Overview
Marcus & Millichap is pleased to present the Elm Grove Apartments, located at 11852 E 16th Avenue in Aurora. The Elm Grove Apartments is a 59-unit multifamily asset just east of Denver, located in the highly desirable area immediately surrounding the Fitzsimons medical center, situated between the Fitzsimons campus and Stanley Marketplace. The property consists of three studio units and 56 one-bedroom units, which average 475 and 600 square feet, respectively. All units at the Elm Grove Apartments have been renovated, with renovated units featuring modern shaker cabinets, quartz countertops, updated hard surface vinyl flooring, tile showers and new vanities, and all new black appliance packages featuring microwaves, dishwashers, refrigerators, and oven/ranges. Additionally, two thirds of units at the Elm Grove Apartments feature balconies, and all one-bedroom units feature walk-in closets.
Numerous capital improvements have been completed at the Elm Grove Apartments in the last 20 months under current ownership, as well. Current ownership has spent approximately $250,000 since acquiring the property to add all new electric panels to all units, upgrade stairways, interior corridors, and unit doors, add an outdoor seating area with covered pergolas, and add new signage to the property. The Elm Grove Apartments represents an excellent opportunity to acquire a property that has been meticulously renovated and maintained that is ideally situated between the Fitzsimons Medical Campus and Stanley Marketplace.
Investment Highlights
Significant Barriers to Home Ownership Driving Rental Demand
Driven by its significant population and job growth, paired with a high quality of life that attracts transplants from across the country, Colorado has been named one of the country's top performing housing markets. The average sale price of homes in Aurora went up by over 29 percent between 2020 and 2023 and has gone up by 53 percent since 2017. Furthermore, Single-Family, Townhouse, and Condo sales within one mile of Elm Grove in the last 365 days averaged $420,538, creating high barriers to home ownership in the area, where renting at Elm Grove is 59 percent less expensive than buying a home in the area. Elm Grove is surrounded by excellent area demographics that support future rent growth and is well located off Colfax Avenue and proximate to Fitzsimons Life Science District and UCHealth Anschutz Medical Center. As Colorado continues to attract residents seeking high-quality employment opportunities and a live-work-play lifestyle, home ownership will become increasingly unattainable.
Unparalleled Location Accessible to Public Transit
The Elm Grove Apartments offers residents excellent proximity to public transportation, with the Colfax Station Light Rail Station being only 1.6 miles away from the property, which is six minutes by car. Colfax Station serviced the R Line of the RTD Light Rail System, in addition to the Flatiron Flyer Bus Route, which goes all the way to Boulder and services all exits along the U.S. Highway-36 corridor. The R Line goes from Peoria Station all the way to Lincoln Station in Lone Tree, offering residents access to employment opportunities in the Denver Tech Center and along southbound I-25. The R Line also offers connectivity to Downtown Denver and Denver International Airport via connectivity to the A Line at Peoria station. This property’s proximity to public transportation will continue to be a catalyst for demand and rent growth, especially as the surrounding area rapidly develops.
Excellent Proximity to Denver International Airport (DIA) & Other Employment Hubs
Proximity to Fitzsimons (0.7 miles/4 minutes)
The Elm Grove Apartments is ideally located just four minutes (0.7 miles) from the world-renowned University of Colorado Anschutz Medical Center and Fitzsimons Life Science District. Once Development of the Fitzsimons Campus is complete, it is expected to employ over 46,000 people.
Proximity to Denver International Airport (12.3 miles / 18 minutes)
The Elm Grove Apartments is only 18 minutes (12.3 miles) from DIA, one of the world’s busiest airports, serving as a major hub for United, Frontier, and Southwest Airlines. DIA saw over 77 million passengers in 2023, which is a 12.3% increase from 2022. DIA employs more than 35,000 people and generates more than $36.4 billion for the region annually.
Proximity to Denver Tech Center (12.6 miles/18 minutes)
The Elm Grove Apartments is situated just 18 minutes (12.6 miles) from the Denver Tech Center, which features the largest concentration of office space along Colorado’s front range with more than 48 million square feet of space. Numerous private employers and six Fortune 500 companies have offices in the DTC.
Proximity to Downtown Denver (7.9 miles / 25 minutes)
The Elm Grove Apartments is about 25 minutes (7.9 miles) from Downtown Denver. Denver boasts a well-diversified economy, with key industries being professional and business services, government sector jobs, and financial activities. Fortune 500 companies including, but not limited to, Bp, Wells Fargo, TransAmerica, CenturyLink, and DaVita all have a major presence in Denver.
Aurora's Rapid Development
Elm Grove 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; and to the north of Lowry, one of Aurora’s most popular neighborhoods offering numerous green spaces, casual eateries, and recreational opportunities.
This location is rapidly developing, with several new apartment properties/several properties under construction.
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