Value-add Aurora apartments snagged for $18.4 million

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Arapahoe County

Property Location: 11910 E. Kansas Drive, Aurora, “Verona Park Apartments”

Property Description: 119-unit, 8-building, three-story apartment complex w/104,880 sf, YOC 1972, renovated in 2015, wood frame construction

Land Size: 8.958 acres

Sales Price: $18.4M, or $175.44 psf, or $154,622 per unit

Reception No.: D8074728

Closing Date: 7/30

Grantor: Mountain View LLC(Jeffrey K. Sanders, mgr.)

Grantee: Pathfinder Aurora Holdings II LLC (Brent Stuhley, director of acquisitions, 858-875-4459, & Mitchell Siegler, co-founder & mgr., 858-875-4455

Financing: $14.39M payable to CBRE Capital Markets, due 8-1-2025

Comments: See APN: 1973-23-1-01-010. The 55 one-bedrooms units (not renovated) contain 780 sf and rent for $1,105 sf & up; there are five one-bedrooms (renovated) that rent for $1,156/mo. The 52 (nonrenovated) two-bedroom/one-bath units contain 980 sf and rent for $1,517 while four of the renovated ones go for $1,692/mo. There is one large two-bedroom/one-bath model containing 1,200 sf that rents for $1,692/mo. This property was listed and sold by the ARA Multifamily team including Justin Hunt, Terrance Hunt, Andy Hellman, Shane Ozment & Courtney Crowder. The apartments rent for an average price of $1,301/mo., or $1.48 psf

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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