Inland adds to holdings with $80M buy of Après Apartments

Inland paid $80 million, or $196,078 per unit, for the 408-unit community.

Inland Real Estate Acquisitions LLC continues its apartment acquisition spree in metro Denver, most recently with the Après Apartments purchase in Aurora.

It paid $80 million, or $196,078 per unit, for the 408-unit community at 1539 S. Galena Way.

“Well situated in Aurora, Après Apartments is located within the desirable Cherry Creek School District and offers residents quick access to the Denver Tech Center, Buckley Air Force Base, the Denver business district and the University of Denver,” said Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC. “Its strong demographics and ideal location, coupled with our knowledge of the market, made this property an excellent example of the type of multifamily acquisitions we continue to seek out.”

Après Apartments consists of 17 three-story buildings with 196 one-bedroom and 212 two-bedroom units. Units feature walk-in closets, a washer and dryer, fireplace and a private balcony or patio.

Après Apartments also features new amenities, such as a state-of-the-art clubhouse and fully equipped training center. It also features two swimming pools, a pet park and resident lounge. Additionally, it is located near multiple park and recreation options and is a short drive from Fitzsimons, Buckley Air Force Base and Denver International Airport.

Constructed in 1986 and 2016, the property was 95 percent occupied as of Dec. 15.

TruAmerica Multifamily sold the value-add property. It was represented by JLL’s Pat Stucker, Ray White and Travis Hodge. Cosenza handled the deal with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group LLC Law Department, on behalf of an Inland affiliate.

With this transaction, Inland Real Estate Acquisitions LLC has now completed the acquisition of 5,067 units in the Denver metro area. To date, Inland Real Estate Acquisitions LLC has facilitated more than $45 billion of purchases including single tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.

Featured in CREJ’s February 7-20, 2018, 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…