Inland Real Estate Acquisitions, Inc. Purchases 480-Unit Multifamily Property in Aurora, Colorado
July 12, 2017 | BUSINESS WIRE
OAK BROOK, Ill.–(BUSINESS WIRE)–Inland Real Estate Acquisitions, Inc. announced today that it negotiated and helped close the purchase of Conifer Creek Apartments, a 480-unit multifamily property located in Aurora, Colorado, an eastern suburb of Denver. Matt Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from Brett Smith, assistant vice president associate counsel of The Inland Real Estate Group, Inc., on behalf of an Inland affiliate.
Located on two parcels at 2205 South Racine Way and 12775 East Pacific Drive, the property is situated on nearly 20 acres and was recently partially renovated in 2011 and 2017. Conifer Creek Apartments consists of 53 three-story buildings featuring 140 one-bedroom and 340 two-bedroom units with 518 attached garage spaces. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities.
“Conifer Creek Apartment’s prime location in this highly desirable suburb provides residents with convenient access to transportation as well as a choice of several highly rated schools,” said Tice. “With nearly 440,000 residents within a five-mile radius, the property is easily accessed from a major interstate and provides the opportunity for additional value-add renovations, making it a prime example of the type of multifamily acquisitions we continue to seek out.”
As of July 11, 2017, the property was 96 percent occupied and 99 percent pre-leased.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including apartments, single-tenant properties, medical office buildings and retail properties.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
Alyssa Campbell, Inland Marketing & Communications, Inc.
Learn more about Inland Real Estate Investment Corporation on our Sponsor Focus page.
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.