Recession-Delayed Aurora Apts Complete, Sell
ARA recently brokered the sale of the 600-unit 21 Fitzsimons apartment complex in Aurora, one of five multifamily transactions closed by ARA Colorado this month. ARA’s Shane Ozment says it’s been a long time coming: construction of the first phase began in 2007 and the third phase was just completed this month. But in some ways, the delays were beneficial, Shane explains; the property was able to adapt to the most in-demand floor plans. (Closets that were once designed for no-longer-trendy crocs and Ugg boots could be reimagined for Toms and Vans.)
The property’s in a good strategic position, Atlanta-based ARA’s Terrance Hunt says, pointing out that it’s located near the largest medical development in the United States, the Fitzsimons Life Science District, which adds jobs consistently, and is looking forward to a bump when the new VA hospital is finished next year. There isn’t a lot of space in the area to add more apartments, Terrance adds. ARA Denver-based Doug Andrews and Jeff Hawks, along with Shane and Terrance, repped the seller, the Pauls Corp. A local buyer bought the asset for an unspecified price.
