Inland Acquires $95M Denver Asset
- Jul 14, 2017
By Adina Marcut
Conifer Creek Apartments, a 480-unit suburban Denver community, changed hands. Inland Real Estate Acquisitions purchased the asset for $95 million from ColRich Group, according to data provider Yardi Matrix.
Located in Aurora, Colo., the property sits on approximately 20 acres. Conifer Creek consists of 53 two- and three-story buildings featuring one- and two-bedroom units ranging in size from 688 to 1,192 square feet. The community was 96.9 percent occupied as of May.
Inland Senior Vice President Matt Tice facilitated the transaction on behalf of an Inland affiliate. According to Yardi Matrix, the property last traded in 2013, when Grand Peaks Properties sold it for $54.5 million, or $113,541 per unit.
Amenity-rich community in coveted suburb
The pet-friendly community offers amenities such as:
- business center
- clubhouse with Wi-Fi
- fitness center
- jogging trails
- four laundry facilities
- two swimming pools
- two spas
- sun deck with lounge and grills
“Conifer Creek Apartment’s prime location in this highly desirable suburb provides residents with convenient access to transportation as well as a choice of several highly rated schools,” Tice said in a statement. “With nearly 440,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides the opportunity for additional value-add renovations, making it a prime example of the type of multifamily acquisitions we continue to seek out.”
Images courtesy of Conifer Creek