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Inland adds Arterra Place to portfolio

Inland paid $49.25 million for Arterra Place, a 200-unit community at 17036 E. Ohio Drive.

One of the nicest apartment communities at the heart of growth in Aurora sold to Inland Real Estate Acquisitions Inc.

According to public records, Inland paid $49.25 million for Arterra Place, a 200-unit community at 17036 E. Ohio Drive. The acquisition of the community comes on the heels of Inland’s $95 million purchase of the 8000 Uptown apartment community in Broomfield and represents the 10th transaction Inland has negotiated and closed in the Denver metro area.

Built in 2014, Arterra Place was sold by a private family investment group from the San Francisco Bay Area. “There is not a lot of new product in this part of Aurora,” CBRE’s David Portarf said of Arterra Place, constructed in 2014. “It was one of the advantages of the property and why buyers liked it. It is one of the nicest, if not the nicest, apartment communities in that part of Aurora.

“There were more than a dozen offers,” he added. “It was a real popular deal.”

Potarf, along with CBRE’s Dan Woodward and Matt Barnett, all of the CBRE Capital Markets, Colorado Multifamily Investment Properties group, represented the seller in the transaction.

Additionally, Arterra Places is located in the heart of where job growth is occurring in the Aurora market, noted Potarf, as the community is near Fitzsimons, Buckley Air Force Base, and all the activity and new jobs being generated by Amazon and Panasonic in the airport market.

At the time of sale, it was 96 percent occupied.

Arterra Place, which comprises eight three-story buildings, features a mix of one-, two- and three-bedroom units ranging from 700 to more than 1,300 square feet. Apartments include 9-foot ceilings, air conditioning, granite countertops, private balconies or patios, storage rooms, in-unit washer and dryer, and vinyl plank flooring.

Community features include attached and detached garages, a billiards/game room, clubhouse with business center and community kitchen, controlled entry, outdoor fireplace and lounge, pet washing station, barbecue grills, playground with play rock, heated swimming pool with sundeck and spa, 24-hour fitness center, walking path with benches, and resident lounge and media room.

“The buyer is still bullish on Denver,” added Potarf.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions Inc., facilitated the transaction, with assistance from Gina LaMantia, managing counsel for Charles J. Benvenuto PC, on behalf of an Inland affiliate.

“Arterra Place apartments was an attractive acquisition opportunity due to its high quality amenities and ideal location in the highly desirable suburb of Aurora,” said Tice. “With more than 320,000 residents within a 5-mile radius, the property provides residents with convenient access to a major interstate as well as a choice of several highly rated schools. This property is a prime example of the types of multifamily acquisitions we continue to seek out, and marks the 10th transaction we’ve negotiated and closed in the Denver metro area.”

With this transaction, Inland Real Estate Acquisitions Inc. has now facilitated the acquisition of 2,234 units in the Denver metro area.

Featured in CREJ’s December 6-19, 2017, issue