A partnership between Cantor Fitzgerald and BH Equities paid nearly $80 million to acquire a sprawling housing complex in Aurora, The Real Deal has learned.
To finance the acquisition, Cantor Fitzgerald and operating partner BH Equities landed a $51 million loan from Freddie Mac, according to Newmark Knight Frank, which brokered the debt deal through its capital markets division.
The seller was the Connor Group, which paid $62 million for the 386-unit property known as “Aurora Summerfield” in 2015. Cantor Fitzgerald and BH Equities paid the Connor Group $78 million for the complex, roughly $212,000 per unit.
The Aurora units range from $1,200 for a one-bedroom to $1,800 for a three-bedroom, according to listings on Zillow. The pet-friendly property, located at 1847 Clubhouse Drive, includes a 24-hour gym and a pool.
The Aurora complex is considered an “attractive” asset to the new ownership due to the efficient upkeep of the property and the location of the development, said Henry Stimler, Newmark’s multifamily managing director. Aurora is located right off the I-88 corridor with access to multiple Fortune 500 companies, hospitals and parks.
Newmark represented both the buyer and seller in the transaction.