AvalonBay Buys Denver Property for $91M

The newly completed asset includes more than 300 luxury units. The community is located 20 miles from downtown Denver, in the Arapahoe-East submarket.
Ridge at Wheatlands

Grand Peaks Properties has sold Ridge at Wheatlands, a 338-unit luxury community near Denver, for $91.3 million to AvalonBay Communities, according to Yardi Matrix. The property welcomed its first residents in late 2017, though construction work continued throughout most of 2018.  

Located at 6855 S. Langdale St. in Aurora, Colo., the community’s 15 two- and three-story buildings are situated roughly 20 miles southwest of downtown Denver in the Arapahoe-East submarket. The property is a mile from the 1.7 million-square-foot Southlands outdoor shopping center, home to major retailers including Walmart, Barnes & Noble and Best Buy.

The Studio PBA-designed community contains a mix of one- to three-bedroom apartments. Floorplans range from 707 to 1,266 square feet, with washers, dryers and Energy Star appliances in each unit. Property amenities include a dog park, an outdoor kitchen, a fitness center, a swimming pool, rentable conference space and a community lounge.

More than 23,000 units are currently under construction across the Denver metro, according to Yardi Matrix. On the other side of the city, Wood Partners recently broke ground on a 260-unit market-rate development in the suburb of Lakewood.

Image via Google Earth