Newmark apartment team including Jeff Hawks, Doug Andrews, Terrance Hunt & Chris Cowan, 303-260-4400. The property includes one-bedroom units @ 657 sf renting for $1.88 per square foot; two-bedroom units ranging from 1,046 to 1,230 sf with rents starting at $1.55 per square foot; three-bedroom, two-bath units @ 1,369 sf with rents starting at $1.43 per square foot; two-bedroom townhomes @ 1,557 sf renting for $1.31 per square foot; and three-bedroom, two-bath townhomes @ 1,808 square feet. The median rental rate for these units is $1.48 per square foot.

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.

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