JLL Capital Markets announced it closed the sale of The Fletcher Southlands, a 320-unit multihousing property located in the desirable, affluent Aurora, Colorado.
JLL represented the seller, a partnership between Origin Investments and Aegon Real Assets U.S.. CBRE Global Investors acquired the property on behalf of a separate account client.
The Fletcher Southlands is a garden-style apartment community that totals 350,700 square feet, sitting on 21.2 acres and consisting of 14 buildings, including a clubhouse. Built in 2001, the property is well-maintained with the previous owner completing over $1.4 million in upgrades to the common spaces and 59 percent of units, offering value-add opportunity for the buyer to continue renovating the property.
The property includes, one-, two-, three- and four-bedroom floorplan options and feature various community amenities, including a heated year-round outdoor pool, coffee bar with coworking spaces, lounge areas, sun deck, picnic and barbeque area, playground, fitness center, indoor game room, basketball court, fire pit area and dog park and pet washing station.
Located at 22959 E. Smoky Hill Rd., the property is proximate to the Southeast Business Corridor, which comprises of the Denver Tech Center, Greenwood Plaza, Inverness and Meridian International Business Center, which employs over 240,000 people; the Buckley Air Force Base, which employs over 13,000 people; the Denver International Airport, which employs over 35,000 people and consists of over 61 million annual passengers on average; and the Fitzsimons Medical District, which employs over 25,000 people and consists of over 10 million square feet of medical, research and educational facilities.
Limited supply in this strong-performing suburban market provides desirable demand for rental properties, especially with the area holding a 95 percent occupancy over the last two quarters. Additionally, there are only 536 units under construction within a six-mile radius.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jordan Robbins and Managing Director Pam Koster.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing over $266M AUM in the Denver Metro area.