408 Units in CO Change Hands
- Jan 16, 2018
Inland Real Estate Acquisitions LLC has acquired Après Apartments, a 408-unit multifamily property located in Aurora, Colo.
“We have a solid footprint in Denver, which we are always looking to expand on for the right property in the right location,” Mark Cosenza, Inland Real Estate Acquisitions’ senior vice president, told MHN. “Its strong demographics and ideal location, coupled with our knowledge of the market, made this property an excellent example of the type of multifamily acquisitions we continue to seek out.”
Located at 1503 South Galena Way, the community includes 17 three-story buildings with 196 one- and 212-two-bedroom units. All feature walk-in closets, a washer and dryer, fireplace and either a private balcony or patio.
The property features a brand-new clubhouse at the front entrance with a state-of-the-art fitness center, a resident lounge, two swimming pools and a pet park.
“Well-situated in Aurora, Après Apartments is located within the desirable Cherry Creek school district and offers residents quick access to the Denver Tech Center, Buckley Air Force Base, the Denver business district and the University of Denver,” Cosenza said. “The property is also ideally situated across from Costco and the Gardens on Havana retail center, which includes Target, Kohl’s, Sprouts Farmers Market and various restaurants.”
According to Cosenza, the company plans to continue with the unit rehab program throughout the entire property and capitalize on the addition of the clubhouse to drive leasing and rents.
At the time of the sale, the community was 95 percent occupied.
Joining Cosenza in making the deal were David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, Law Department, on behalf of an Inland affiliate.
To date, Inland Real Estate Acquisitions has acquired 5,067 units in the Denver metro area, and more than $45 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.