Trio of apartment properties sell for $24.75 million

Marcus & Millichap handled the sale of a trio of apartments in Aurora, which sold for a total of $24.75 million.

Marcus & Millichap handled the sale of a trio of apartments in Aurora, which sold for a total of $24.75 million.

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Greg Price, senior director of the National Multi Housing Group in Marcus & Millichap’s Denver office, brokered the transactions for the buyer and seller. Additional buyer and seller details were not disclosed.

The properties included in the transaction were Elm Grove, at 11852 E. 16thAve., Fitzsimons Place at 1568 Nome St. and Shadow Tree at 1800 Billings St. All three of the properties are near the Colfax light-rail station while Denver International Airport is 15 minutes away.

The communities, all built in the 1970s, feature 174 one-bedroom and 94 two-bedroom apartment units and six studio units.

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Elm Grove and Fitzsimons Place are market-rate properties, while Shadow Tree is rent restricted with 60 percent area median income units, in the extended use period. The buyer plans to upgrade units at Elm Grove and Shadow Tree moving forward. Fitzsimons Place underwent a full renovation four years ago.

Featured in CREJ’s April 18-May 3, 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…