Suburban Denver Community Sells for $30M

CBRE provided buyer Montgomery Partners with a seven-year acquisition loan through Freddie Mac.
Aspenwood

Montgomery Partners has purchased the 168-unit Aspenwood in Aurora, Colo., for $30 million from a private investor, Yardi Matrix data shows. CBRE Capital Markets originated a $19.6 million Freddie Mac loan for the new owner. The financing matures in 2027.

Completed in 1980, Aspenwood has a mix of one- and two-bedroom apartments in 14 three-story buildings, with floorplans of 635 and 787 square feet. Amenities include a pool, fitness center and clubhouse. In December, the property was 94.6 percent occupied, according to Yardi Matrix information.

Located on a 3.9-acre site at 572 Potomac St. in a dense residential area, the community is adjacent to Interstate 225, close to several retail centers and roughly 10 miles east of downtown Denver. The UCHealth University of Colorado Hospital is 2 miles north.

In late January, a CBRE team closed a $46.2 million sale involving a market-rate community 4 miles southwest, within Denver city limits. Prior to the deal, the seller had renovated the 235-unit property’s amenities.