CBRE Arranges the Sale and Financing of 351-Unit Apartment Community in Aurora, Colorado

CBRE has arranged the sale and financing of Advenir Del Arte Apartments, a 351-unit apartment community in Aurora, Colorado, to BMC Investments.

Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, Advenir, in the transaction. Brady O’Donnell, Jill Haug, and Alex Scott arranged a fixed rate Freddie Mac Loan for BMC Investments.

Located at 151 S. Joliet Circle, Advenir Del Arte Apartments is a 17-building, garden-style apartment community built in 1986. The community, comprised of studio, one- and two-bedroom floorplans with in-unit washers and dryers, was 90% occupied as of March 2024. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, business center, pet park and 563 parking spaces. The property has undergone several renovations, with the most recent occurring in 2016.

“BMC did a tremendous job on the execution of the transaction,” said Shane Ozment, a vice chairman at CBRE in Colorado. “They are a leader in Denver in providing and maintaining workforce housing and Del Arte is a great addition to their portfolio. We received a tremendous amount of interest in the property even in the light of a very volatile interest rate environment.”

“Advenir Del Arte Apartments is an excellent workforce housing asset, providing attainable housing in the dynamic Denver multifamily market,” said Brady O’Donnell, a vice chairman at CBRE in Colorado. “We were able to navigate the volatility in the capital markets space to secure an ideal financing structure with Freddie Mac, meeting both BMC Investments’ investment strategy needs and Freddie Mac’s mission to support workforce housing.”

The property is situated near the Havana Street and Alameda Avenue intersection, providing convenient access to various neighborhoods and employment areas, including the Lowry Neighborhood, Cherry Creek North, the Denver Tech Center, Downtown Denver and the greater Aurora area. There are 570,000 jobs within a 20-minute drive. Additionally, the apartment community is in proximity to the High Line Canal Trail, the Wings Over the Rockies Air & Space Museum, Denver International Airport, and various golf course, retail and restaurant options.

The average household income within a 5-mile radius of the community is $106,000, with renters making up 52% of the population. The area has experienced a 14% population growth since 2010. Advenir Del Arte Apartments offers a 68% discount compared to homeownership in the immediate area, and is a cost-effective alternative to Denver’s urban core.