Overview
Eleven8 Apartments represents a unique opportunity to acquire a brand-new multifamily community adjacent to the southwest corner of Fitzsimons medical campus in Aurora. Eleven8 offers investors and future tenants a rare-value proposition in the area, as it will fill a void in the market left by the absence of Class B product in the area. Featuring premier, Class A finishes including quartz countertops, stainless steel appliances, modern shaker cabinets, new hard surface vinyl flooring, tile tub-surrounds, modern fixtures, and much more, interior finishes at the Eleven8 Apartments exemplify that of new construction. Eleven8 Apartments will feature A- finishes inside and out, new fire suppression systems, new landscaping, and much more, making it one of the few Class B properties in the area.
Investment Highlights
Class A Renovation Quality in a Class B Offering
Fully redeveloped in 2023 with brand-new systems and finishes: new roof, windows, parking lot, electrical, plumbing (PEX), HVAC (PTAC), fire suppression, drywall, and interior framing. Interior features include quartz countertops, stainless steel appliances, and vinyl plank flooring, delivering high-end finishes in a value-oriented product.
Significant Rent Discount to Market
Average pro forma rent of $1,247/month, which is: 26% below the Aurora market average. 25% lower than Class A comparables in the Fitzsimons area. Offers a compelling value proposition to tenants seeking affordability
with modern finishes.
Strategic Location Adjacent to Major Employment Hub
Directly adjacent to the Fitzsimons Medical Campus and CU Anschutz Medical Center, which combined are projected to support over 46,000 jobs. Located in the heart of Aurora’s growth corridor, near the Colfax light rail and 20 minutes from DIA.
Positioned for Long-Term Rent Growth
Eleven8 offers affordable, high-quality units in an area where rising housing costs have made both homeownership and Class A rents increasingly out of reach. Surrounded by a growing employment base, rising wages, and a diverse renter pool, the property is well-positioned to capture rent premiums over time. With an average rent of $1,247, there's room for future increases before hitting affordability thresholds — current rents are $583/month below what’s considered affordable for the area’s median income.
Strong Affordability Relative to Homeownership
Average homeownership cost in the area is $3,029/month, compared to Eleven8’s $1,247/month rent — a 60% monthly savings. The surrounding neighborhood’s average income of $73,000 supports further rent growth while maintaining a healthy rent-to-income ratio of 20%.
Over $10M in Recent Renovations:
• Class-A Interior Finishes • New Fire Suppression Systems • New Landscaping • New Parking Lot • New Roof • New Windows • New Landings & Railings • New Interior Framing • New Electrical Wiring • New Drywall in 100% of the Interior Units • New PTAC HVAC System • 100% New PEX Plumbing and Water Line
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