NorthMarq completes $127 million sale of Conifer Creek Apartments in Aurora, Colorado

DENVER, COLORADO (October 28, 2021) – Dave Martin and Brian Mooney of NorthMarq’s Denver investment sales team listed and completed the sale of the Conifer Creek Apartments, a 480-unit multifamily property located at 2205 S. Racine Way in Aurora, Colorado. NorthMarq represented the seller, Inland Private Capital Corporation.   

Completed in 1986, the units at Conifer Creek are designed as a mix of townhomes and condominium-style units spread throughout 53 rental buildings with tuck-under garages in every building. 

Grand Peaks, who previously owned the property from 2011 to 2013, was the buyer.

“This is one of the more affordable submarkets in the Denver Metro area, and as residents are priced out of neighborhoods closer to downtown, the Aurora Southwest submarket is seeing considerable rent growth, which is particularly true for assets like Conifer Creek located in the Cherry Creek School District,” said Mooney, adding “given their knowledge from owning the asset several years ago, Grand Peaks is uniquely positioned to take full advantage of the opportunity here and we’re excited to see them implement their vision for the asset.”

“Through the years, various ownership groups have completed an assortment of improvements at the property. The current demand for low-density apartment communities, like Conifer Creek, provides the opportunity to comprehensively address a redevelopment strategy that should drive above market return on costs.  We couldn’t be more enthusiastic to bring this larger asset back to the Grand Peaks’ portfolio” said Grand Peak’s Matt Lyons.

Conifer Creek’s unique floorplans ranging from 668 to 1,192 square feet appeal to an array of renters. The units boast features not normally seen in 1980’s construction, including full size washers/dryers in each unit, walk-in closets, individual hot-water heaters, fireplaces, expansive balconies and patios with outside storage, and tuck-under garages.