Overview
Eleven8 Apartments represents a unique opportunity to acquire a brand-new, recently completed hospitality to multifamily conversion adjacent to the southwest corner of Fitzsimons medical campus in Aurora. Eleven8 is effectively new construction multifamily and 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 hard surface 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.
Investment Highlights
Prime Location
Eleven8 is located to the west of the Fitzsimons Innovation Community and the Anschutz Medical Campus, one of the largest medical and bioscience developments in the country.
Pre-Certificate of Occupancy Opportunity Zone
Potential Eligibility for Tax Benefits including Temporary deferral of taxes on previously earned capital gains and permanent exclusion of taxable income on new gains. (Contact your CPA for confirmation)
Filling a Void in the Marketplace
The average proforma rent at Eleven8 Apartments is $1,231 which is $496 lower than the average rent of Class A properties in a comparable location. The average proforma rent of Eleven8 Apartments represents a 28% percent discount to Class A properties in the area.
Access to Public Transportation
The Colfax Light Rail Station, just 1.5 miles away, provides connectivity to Boulder via the Flatiron Flyer Bus, Lone Tree via the R Line, and Downtown Denver through the A Line at Peoria Station.
Excellent Visibility
The property enjoys high visibility, with more than 33,000 vehicles passing by daily on Colfax Avenue, one of the longest continuous commercial streets in the U.S.
Over $10M in Recent Renovations:
• Class-A Interior Finishes • New Fire Suppression Systems • New Landscaping • New Parking Lot • 37 New Carports • 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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