AvalonBay Communities has bought a 306-unit apartment complex south of Denver for $95 million.
An affiliate of the Virginia-based investor purchased the four-story, two-building complex at 3650 South Broadway, in Englewood, the Denver Business Journal reported. The seller was Bell Fund VI Cherry Hills, based in North Carolina.
The deal for Alta Cherry Hills, seven miles south of Denver, works out to $310,458 per unit.
Bell Fund bought the 4.6-acre property in 2017, a year after it was built, for $78.3 million, or $255,882 per unit.
AvalonBay has renamed the property Avalon Cherry Hills. The complex has two buildings with separate parking garages at the southeast corner of South Broadway and Hampden Avenue.
The buildings have studio, one-, two- and three-bedroom apartments that rent from $1,365 to $2,682, according to its website.
AvalonBay bought two apartment complexes last quarter, including the one in Denver, according to a second-quarter earnings report. The other was a 262-unit apartment building the real estate investment trust bought in Morrisville, North Carolina, for $66.5 million, or $253,817 per unit.
AvalonBay Communities, founded in 1978, has 300 apartment complexes containing 91,400 units in 12 states and the District of Columbia, the earnings report said, including 17 under development.
Its purchase of Avalon Cherry Hills follows the sale of a 114-unit apartment complex in Littleton, four miles to the south, for $43.5 million sale, according to the Business Journal. The buyer was Brixton Capital in Solana Beach, Calif.
— Dana Bartholomew
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