Aurora, CO – Inland Real Estate Acquisitions, a Chicago based investment firm, has acquired Conifer Creek, a 480 unit garden-style community from the San Diego based ColRich Group. The sale closed on June 21st, 2017 for $95 million.
David Martin and Pamela Koster, Mountain States Regional Partners of Moran & Company, represented the seller in the transaction.
According to Steve Butler, Vice President of ColRich, “the record per-unit sales price reflects the property’s excellent physical condition, recent clubhouse expansion and renovation, and the convenient attached garage parking.”
Conifer Creek is a well-designed garden-style apartment community built in 1987, with five floorplans ranging from 668 to 1,192 square feet. The property consists of 53 rental buildings across an expansive 19 acres. Situated at 2205 S. Racine Way in the Aurora Southwest submarket, the location boasts convenient access to a diverse employment base along the I-225 corridor, is within a mile of the new Illiff Light Rail Station, and is situated in the highly desirable Cherry Creek school district.
Moran & Company’s David Martin added: “Given the property’s desirable location within the Cherry Creek school district, it is very well positioned for future rent growth and value creation. The property can easily be positioned to generate additional cash flow as a unique value-add investment opportunity.”
ColRich Group: ColRich is a multigenerational, family-run homebuilding and multifamily investment company that focuses on integrating design and value into creative residential solutions. The company was founded in 1977 and is headquartered in San Diego, California. Over the company’s successful 38-year history, ColRich has developed exceptional expertise in multifamily residential, single-family residential, retail, office, medical office and hotel assets. ColRich has successfully acquired, developed and managed more than 12,000 multifamily residential units in seven states (CA, OR, WA, CO, AZ, TX and UT), and has also developed over 4,000 single family homes primarily in Southern California.
Inland Real Estate Acquisitions: Inland Real Estate Acquisitions, Inc. relies on its vast experience garnered through nearly 3,500 transactions across 49 states totaling more than $44 billion for member companies of The Inland Real Estate Group of Companies, Inc. The Inland Real Estate Acquisitions team is committed to negotiating fairly and wisely, resulting in an ever-increasing number of repeat sellers and brokers.
Moran & Company: Moran is a Chicago-based transaction services firm specializing in the sale of institutional-quality multifamily properties including Class A and Value-Add opportunities. Moran & Company has offices in Seattle, Irvine, San Francisco, Denver, Dallas, Houston, Chicago, Boston, Atlanta and Washington, DC. (www.moranandco.com)