BMC Pays $71M for Denver-Area Community
This workforce housing asset previously traded for $52 million.
Advenir has sold Advenir Del Arte Apartments, a 351-unit workforce housing community in Aurora, Colo., a Denver suburb. BMC Investments acquired the asset for $70.5 million with the help of a $45.8 million Freddie Mac loan, according to Arapahoe County records.
CBRE arranged the deal on behalf of the seller and originated the 5-year note. The garden-style community was 90 percent occupied as of this March.
Advenir purchased the asset in September 2015 for $52.3 million—about $148.860 per unit—from Wood Partners, Yardi Matrix information shows. In 2016, the company renovated the property.
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The community, which will be rebranded as The Joliet at Lowry, consists of 17 three-story buildings that came online in 1986. The unit mix comprises studio, one- and two-bedroom floorplans ranging between 600 and 1,190 square feet. Apartments also have private balconies or patios.
Common-area amenities include a fitness center, swimming pool, clubhouse, business center, spa and pet park, as well as 17 laundry facilities. Additionally, the property has 563 parking spaces.
Located on 12 acres at 151 S. Joliet Circle, the community is some 9 miles from downtown Denver and 3 miles from downtown Aurora. Denver International Airport is 20 miles northeast.
CBRE’s Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer represented the seller. Brady O’Donnell, Jill Haug and Alex Scott secured the acquisition financing.
Denver multifamily sales stay steady
Metro Denver registered almost $1.5 billion in multifamily sales year-to-date as of July across 25 assets—about 5,935 units—according to Yardi matrix information. During the same period of last year, 27 properties totaling some 4,650 units traded for $1.3 billion. However, the average price per unit witnessed a year-over-year decrease, from $315,265 to $275,306.
In February, ColRich Multifamily acquired Belmar Villas, a 318-unit multifamily property in Lakewood, Colo. Independence Realty Trust sold the 1971-completed asset for $74.3 million.
During the same month, Harbor Group International purchased two metro Denver assets for $132.5 million. The 434-unit portfolio was previously owned by The Garret Cos.
