Oberndorf Real Estate Management, in collaboration with The Bascom Group, has acquired the Hearthstone at City Center in Aurora, Colorado for $74 million, marking a significant investment in the Denver metropolitan area’s thriving real estate market.
In a strategic move bolstering their presence in the Denver metropolitan area, Oberndorf Real Estate Management, LP. (previously known as The Axton Group) in collaboration with The Bascom Group, LLC has completed the acquisition of the Hearthstone at City Center, a multifamily community situated in Aurora, Colorado. This acquisition, amounting to $74 million, marks a significant addition to the portfolio of these firms, reflecting confidence in the region’s real estate market.
Located at 932 South Helena Way, Hearthstone at City Center is distinguished by its low-density garden-style apartments, which spread across 18 acres. The community comprises 360 units housed within one- and two-story buildings, embodying a sprawling suburban ethos within the Aurora submarket of Denver. This strategic location offers both tranquility and access, embodying a sought-after living proposition for residents seeking proximity to Denver’s vibrant urban life while enjoying the peace of suburbia.
The Denver-Aurora metropolitan area has witnessed solid growth in recent years, spurred by a robust economy and an influx of residents attracted by its high quality of life, booming job market, and enchanting natural landscapes. Real estate investment in such a locale is often seen as a vote of confidence in its continued prosperity and appeal.
The acquisition of Hearthstone at City Center is emblematic of a broader trend where investors are turning towards multifamily properties in suburban areas. The demand for more spacious living arrangements, a consequence of evolving lifestyle preferences partly accelerated by the recent global events, has underpinned this shift. Such properties offer residents the luxury of space, both within their homes and in the surrounding community areas, which has become increasingly valued.
Oberndorf Real Estate Management, alongside The Bascom Group, represents entities with a storied history of successful investments in the real estate sector. Their decision to invest in Aurora underscores the attractiveness of the city’s real estate market, seen as ripe for growth and continuing to draw attention from both investors and residents alike.
The acquisition of Hearthstone at City Center not only signifies a substantial financial investment in Aurora but also reflects confidence in the resilience and potential of the Denver metropolitan area’s real estate market. For the residents of Hearthstone and the wider Aurora community, this acquisition suggests the promise of continued investment and enhancement in their living environments, potentially elevating quality of life and contributing to the vibrancy of the area.
As Oberndorf Real Estate Management and The Bascom Group chart their course with Hearthstone at City Center, the multifamily community stands as a testament to the enduring appeal of the Denver-Aurora area’s real estate and the strategic importance of investments that align with shifting residential preferences.