Nelson Partners Sells Denver Student Lofts
- Dec 24, 2019
Nelson Partners Student Housing has sold Auraria Student Lofts, a 438-bed student housing property in downtown Denver. The transaction resulted in excess of 102 percent return for investors achieved in a five-year hold period.
Located at 1051 14th St., the community occupies the last 15 floors of a 30-story boutique hotel and features a total of 125 two- and four-bedroom units. Auraria Student Lofts serves Metropolitan University—situated less than half a mile away—and other universities in the Denver area.
Common-area amenities include a year-round rooftop lounge pool, poolside cabanas, outdoor rooftop barbecue, outdoor dining entertainment, fitness center, indoor/outdoor gaming lounge with flat screen TVs, on-site bike storage, computer and study lounges and conference rooms.
Other dining, shopping and entertainment venues including the Denver Zoo, Larimer Square, REI and the Confluence Park are nearby. The sale of the property resulted in a 57 percent return on equity with more than 45 percent return on cash flow.
Back in March, Nelson Partners paid $100 million for Skyloft, a 2018-built student housing community in Austin.