A Georgia firm has cashed out of an Aurora complex just 2½ years after buying in.
Advenir Real Estate bought the 351-unit Del Arte Lofts & Flats complex in Aurora last month for $51.94 million. The property was a fix-and-flip for Atlanta-based Wood Partners, which bought Del Arte in May 2013 for $33 million, renovated it, and sold it to Advenir in a deal that closed Sept. 14.
Del Arte Lofts & Flats, now rebranded Advenir at Del Arte, sits at 121 S. Joliet Circle just east of the intersection of Alameda Avenue and Havana Street. The complex covers 11 acres and includes 17 buildings.
Del Arte was built between 1985 and 1986, city records show. Most of the apartments still had original finishes in 2013, according to a Wood Partners press release. The property is currently fully occupied.
Advenir picked up a pair of 300-plus-unit Colorado apartment complexes in September, adding both Del Arte and a 27-acre complex in Colorado Springs.