CBRE Global Investors Fund Lands $51M Denver-Area Asset
Viridian at the Gardens on Havana is a 227-unit property located in Aurora. ARA Newmark worked on behalf of AIG Global Real Estate and Post Investment Group, partners in trading the recently constructed Class A community.
By Laura Calugar
A fund advised by CBRE Global Investors acquired Viridian at the Gardens on Havana, a recently built 227-unit, Class A apartment asset in Aurora, Colo. According to Yardi Matrix data, Post Investment Group sold the property for $51 million. ARA Newmark represented AIG Global Real Estate and Post Investment Group, partners in the transaction.
Completed in 2015, the garden-style Viridian features 72 one-, 142 two- and 13 three-bedroom units, ranging from 657 to 1,808 square feet. The property also includes two-level townhomes. All units feature granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a fitness center, a swimming pool with a fire pit, a clubhouse and 376 parking spaces. The nine-building asset was almost 95 percent occupied at the time of purchase.
Located at 10901 E. Garden Drive, the luxury Denver-area community is adjacent to the 500,000-square-foot Gardens on Havana Shopping Center and provides easy access to Interstate 225. The property is situated within a commuter-friendly submarket, close to the metro’s largest employment hubs. Viridian is two miles from a light-rail station scheduled to open later this year.
“Job growth in Denver has been outpacing the U.S., and we believe the rapidly growing, highly skilled labor force and diversified economy, including a vibrant tech industry, will keep the metro a national leader,” said CBRE Global Investors Portfolio Manager Kim Hourihan, in a prepared statement. “Given this neighborhood’s convenient accessibility, retail amenities and good schools, there is strong demand for housing at Viridian, and walkability to the retail and restaurant amenities of the Gardens on Havana Shopping Center is a significant differentiator relative to the competitive set,” Hourihan added.
ARA Newmark Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Executive Managing Director Chris Cowan were part of the team that represented New York-based AIG Global Real Estate in this transaction.
Images courtesy of Viridian at The Gardens on Havana website