Aurora Apartments Sell for $51.5M

Tahoma Capital Partners paid $51.5 million for Crossroads at City Center in Aurora. The 208-unit multifamily development is a 13-building garden-style community built in 1999. It is 96% leased. This is the sixth acquisition for Tahoma Capital Partners. A CBRE team led by Terrance Hunt represented the seller, Jackson Square Properties and Friedkin Property Group.

With an average apartment size of 831 square feet, community amenities include a swimming pool, 24-hour fitness center, playground, dog park, business center, grilling areas, outdoor fire pit and package lockers.

“This clean asset had below-market assumable debt and garnered a strong buyer interest,” said CBRE’s Terrance Hunt.

Over the last eight years, the seller completed property improvements including a full exterior repainting, clubhouse and fitness center refresh, and upgrades to the outdoor common area amenities. They also renovated 90% of the unit interiors and began installing new lighting in over 30% of the units.

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