E
quity Residential has acquired a 227-unit luxury apartment complex in Highlands Ranch, Colorado, for $91.25 million. The Chicago-based real estate investment trust purchased the Aventine Littleton apartments from Century Living, a multifamily unit of Century Communities, which developed the complex this year. The deal works out to approximately $403,000 per unit.
The five-building complex features one-, two- and three-bedroom apartments ranging from 755 to 1,345 square feet, with rents between $1,986 and $4,191 a month. Amenities include a lap pool, fitness center, hot tub, sunroom, outdoor kitchen, clubhouse, conference room, workspaces, pet spa, storage units, and detached garages.
Located near McLellen Reservoir, Aventine Littleton offers easy access to 690,000 jobs in Denver's top employment hubs, as well as shopping centers, golf courses, trails, and parks. Equity Residential, a member of the S&P 500 founded by Sam Zell in 1969, has expanded its portfolio in recent months with multifamily properties around Denver, including Novel White Fence Farm in Lakewood and Arbour Square Apartments in Westminster.
