Denver Asset Changes Hands for $52M

The property previously traded in 2015 for some $31 million.

Tahoma Capital Partners has acquired Crossroads at City Center, a 208-unit community in Aurora, Colo., for $51.5 million. The joint venture of Jackson Square Properties and Friedkin Property Group sold the property with the assistance of CBRE. This was the buyer’s sixth acquisition.

The asset previously traded in 2015 for $31.1 million, according to Yardi Matrix data. In 2017, the property became subject to a $28.3 million CMBS loan having U.S. Bank as trustee; the note is due to mature in 2027.

Completed in 1999, Crossroads at City Center encompasses 13 buildings with one- and two-bedroom floorplans ranging from 651 to 927 square feet. Residences feature gas fireplaces and in-unit washers and dryers. Amenities include a swimming pool, a fitness center, grilling areas and a dog park. Previous ownership implemented extensive upgrades to the common areas and renovated 90 percent of units. The property was 96 percent occupied at the time of sale.

Located on 10 acres at 15490 E. Center Ave., the community is close to Interstate 225 and roughly 12 miles east of downtown Denver. Crossroads at City Center is also some 3 miles from the Medical Center of Aurora and within walking distance of the Town Center at Aurora shopping mall.

Denver multifamily sales slide

CBRE Vice Chairmen Terrance Hunt and Shane Ozment, along with Senior Vice Presidents Justin Hunt and Andy Hellman, represented the seller in the transaction. Recently, the same team facilitated the $132.5 million sale of a 434-unit portfolio in Denver.

Throughout 2023, some 7,260 units changed hands across 44 properties in Denver for a total investment volume of more than $2.5 billion, according to Yardi Matrix information. These figures represent a considerable decrease from the previous year, when nearly 100 communities totaling 18,830 units changed hands for some $4.9 billion. Per-unit prices also dropped by 2.8 percent, from $330,282 to $320,997.

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