Grand Peaks Takes Another Round as Conifer Creek Owner

Conifer Creek Apartments, a 480-unit multifamily property located at 2205 S. Racine Way in Aurora, CO, recently sold for $127 million. Grand Peaks, which previously owned the property from 2011 to 2013, was the buyer.

Completed in 1986, Conifer Creek’s floorplans range from 668 to 1,192 square feet. The units are designed as a mix of townhomes and condominium-style units spread throughout 53 rental buildings with tuck-under garages in every building.

“Through the years, various ownership groups have completed an assortment of improvements at the property. The current demand for low-density apartment communities like Conifer Creek provides the opportunity to comprehensively address a redevelopment strategy that should drive above-market return on costs. We couldn’t be more enthusiastic to bring this larger asset back to the Grand Peaks’ portfolio,” said Grand Peak’s Matt Lyons.

Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team listed and completed the sale on behalf of the seller, Inland Private Capital Corporation.

“This is one of the more affordable submarkets in the Denver metro area, and as residents are priced out of neighborhoods closer to downtown, the Aurora Southwest submarket is seeing considerable rent growth, which is particularly true for assets like Conifer Creek located in the Cherry Creek School District,” said Mooney. “Given their knowledge from owning the asset several years ago, Grand Peaks is uniquely positioned to take full advantage of the opportunity here and we’re excited to see them implement their vision for the asset.”