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Englewood apartment complex sells for $32 million

Fielder's Creek, a 217-unit apartment complex in Englewood, has sold to a California real estate investment trust for $32 million.
Fielder's Creek, a 217-unit apartment complex in Englewood, sold for $32 million. (CREDIT: ARA, A NEWMARK COMPANY)

Fielder's Creek, a 217-unit apartment complex in Englewood, has sold to a California real estate investment trust for $32 million.

Steadfast Apartment REIT, a subsidiary of Irvine, California-based Steadfast Cos., acquired the property from Aukum Management, a Larkspur, California-based apartment investment and management group.

Fielder's Creek is a Class B apartment property built in 1983 and located at 3205 W. Floyd Ave. It sold for $147,465 per unit.

"The owner of Fielder's Creek had already completed significant renovations to over half of the units and common areas, and the buyer will further the renovation project in order to realize the additional upside," said Terrance Hunt, vice chairman at ARA, A Newmark Company, which represented the seller.

"At the time of sale, 60 percent of the units had been partially upgraded with new cabinets, appliances, flooring, light fixtures, hardware and ceiling fans, which resulted in rent premiums of $50 to $125 per month," Hunt said.

Read more stories in the Denver Business Journal: http://bit.ly/1p4TOqL.

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