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Courtesy of BMC Investments
BMC Investments acquired Landon Park Apartments, a 464-unit property in Aurora, for $58M. According to the buyer, the deal is a value-add play, since about 35% of the units were recently renovated, and those have achieved a premium of $130 to $200/month.
The property has the advantage of being fairly close (about a mile) to the Aurora Metro Center light rail station on the R Line, which will open at the end of February and run along the I-225 Corridor. The R Line will connect Aurora with a number of metro Denver’s largest employment hubs, as well as the A Line to the airport.
ARA Newmark brokered the sale, with HFF helping to secure $46.5M in financing on behalf of BMC.
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