Inland Real Estate Lends a Hand in Colorado Sale
- Nov 23, 2017
Inland Real Estate Acquisitions Inc. arranged the sale of Arterra Place Apartments, a 200-unit community located in Aurora, Colo. According to data provider Yardi Matrix, Landbank Investments sold the asset for $36.1 million, or $180,580 per unit. Senior Vice President Matthew Tice of Inland Real Estate Acquisitions Inc., together with the managing counsel for Charles J. Benvenuto P.C. and Gina LaMantia, arranged the transaction on behalf of an Inland affiliate.
The eight two- and three-story buildings feature one-, two- and three-bedroom units ranging in size from 700 to 1,306 square feet. Located at 17036 E. Ohio Drive, in the eastern suburb of Denver, Arterra Place offers convenient access to Interstate 225. Additionally, the community is close to the Denver International Airport, Fitzsimmons and Lowry.
Nearly at full occupancy
Built in 2015, the property features common area amenities such as:
- fitness center
- swimming pool
- business center
- media room
- barbecue/picnic area with grills
Additionally, the first floor includes a total of 375 parking spaces. According to Yardi Matrix, the community was 99.5 percent occupied as of October.
“Arterra Place Apartments was an attractive acquisition opportunity due to its high-quality amenities and ideal location in the highly desirable suburb of Aurora, Colo.” Tice said in a statement. “With more than 320,000 residents within a five-mile radius, the property provides residents with convenient access to a major interstate as well as a choice of several highly rated schools. This property is a prime example of the types of multifamily acquisitions we continue to seek out, and marks the 10th transaction we’ve negotiated and closed in the Denver metro area.”
Image courtesy of Yardi Matrix
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