Fletcher Southlands’ Buyer Sees Aurora Advantage

Limited supply in the high-performing suburban market of Aurora, CO provides desirable demand for rental properties especially given the area holds a 95 percent occupancy in the last two quarters. Additionally, there are only 536 units under construction within a six-mile radius.

A recent example is the Fletcher Southlands, a 320-unit multifamily property that recently sold to CBRE Investment Advisors. The price was undisclosed.

The Fletcher Southlands is a garden-style apartment community that totals 350,700 square feet, sits on 21.2 acres and consists of 14 buildings including a clubhouse. Built in 2001, the property is well-maintained with the previous owner completing more than $1.4 million in upgrades to the common spaces and 59 percent of units. This offers a value-add opportunity for the buyer to continue renovating the property.

The property includes, one-, two-, three- and four-bedroom floorplan options, and features various community amenities including a heated year-round outdoor pool and coffee bar with co-working spaces.

Located at 22959 E. Smoky Hill Rd., the property is proximate to the Southeast Business Corridor, which comprises the Denver Tech Center, Greenwood Plaza, Inverness and Meridian International Business Center employing more than 240,000 people; the Buckley Air Force Base which employs more than 13,000 people; the Denver International Airport which employs more than 35,000 people and consists of more than 61 million annual passengers on average; and the Fitzsimons Medical District which employs more than 25,000 people and 10 million square feet of medical, research and educational facilities.

JLL represented the seller, a partnership between Origin Investments and Aegon Real Assets U.S. The JLL team was led by senior managing director Jordan Robbins and managing director Pam Koster.