Bella Terra at City Center, a 304-apartment community in Aurora, was one of two properties recently purchased by Steadfast Apartment REIT. (Photo provided by Steadfast Apartment REIT)
Two Aurora apartment complexes with a combined 664 units have been sold to a California-based real estate investment trust for $91 million.
Steadfast Apartment REIT announced the purchase of and over the holiday weekend. It’s the first Denver-area properties for the investment group, which owns properties in eight states, according to a news release. They also have an apartment community in Colorado Springs.
The Aurora properties, both built in the 1980s, will “undergo a moderate revitalization strategy to its unit interiors and exterior common areas,” Steadfast said.
Ella Neyland, president of Steadfast Apartment REIT, said in an e-mail the upgraded properties “will offer residents greater value for their money.”
“While Steadfast will increase rents slightly, our community rents will still be below surrounding Class A property rents that offer comparable finishes and amenities,” Neyland said.
Bella Terra at City Center, 15400 E. Evans Ave., features 304 studio, one- and two-bedroom units in 15 two- and three-story buildings. Average rent is $917 and the complex is currently 98 percent leased. Hearthstone at City Center, 932 S. Helena Way, is home to 360 one-, two- and three-bedroom apartments. Average rent is $1,038.
The Denver metro area is in the midst of almost-unprecedented rental market conditions, with .
The was $1,309, according to Axiometrics. Occupancy rates hovered just above 96 percent. Only Oakland, Calif., and Portland, Ore., experienced faster rent growth than Denver during the same period.
