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Equity Residential spends $91M on apartment complex outside Denver

Late billionaire Sam Zell’s firm moves from urban core to “desirable suburban locations”

Equity Residential buys new apartment complex south of Denver for $91M
Equity Residential's Mark Parrell and 2503 Primo Road in Denver (CBRE, Equity Residential)

Equity Residential has picked up a 227-unit luxury apartment complex south of Denver for $91.25 million.

The Chicago-based real estate investment trust bought the Aventine Littleton apartments at 2503 Primo Road in Highlands Ranch, an unincorporated area about 20 miles south of Denver, the Denver Business Journal reported.

The seller was Century Living, a multifamily unit of Century Communities, based in Greenwood Village, which developed the complex this year.  The deal works out to $403,084 per unit.

The five-building complex includes one-, two- and three-bedroom apartments between 755 and 1,345 square feet. Rents range from $1,986 to $4,191 a month, according to Apartments.com.

Brokers Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer represented the seller in the deal.

“This transaction aligns with the ongoing trend of institutional investors shifting their focus away from urban assets and towards high-end properties in desirable suburban locations,” Hunt said in a statement.

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The Aventine Littleton complex has a lap pool, fitness center, hot tub, sunroom, outdoor kitchen and clubhouse. There’s also a conference room, workspaces, pet spa and storage units. It has  26 detached garages, 74 attached garages and a parking lot for 328 cars.

The apartments have quartz countertops, stainless steel appliances, smart-home technology walk-in closets, full-size washers and dryers and Wi-Fi, some with views of the mountains and Downtown Denver.

Located near McLellen Reservoir, Aventine Littleton is within a 20-minute drive of 690,000 jobs from some of Denver’s top employment hubs, while also close to shopping centers, golf courses, trails and parks.

Equity Residential, a member of the S&P 500 founded by the late Sam Zell in 1969, owns 312 complexes with 84,018 apartments in Southern California, San Francisco, Seattle, Denver, Austin/Dallas, Atlanta, Boston, New York and Washington, D.C., according to its website.

The publicly traded firm has bought other multifamily properties in recent months around Denver, including the Novel White Fence Farm in Lakewood and the Arbour Square Apartments in Westminster, according to the Business Journal

— Dana Bartholomew

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