CBRE Global Investors, on behalf of a separate account client, purchased The Fletcher Southlands, a 320-unit multi-unit property in Aurora, for $ 103.3 million, according to property records.
JLL represented the Seller, a partnership between Origin Investments and Aegon Real Assets US, to finalize the sale to CBRE.
The Fletcher Southlands is a garden-style apartment community that totals 350,700 square feet, spanning 21.2 acres and consists of 14 buildings, including a clubhouse. Built in 2001, the property is well maintained and the previous owner has completed over $ 1.4 million in improvements to the common areas and 59% of the units, providing the buyer with a value-added opportunity to continue to renovate the property.
The property includes one, two, three, and four bedroom floor plan options and has a variety of community amenities, including a year-round heated outdoor pool, coffee bar with coworking spaces, lounges, a sun deck, picnic and barbecue area, playground, fitness center, indoor playroom, basketball court, fire pit and dog park and pet wash station.
Located at 22959 E. Smoky Hill Rd., The property is close to the Southeast Business Corridor, which includes the Denver Tech Center, Greenwood Plaza, Inverness and the Meridian International Business Center, which employs more than 240,000 people. ; Buckley Air Force Base, which employs over 13,000 people; Denver International Airport, which employs more than 35,000 people and has more than 61 million annual passengers on average; and the Fitzsimons Medical District, which employs more than 25,000 people and includes more than 10 million square feet of medical, research and educational facilities.
The limited supply in this high performing suburban market provides desirable demand for rental properties, particularly with an area 95% occupied in the last two quarters. Additionally, there are only 536 units under construction within a six mile radius.