By Kate Tracy| Denver Business Journal | Nov. 29, 2022
An apartment community in Aurora has traded hands for $69.5 million.
Evergreen Devco, Inc., an Arizona-based real estate firm focused on retail, multifamily and industrial properties, sold the Arboreta Apartments to Denver-based Summit Communities on May 11, according to property records.
The 268-unit community is located at 2038 Vaughn Way in Aurora, bordered by the Golf Club at Heather Ridge, and is also located within the Cherry Creek School District close to the Denver Tech Center. The apartments are one-bedroom and two-bedroom units.
Evergreen bought the property for $46 million in May of 2020, according to property records.
“We initially wanted to buy this almost three years ago when it was on the market,” said Jeff Young, founder of Summit Communities. “The previous owner beat us to it, so when it came back on the market, we were excited.”