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General Investment's First Buy Shatters Aurora's Multifamily Sales Record

AURORA, CO-The sale of the former Jefferson at Meadow Hills dispels any notion that Aurora can't command high asking prices. General Investment, making its first buy in the region, has just put up nearly $39.8 million for the 342-unit complex.

By John Rebchook | Updated on January 25, 2001

AURORA, CO-The Windsor Investment Co., a partnership controlled by General Investment and Development Co. of Boston, is shelling out about $39.8 million for the Jefferson at Meadow Hills apartment complex in Aurora.

It is by far the largest apartment sale ever in Aurora, broker Doug Andrews told GlobeSt.com. Andrews has handled the sale with fellow Grubb & Ellis broker Jeff Hawks. General Investment is the new owner of the class-A, 342-unit complex, completed last October by Irving, TX-based JPI.

The sales price equates to $116,228 per unit and $123.60 per sf and shatters any previous record in Aurora, Andrews says. He says it holds the distinction of being the first class-A complex built in Aurora and the second-largest community along the Front Range, after Denver.

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