The Fletcher Southlands in affluent Aurora, CO sold
JLL Capital Markets closed the sale of the 320-unit, garden-style multi-housing property
JLL represented the seller, a partnership between Origin Investments and Aegon Real Assets U.S., to complete the sale to the buyer, CBRE Investment Advisors.
The Fletcher Southlands is a garden-style apartment community that totals 350,700 square feet, sitting on 21.2 acres and consisting of 14 buildings, including a clubhouse. Built in 2001, the property is well-maintained with the previous owner completing over $1.4 million in upgrades to the common spaces and 59 percent of units, offering value-add opportunity for the buyer to continue renovating the property.
The property includes, one-, two-, three- and four-bedroom floorplan options and feature various community amenities, including a heated year-round outdoor pool, coffee bar with coworking spaces, lounge areas, sun deck, picnic and barbeque area, playground, fitness center, indoor game room, basketball court, fire pit area and dog park and pet washing station.
Located at 22959 E. Smoky Hill Rd., the property is proximate to the Southeast Business Corridor, which comprises of the Denver Tech Center, Greenwood Plaza, Inverness and Meridian International Business Center, which employs over 240,000 people; the Buckley Air Force Base, which employs over 13,000 people; the Denver International Airport, which employs over 35,000 people and consists of over 61 million annual passengers on average; and the Fitzsimons Medical District, which employs over 25,000 people and consists of over 10 million square feet of medical, research and educational facilities.
Limited supply in this strong-performing suburban market provides desirable demand for rental properties, especially with the area holding a 95 percent occupancy over the last two quarters. Additionally, there are only 536 units under construction within a six-mile radius.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jordan Robbins and Managing Director Pam Koster.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Origin Investments
Origin Investments is a private equity real estate manager that provides individual investors, family offices and advisors with institutional-quality real estate to build and preserve wealth. The firm acquires, develops and operates multifamily real estate across 11 fast-growing markets in the U.S. Since its founding in 2007, Origin has executed more than $2.3 billion in real estate transactions and its principals have invested more than $56 million alongside investors. The firm prides itself on offering unparalleled service to investors and have been regularly named a consistent top-performing fund manager by Preqin, an independent provider of data on alternative investments. Origin has raised more than $350 million for its open IncomePlus and Qualified Opportunity Zone Funds and are accepting new investors today. To learn more, visit www.origininvestments.com.
About Aegon Real Assets
Aegon Realty Advisors, LLC (Aegon Real Assets US) is a fully integrated real estate asset manager that has provided real estate investment services to institutional clients for more than three decades. Aegon Real Assets US provides real estate asset management and advisory services – including tax credit investments, commercial mortgage loans, affordable housing debt, and various other private equity and debt products – to affiliate and unaffiliated institutional clients. Aegon Real Assets has established a distinguished reputation in the real estate industry for its diverse real estate expertise and strong investment performance. Aegon Real Assets is a part of Aegon Asset Management, which is an international asset management organization based in The Hague, with offices across North America, Europe and Asia.