BRE announced the $29.5 million sale of The Harrison apartment community in Aurora, Colo., to Montgomery Partners.
Justin Hunt, Andy Hellman, Katie Fergen and Jessica Graham with CBRE Capital Markets in Denver represented the seller, Pathfinder Partners.
Located at 12000 E Kansas Drive, The Harrison sits near metro Denver’s Lowry redevelopment. The community features seven rental buildings and a clubhouse on nearly 9 acres. The 119 units include one- and two-bedroom floor plans with an average unit size of 881 square feet.
The Harrison was originally built in 1972 and underwent a $3.3 million capital improvement campaign prior to its sale. Upgrades included select deck and siding repairs, corrected drainage throughout the property, repaired and restriped asphalt and upgraded landscaping. A portion of the unit interiors were renovated with new flooring, cabinetry, appliances and fixtures. During the renovations new features were added, include a dog park and game area, a perimeter fence, a secure entry gate system and a package locker system.
“The Harrison is a proven value-add opportunity with over 60 percent of the units available for renovation, said CBRE’s Hellman. “The property is centrally located with convenient access to Denver’s major employment centers, including downtown, the Denver Tech Center, Cherry Creek, Lowry and the Fitzsimons Innovation Community.”
The property sits less than 10 minutes from Aurora’s Town Center shopping center and is within the Cherry Creek School District.
