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MULTIFAMILY NEWS
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Montgomery Partners Wraps Up $30 Mil Year-End Apartment Buy in Colorado

12/27/21

Montgomery Partners has purchased The Harrison, a 119-unit multifamily community in Aurora, CO for $29.5 mil ($248k/unit). The property was sold by Pathfinder Partners.

Located at 12000 E Kansas Drive, The Harrison sits near metro Denver’s Lowry redevelopment. The property is less than 10 minutes from Aurora’s Town Center shopping center and is within the Cherry Creek School District.

The community features seven rental buildings and a clubhouse on nearly nine acres. The unit mix consists of one- and two-bedroom floor plans with an average size of 881 sf.

The Harrison was originally built in 1972 and underwent a $3.3 mil capital improvement campaign prior to its sale. Upgrades included select deck and siding repairs, corrected drainage throughout the property, repaired and restriped asphalt and upgraded landscaping. A portion of the unit interiors were renovated with new flooring, cabinetry, appliances and fixtures. During the renovations new features were added, including a dog park and game area, a perimeter fence, a secure entry gate system and a package locker system.

Justin Hunt, Andy Hellman, Katie Fergen and Jessica Graham with CBRE Capital Markets in Denver represented Pathfinder Partners in the transaction.

“The Harrison is a proven value-add opportunity with over 60% of the units available for renovation, said CBRE’s Hellman. “The property is centrally located with convenient access to Denver’s major employment centers, including downtown, the Denver Tech Center, Cherry Creek, Lowry and the Fitzsimons Innovation Community.”





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