DEAL OF THE DAY: ARA Brokers Sale of Two Well-Located Distressed Properties for $52.15 Per Square Foot
Apartment Realty Advisors (ARA) brokered the sale of a 78-unit, two property portfolio in Aurora, Colo. to JTA Properties, a private local buyer, for $2,125,000, representing a price per unit of $27,244, or $52.15 per square foot.
Aurora, Colo.— Apartment Realty Advisors (ARA) brokered the sale of a 78-unit, two property portfolio in Aurora, Colo. to JTA Properties, a private local buyer, for $2,125,000, representing a price per unit of $27,244, or $52.15 per square foot.
The seller, who was not disclosed, was represented by ARA Denver-based Principal Terrance Hunt, and Senior Vice President Shane Ozment.
“These properties had a vacancy of over 30 percent and were running a negative cash flow. The buyer was able to purchase the property just over the debt and assume the current loan, and plans to stabilize the property and return it to profitability through rehab and hands-on management,” says Hunt.
Buckley Place and Buckley Park Apartments are located at 1377-1397 Laredo Street and 16415 East 14th Place just east of the new $5 billion, 578-acre Fitzsimons Redevelopment which, at build-out, will comprise 18 million square feet of office space and generate more than 45,000 jobs. The properties also offer convenient access to the Aurora City Center, Buckley Air Force Base, Denver Tech Center, Denver International Airport, and Lowry. This area is one of the fastest growing employment regions in all of metro Denver.
Homes at Buckley Place and Buckley Park offer residents ample off-street parking, laundry facilities on-site, spacious unit layouts, air-conditioning, and extra closet space. The communities offer an excellent location with easy access to I-70 and I-225.