Origin Investments and Aegon Real Assets US paid $72.2M for Advenir at Saddle Rock, a 320-unit apartment complex in Aurora.
The new owners of the complex, developed in 2002, plan to make substantial capital investments to the property to enhance the tenant experience and keep it well-positioned in a competitive market.
“We are very excited to acquire an asset with such tangible value-enhancement opportunities,” Origin Investments Director of Acquisitions Thomas Briney said. “Through the commitment of material capital improvements to refresh the complex, we believe there is great long-term potential to elevate the positioning and stature of this community.”
At 22959 East Smoky Hill Road, Advenir at Saddle Rock has 96 one-bedroom, 116 two-bedroom, 88 three-bedroom and 20 four-bedroom units in a series of 13 three-story buildings. Units range from 855 SF to 1,481 SF. Average rents at Advenir, which is 95% leased, range from $1,121 to $1,984.
Amenities at the complex include a large clubhouse with a resort-style pool with a fountain and cabanas, an outdoor kitchen and grill, a tanning bed, a fitness center and basketball court, a putting green and a community movie theater.
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