Wood Partners Acquires Value-Add in Denver Suburb
The Grove at City Center has been acquired by Wood Partners for an undisclosed price tag.
By Anca Gagiuc, Associate Editor
The Grove at City Center
Aurora, Colo.—Wood Partners announced the acquisition of The Grove at City Center, a 420-unit multifamily community located in the Denver suburb of Aurora. The financial details of the transaction remain undisclosed.
“The Grove at City Center is a strong value-add opportunity that we are thrilled to add to our growing portfolio in the greater Denver area,” said Jane Maushardt, Wood Partners’ director of acquisitions. “The Grove is an excellent example of Wood Partners’ strategic approach to identifying well-located, value-add opportunities in growing regions that appeal to a wide variety of our target renters.”
The community is located at 14304 East Tennessee Ave., in the growing suburb of Aurora, 20 minutes east of Denver city center and near the I-225 corridor. Residents benefit from easy access to major employment centers, including the Anschutz Medical Campus, Fitzsimons Innovation District, Denver Tech Center, and Denver International Airport. Moreover, the property is less than one-half mile from the Aurora Metro Center Rail Station, which is scheduled to open in mid-2016. From that point on, the 10.5-mile I-225 Rail Line will become Aurora’s “Main Street.”
The Grove at City Center offers one- and two-bedroom units ranging in size from 704 square feet to 972 square feet. Community amenities include an outdoor pool with barbecue area, business center, carport, clubhouse, courtyard, fitness center, and playground. Apartment amenities feature central heat & air conditioning, king-sized bedroom, private patio/balconies, and separate dining area. Wood Partners intends to continue the renovations started by previous owner and upgrade the unit interiors with high-end finishes.
“Through thoughtful design, capital improvements and sound property management, we look forward to bringing this well-positioned asset to its full potential to meet the level of other similar assets in the submarket and achieve our strategic investment goals,” said Maushardt.
Image courtesy of The Grove at City Center
