The Bascom Group and Oberdorf Real Estate Management have closed on the acquisition of the 360-unit Hearthstone at City Center in Aurora for $74 million. The previous owner was Independence Realty Trust. The asset previously traded in 2015 for $53.4 million, according to Yardi Matrix. Hearthstone is Bascom’s 37^th acquisition in the state and 10^th acquisition in the city of Aurora. 

Constructed in 1984 as a low-density community comprised of forty-one buildings across 18.25 acres, Hearthstone features a mix of one-, two- and three-bedroom floor plans. The community is located southeast of Aurora City Center.

The community has been well-maintained over numerous renovation programs throughout the years and offers select units with fireplaces and private patios and balconies. The highly amenitized property has a resort-style pool, outdoor grilling and picnic areas, fitness center and sauna, pet park, playground, basketball court and on-site laundry. 

The partnership’s business plan includes an extensive value-add renovation program that includes both interior and exterior upgrades.

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