Steadfast Apartment REIT III Acquires $47M CO Property
- Nov 28, 2016
Aurora, Colo.—Steadfast Apartment REIT III, Inc. (STAR III) has acquired Bristol Village, a 240-unit apartment community in the Denver suburb of Aurora, Colo., for $47.4 million.
The second acquisition for STAR III, Bristol Village is a 13-year-old, 95.8 percent occupied community that is comprised of 10 three-story buildings with one-, two- and three-bedroom garden-style apartment homes. Apartments average 901 square feet in size and have in-place rents averaging $1,266 monthly. Among the property’s common-area amenities are a year-round heated swimming pool, hot tub, clubhouse with fireplace, demonstration kitchen, barbecue area, business center and detached garage parking.
Each apartment home offers nine-foot ceilings, expansive closets, soaking tubs, fireplaces and air conditioning.
The previous owner renovated approximately half the units, adding new stainless steel appliances, upgraded fixtures, carpet and vinyl flooring and modern countertops. STAR III intends to implement its Value Enhancement Strategy, adding the interior upgrades to the remaining units when apartments are turned between residents.
Bristol Village is conveniently located to both job centers and public transit. Northrup Grumman, Lockheed Martin, Raytheon and Buckley Air Force Base are among the leading employers nearby. By year’s end, Aurora will gain its own light rail line, enabling residents to commute quickly and conveniently to metropolitan Denver.
Not overlooked by STAR III was the 2015 selection by Forbes of Denver as the number one metro among “The Best Places for Business and Careers.” Bristol Village is situated in an Aurora neighborhood that has witnessed an eight percent population increase in the last five years. The neighborhood is projected to grow an additional 7.5 percent in the next five years.
“We are excited to add our second property to STAR III with the purchase of Bristol Village,” said STAR III President Ella Shaw Neyland. “We believe this asset is consistent with our focus on acquiring mid-tier apartments in locations that present strong opportunity for rent growth and value appreciation.”