Wood Partners Acquires 420-Unit Asset in Colorado

AURORA, Colo.–(BUSINESS WIRE)–Wood Partners, a national leader in multifamily real estate development and acquisition, announced today the acquisition of a new property in the Denver suburb of Aurora, Colorado. The 420-unit multifamily community, coined The Grove at City Center, is located in central Aurora near major shopping areas, office buildings and a future light rail station.

“The Grove at City Center is a strong value-add opportunity that we are thrilled to add to our growing portfolio in the greater Denver area,” said Jane Maushardt, Wood Partners’ Director of Acquisitions. “The Grove is an excellent example of Wood Partners’ strategic approach to identifying well-located, value-add opportunities in growing regions that appeal to a wide variety of our target renters.”

The three-story property features one- and two-bedroom units, a leasing office, a pool and fitness center, as well as newly modernized common spaces. Wood Partners plans to continue renovations started by the previous owners by upgrading the unit interiors with high-end finishes.

“Through thoughtful design, capital improvements and sound property management, we look forward to bringing this well-positioned asset to its full potential to meet the level of other similar assets in the submarket and achieve our strategic investment goals,” said Maushardt.

The Grove is located in the growing suburb of Aurora, located 20 minutes east of Denver city center near the I-225 corridor. The property offers residents easy access to major employment centers including the Anschutz Medical Campus, Fitzsimons Innovation District, Denver Tech Center and Denver International Airport.

The Grove is less than one-half of a mile from what will be the Aurora Metro Center Rail Station. Scheduled to open in mid-2016, the station will transform Aurora by connecting the city to the Denver metropolitan area. The 10.5 mile I-225 Rail Line will function as Aurora’s “Main Street” and, the I-225 track includes transfer stations allowing riders to connect to all stations with the RTD FastTrack’s system.