A recently completed suburban apartment property sold to AvalonBay Communities in one of the largest deals to close year to date.
AvalonBay paid $91.25 million, according to public records, for the 338-unit Ridge at Wheatlands community at 6855 S. Langdale St. in Aurora.
“It was a great deal in a great neighborhood,” Terrance Hunt of Newmark Knight Frank Multifamily said of the community, which saw a good amount of interest.
The interest in the asset was driven in part by its suburban location, E-470 connectivity and Cherry Creek School District locale.
Hunt, along with Newmark Knight Frank Multifamily’s Shane Ozment, represented seller Grand Peak Properties. Grand Peaks Properties developed the property, built in 2017.
The Ridge at Wheatlands features a mix of one-, two- and three-bedroom units. Apartment amenities include designer inspired kitchens with granite countertops, stainless steel appliances and wood plankstyle flooring, as well as walk-in closets and patios or balconies. The community includes a hotel-inspired swimming pool with a spa and cabanas, an outdoor fire pit, pet park, clubhouse and 24-hour gym.
At the time of sale, occupancy was above 90 percent. In addition to Wheatlands, AvalonBay also owns the Ironwood at Red Rocks, Lodge at Denver West and The Meadows communities.
