Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Fitz on 14th, a 176-unit multifamily property located in Aurora, Colorado. The property traded for $34.4 million, or $195,455 per unit.
“The Fitz on 14th’s premier location was a driving force behind a highly competitive sales process,” said Jason Hornik, first vice president investments in Marcus & Millichap’s Denver office. “This asset is adjacent to the University of Colorado Anschutz Medical Campus and Fitzsimons Life Science District, providing convenient access to Aurora’s largest education, medical, and employment opportunities. Dozens of amenities are located within walking distance, and transportation is made easy by the light rail Colfax Station located across the street, which connects Aurora to Downtown Denver, Denver International Airport, and the Denver Tech Center.” Hornik and Greg Price represented the seller and procured the buyer.
Constructed in 1973, Fitz on 14th offers 18 studios and 158 one-bedroom units complete with open kitchens. Community amenities include a resort-style pool, barbecue/picnic area, playground, dog park, attractive landscaping, on-site leasing office, laundry facilities, and a fully equipped work-out room.
“Aurora’s strong demographics include a population of over 350,000 and average annual household income of $86,844,” added Price. “The previous owner recently implemented capital improvements that further support Fitz on 14th as a strong value-add asset with regional accessibility.”