AURORA, CO—Advenir, a premier provider of multi-family real estate investment and management services, has acquired Del Arte Lofts & Flats, a 351-unit apartment community in Aurora. Advenir has acquired 3,100 apartment units since late 2011 in the greater Denver area.
The property, renamed Advenir at Del Arte, is a 11.42-acre, 17-building, apartment community located at 151 S. Joliet Circle in Aurora. Built in 1986, all the interior units were recently renovated and other significant improvements and upgrades were made. Since renovation, the property has had strong leasing activity and was 93% occupied at the close of escrow. The community features 17 studios, 217 one bedroom/one bathroom units and 117 two bedroom/two bathroom units about one-third of the units being loft-style townhomes. Del Arte features amenities such as a newly designed clubhouse with a business center and WiFi; barbeque areas; 24-hour fitness center; dog park; pool and hot tub; pond; and jogging trail.
"The greater Denver region is one of the country's top-performing apartment markets," said Todd Linden, chief acquisition officer of Advenir. "Advenir at Del Arte is a strategic acquisition for us as it offers quality residences, on-site amenities, and easy access to retail, dining, and job centers. It is also located in the heart of the region's fastest-growing employment center.”
Advenir at Del Arte is close to the Denver Tech Center, the Fitzsimons Medical Center Redevelopment, Buckley Air Force Base, and Denver International Airport. Combined, these four employment hubs represent 486,000 jobs. The asset is also less than ten minutes from the future Aurora City Center Station on the new Interstate 225 Light Rail Line which is scheduled to open in 2016. The I-225 Line will provide a key linkage between the Southeast Rail Line, which serves the Denver Tech Center, and the East Rail Line, which is also scheduled to open in 2016 and will connect downtown Denver directly to Denver International Airport.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, FL, (Miami-Dade). The company acquires and operates income-producing assets throughout the United States, on behalf of high net worth and institutional investors. Advenir has a property management company with 255 employees and regional offices in Florida, Texas, and Colorado; and a construction management company focused on multifamily development and rehabilitation.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.