Aurora apartment complex sold
Holliday Fenoglio Fowler announced the sale of and acquisition financing for Stone Crossing Apartments, a 258-unit apartment community in Aurora.
The HFF team marketed the property exclusively on behalf of the seller, a partnership between Graycliff Capital Partners, Buligo Capital Partners and The Ferndale Realty Group. HFF procured the buyer, Cunat Inc.
Additionally, HFF worked on behalf of the new owner to secure a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, which currently manages over $12 billion of assets under management.
Stone Crossing Apartments, at 1240 Nantucket Road, consists of three two-story townhome buildings comprising three-bedroom units averaging more than 1,200 square feet each and two three-story apartment buildings comprising a mix of one- and two-bedroom apartment units averaging more than 760 square feet.
Cunat Inc. acquired Stone Crossing as a value-add opportunity with plans to completely upgrade, renovate and re-brand the community under the new name, Arbor West. Cunat Inc. will renovate unit interiors, demolish the current community buildings, and build a new leasing office, clubhouse and indoor pool. The parking lot and landscaping will also be rehabbed, which will reposition the property into a new class of apartments in Aurora. Home and property amenities currently include white kitchen cabinetry with brushed nickel hardware, tile backsplashes in the kitchen and an outdoor picnic area with grills. The community was 97 percent occupied at closing.
The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty.
HFF's debt placement team representing the borrower included senior directors Trent Niederberger and Jason Bond.