Caliber at Cornerstar sells for $40.75M to California buyer

Caliber at Cornerstar was in lease-up at the time of closing, hitting 90% occupancy in June. 

A newly built apartment complex in Aurora recently sold to a California-based buyer for $40.75 million.

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Scandic Capital LLC paid $291,071 per unit for the Caliber at Cornerstar, a 140-unit community completed last year at 15930 E. Briarwood Circle.

“Caliber at Cornerstar was very popular with investors due to its quality construction, walkability to some of Denver’s best recreation and retail destinations, and short commute to the large employment base in the southeast business corridor,” said David Potarf of CBRE, who represented the seller, The Garrett Cos., with CBRE’s Dan Woodward and Matthew Barnett.

“There was a lot of interest in this great asset,” Potarf added, noting that while there isn’t as deep a pool of buyers for newly constructed projects like this compared with value-add assets, there are still buyers looking for turnkey communities.

Caliber at Cornerstar was in lease-up at the time of closing, hitting 90% occupancy in June.

The community features a mix of one-, two- and three-bedroom units across three buildings on nearly 4.6 acres. The four-story midrise property includes mountain views and a full luxury amenity package, including premium finishes, walk-in closets, full-size washers and dryers, granite or quartz countertops and 9-foot ceilings. Caliber at Cornerstar also includes a state-of-the-art fitness center, attached or detached garages, clubhouse and a resort inspired pool.

Situated in the Cherry Creek School District, Caliber at Cornerstar is east of the Denver Tech Center and near Cherry Creek State Park.

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Featured in CREJ’s August 7-20, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…