Equity Residential Pays $91M for Denver-Area Community
The suburban property came online in phases during 2023 and 2024.
Equity Residential has acquired Aventine Littleton, a 227-unit community in Highlands Ranch, Colo., a Denver suburb. Century Living, the multifamily division of Century Communities, sold the property in a CBRE-brokered deal.
The asset traded for $91.3 million, according to the Denver Business Journal. The developer brought online the property in phases between 2023 and 2024, using funds from a $48 million construction loan originated by PNC Bank in 2022, Yardi Matrix information shows.
The community encompasses five three- and four-story buildings spread across more than 4 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging between 755 and 1,364 square feet. Apartments also include private balconies or patios.
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Common-area amenities feature a fitness center, swimming pool and hot tub, sunroom, outdoor community kitchen, clubhouse, conference room and workspaces. Additionally, the community has a pet spa, storage units and a yoga studio.
The property at 2503 Primo Road, more than 15 miles away from downtown Denver. Denver International Airport is some 42 miles northeast.
CBRE Vice Chairs Terrance Hunt and Shane Ozment, along with Senior Transaction Managers Chris Hart and Brad Schlafer represented Century Living in the transaction.
Denver sales activity sees year-over-year increase
Denver’s multifamily transactions activity totaled $3.1 billion year-to-date through October, with 53 communities—about 11,900 apartments—changing hands, Yardi Matrix shows. This marks a more than 40 percent increase compared to the same period last year, when 40 assets—8,300 units—traded for $2.2 billion.
Earlier this month, Thompson Thrift sold Citadel at Castle Pines, a 214-unit community in Castle Pines, Colo., for $101 million. RREEF Property Trust acquired the 2023-completed asset.
Last October, Centerspace purchased The Lydian, a 129-unit property in Denver for $54 million. Cohen Rojas Capital Partners sold the property after holding it for two years.
