Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Fairview Apartments, a 100-unit multifamily asset in Aurora, Colorado. The property sold for $27.6 million, or $276,000 per unit. The sales price and price per unit are the highest on record for multifamily properties built in Aurora before 1980.
“Constructed in 1974 and renovated in 2018, Fairview Apartments is the most meticulously maintained and updated property of its era in Aurora,” said Jason Hornik, first vice president investments in Marcus & Millichap’s Denver office. “The acquisition provides the buyer with a tremendous opportunity to reap the benefits of the strong and growing Aurora multifamily market.” Hornik and Greg Price represented the seller and procured the buyer. “Rent growth in Aurora was 7.7 percent in the second quarter last year, a record-breaking level that surpassed pre-pandemic levels,” added Price. “This year, in-migration to the Denver metro area will sustain a high level of rental demand, put upward pressure on rents and keep vacancy at its usual metro-area low of just above 3 percent.”
Situated on eight acres, Fairview Apartments is in Aurora’s Willow Park neighborhood, less than a mile from Interstate 225, 18 miles from Downtown Denver, and close to two light rail lines, one of which connects to Denver International Airport. Community College of Aurora and the University of Colorado are nearby. Shopping and entertainment are within two miles at Town Center at Aurora.
Fairview Apartments’ unit mix is 30 three- and four-bedroom townhome units and 70 one- and two-bedroom flats. Within the last two years, all but 15 of the units have been upgraded. Set on spacious, park-like grounds, the property’s amenities include picnic and barbecue areas, playgrounds, a dog park, a community garden, and laundry facilities.