An institutional buyer purchased an Aurora apartment community reflective of a growing trend – investors more and more eyeing suburban assets.
CBRE Global Investors paid $51 million, according to public records, for the Viridian at the Gardens on Havana, a Class A-plus, 227-unit community, situated on the old Buckingham Square Mall site at 10901 E. Garden Drive. AIG Global Real Estate and Post Investment Group sold the community, constructed in 2014.
“The institutional buyer is following a trend we’re seeing around the U.S.; buyers are looking at more suburban product for near-term cash flow,” said ARA Newmark’s Terrance Hunt, noting that many investors feel there is a surplus of supply within urban markets and less supply at suburban markets, which offer near-term rent growth.
Additionally, the buyer specifically was attracted to the Viridian at the Gardens on Havana due to its walkability to retail coupled with its location in Aurora, where job growth is outpacing new multifamily additions.
“Viridian at the Gardens on Havana is located on the old Buckingham Square Mall site, recently transformed into the Gardens on Havana redevelopment,” added Hunt. “The property brought much-needed new product to the area and is walkable to over 500,000 square feet of retail and close to Lowry, Stapleton and Fitzsimons Medical Center, making it especially desirable for tenants and investors.”
Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan represented the sellers in the transaction.
There was a “good amount” of interest in the property, which features a resort-style pool and clubhouse, state-of-the-art fitness center, gourmet kitchen and coffee bar, raised fire pit, barbecue grilling stations, an electric car charging station and a dog wash area.
Apartments at the community, featuring a mix of one-, two- and three-bedroom units, include granite countertops, stainless steel appliances, 42-inch cabinets, track lighting, private balconies and patios, faux-wood blinds, oversized soaking tubs and large closets.
The community is directly adjacent to the Class A, 500,000-square-foot Gardens on Havana Shopping Center, anchored by Target, Sprouts Farmers Market, Dick’s Sporting Goods, Petco, Starbucks and Kohl’s.
