PLC Communities Pays $34M for Suburban Denver Asset

The previous ownership impemented a value-add plan.

The Fitz on 14th

Marcus & Millichap has completed the sale of The Fitz On 14th, a 176-unit multifamily community in Aurora, Colo., for $34.4 million. The company represented the seller, Bradley & Associates Real Estate, and procured the buyer, PLC Communities, according to Yardi Matrix. The property last traded in 2007, when the current seller bought it for $6.8 million from Simpson & Burns, according to the same data provider.

Built in 1973, the property is located at 13686 E. 14th Ave. and encompasses 18 studios and 158 one-bedroom units between 550 and 650 square feet. Common-area amenities include a swimming pool, a playground, a barbecue and picnic area, a dog park, a leasing office, a fitness center, laundry facilities and 190 parking spots.

The four-building property is situated near the Colfax light rail station, within 1 mile of the Fitzsimons Life Science District and University of Colorado Anschutz Medical Campus. The Fitz on 14th is 9.2 miles from downtown Denver and Metropolitan State University of Denver, 11.6 miles from Denver Tech Center and 16.2 miles from Denver International Airport.

Strong value-add property in a growing area

The property went through a capital improvement plan implemented recently by the previous ownership. Marcus & Millichap First Vice President of Investments Jason Hornik and Senior Vice President of Investments Greg Price worked on behalf of the seller.

Denver multifamily continues to be a strong investment magnet. In the first seven months of the year, 56 properties traded across the metro for a total of almost $3.2 billion, Yardi Matrix data shows. The year started with one of the biggest sales recorded in Denver, when MG Properties purchased Tamarac Apartments for $141 million.

Recent transactions in the area include Summit Riverside, a 248-unit asset in Littleton that changed hands for $78.5 million and Oxford Pointe, a suburban Denver community that sold for $25 million.

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