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Hearthstone is located at 932 South Helena Way in Aurora and Bella Terra is located at 15300 East Evans Avenue in Aurora. Aurora is about 18 miles east of downtown Denver. Executive managing directors Terrance Hunt and Shane Ozment in the Denver office of ARA, A Newmark Co., represented the sellers in both transactions.

Hearthstone was originally called Stonebrook Apartments when the Granite Peak fund acquired the apartment community in 2007; Bella Terra was named Countryside Village at the time of purchase.

Granite Peak oversaw and managed the total repositioning of both apartment communities, including rebranding them to their current names. Exteriors were renovated, new landscaping was installed, all of the interior common areas were upgraded and all of the apartment homes received all new interiors (flooring, lighting, counters, cabinets, appliances) including washers/dryers and the requisite engineering and plumbing to install them in nearly every apartment.

Both apartment communities were built in the early 1980s and had been under the same ownership and management for 18 years when the Granite Peak-led fund acquired the two properties. Granite Peak Partners estimates that net operating income of the two combined properties increased approximately 240% in the nearly eight years that the fund partnership owned and managed the properties.

Current advertised rents at Hearthstone start at $1,138 a month for a one-bedroom while the three-bedroom apartments start at $1,728. Current advertised rents at Bella Terra are $885a month for studios, one-bedroom apartments start at $975 and two bedrooms start at $1,175.