Duck Creek Apartments LLC has hawked the property to San Diego-based FF Realty LLC. The 28-year-old property at 2039 S. Vaughn Way, Aurora, is about a half-mile west of Interstate 225 on East Iliff Avenue. "The location is terrific," Steve Rahe, who handled the transaction with fellow CB Richard Ellis broker Craig Stack, tells GlobeSt.com. "The demographics in the area are really high and it's located adjacent to the Heather Ridge Golf Course. You can't say that about too many properties."

Its age makes it a class-C property, says Rahe, but the new owners could significantly upgrade it. The 16-building project consists of 173 one-bedroom, one-bath units and 85 two-bedroom, two-bath units. Monthly rents for a one-bedroom ranges from $625 to $675, while a two-bedroom unit runs from $695 to $750.

"It was an excellent buy," Rahe said. "The property was under contract for about six months before it closed. It took a little longer for it to close, because the seller was looking for another property for a (1031) exchange. In our market, if it goes under contract and closes six months later, the buying price always looks cheap because of the way values and rents are going up." Rahe estimates if Duck Creek were put on the market today, it would be worth 10% more.