March 28, 2019
Arlington, VA-based AvalonBay Communities acquired the Ridge at Wheatlands, a 338-unit, resort-style multifamily community in Aurora, CO for $91.25 million from Denver-based Grand Peaks. The deal for the Class A, luxury asset works out to $270,000-per-unit, making it the highest per-unit price ever achieved in the city of Aurora.
Constructed in 2018 and located near the Denver Tech Center within the Cherry Creek School District, the asset was appealing to local and national investors. The property’s low-density layout, top-of-the-line interior finishes, spacious floor plans catering to families, its state-of-the-art amenity package, and thoughtful design also appeals to a variety of residents. Community amenities include a clubhouse with an expansive swim deck, fitness center, game area and coffee bar.
NKF’s Shane Ozment, Terrance Hunt and Chris Cowan represented the seller. Ozment says, “Early on, Grand Peaks recognized the potential for a multifamily development in the rapidly expanding Southlands submarket, as well as the opportunity to foster a unique live/work/play lifestyle.”
For comments, questions or concerns, please contact Dennis Kaiser