AURORA, CO – 29th Street Capital (29SC) private real estate investment firm has acquired Parq at Iliff Station, a 424-unit, Class A + luxury condominium complex in the Southeast Aurora submarket of Denver for $ 134 million. Parq is 29SC's eleventh multi-family acquisition in the Denver area with a total of nearly 1,500 units. Haven Residential, 29SC's in-house property management group, will manage the community.
29SC, which has primarily focused on value-adding multi-family acquisitions, has implemented a core plus strategy that focuses on newer, larger, higher quality assets that can provide additional benefits through management efficiencies, energy saving programs and improving market conditions. Parq is 29SC's first acquisition of this size and scale and marks the company's entry into the core plus market.
"Our proven track record and our approach to bolt-on acquisition enable us to advance projects of this caliber," said 29SC Managing Director Robb Bollhoffer. He continued, "We are able to provide better service to the community, thereby adding value to both our residents and our investors."
Built in 2018, the Parq offers spacious accommodations and luxurious amenities. 29SC's improvement plan includes new smart home technology packages, upgrading the interior and adding additional amenities across the community.
"The Aurora submarket's Southeast Business Corridor provides residents with convenient access to an abundance of high-paying jobs in a variety of industries," said Rob Gersch, senior vice president of Acquisitions and Development for 29SC in Colorado and Utah. "Persistent high population migration, a favorable income tax rate and a diverse, highly qualified workforce all contribute to Denver being one of the fastest growing metropolises in the mountain region."
The Parq at Iliff Apartments are located on 2602 S. Anaheim Street in Aurora, 11 miles southeast of downtown Denver. Parq offers residents a convenient location with direct access to RTD Iliff Station, which provides easy access to downtown Denver, Denver International Airport, Fitzsimons Medical Campus, Denver Tech Center and the entire Southeast Business Corridor.
The property was financed through a fixed income life insurance loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. The transaction closed on Thursday, June 3rd. The seller's name has not been published.
Last year 29SC acquired 18 conventional apartment buildings and over 4,000 units in the United States. The company continues to actively pursue additional opportunities, particularly newer vintage and Class A properties.