Wood Partners Sells Del Arte in Colorado
AURORA, Colo.–(BUSINESS WIRE)–Wood Partners, a national real estate leader, and E2M Partners announced the sale of Del Arte Lofts & Flats, a 351-unit apartment complex in Aurora, Colorado, earlier this week. The community went on the market in June of this year and sold to Advenir for $52 million on September 14th.
“Del Arte is great example of a successful repositioning of an asset that has a strong location with great drive-by, access to jobs, and proximity to retail and services, but that was not meeting its potential,” said Jane Maushardt, Wood Partners’ Senior Vice President of Acquisitions. “Through a thoughtful renovation of the 1980’s-era unit interiors and common areas, we were able to appeal to Denver city-dwellers looking for quality apartments and amenities at a more reasonable price in an ideal location.”
Del Arte is located in the growing Aurora community off Alameda Avenue near Interstate-225, offering convenient access to the Denver airport and the Denver Tech Center. The complex is located on more than 11 acres and includes 17 buildings comprised of open loft-style one-, two- and three-bedroom homes featuring fireplaces, modern appliances, spacious storage and galley-style kitchens. The property is currently fully occupied.
Del Arte was purchased by Wood Partners in May 2013 for $33 million and over the two years of ownership, Wood Partners fully renovated the leasing office, clubhouse and the fitness center. The units, most of which had original finishes, were remodeled to include new appliances, modern cabinetry and flooring, new granite-style countertops as well as all new plumbing and lighting fixtures.
The property boasts convenient on-site amenities including a newly designed clubhouse for community gatherings, leasing center, business center, outdoor pool and Jacuzzi, and a state-of-the-art fitness center. Del Arte is in close proximity to local retail, dining, schools and local job centers as well as easy access to beautiful jogging trails.