JLL is pleased to present the exclusive listing of The Fletcher Southlands (“Fletcher”), a 320-unit apartment community located in one of Denver’s most affluent and supply-constrained submarkets of Aurora, CO.
Current ownership has completed $1.4 million in upgrades to common spaces and $2.1 million in unit renovations. In total, 59% of unit interiors have been renovated, with ownership achieving an average premium of $179. The proven value-add potential at the property offers a new investor the opportunity to realize significant revenue growth through the renovation of 132 remaining units, including 70 classic units and 62 units updated under prior ownership. In addition to the completion of the current renovation scope in the remaining units, the property offers an opportunity to further grow premiums in previously renovated units through enhancements such as hard-surface countertops.
The attractive value-add opportunity at Fletcher is supported by an excellent location that blends a desirable suburban lifestyle with exceptional access to employment opportunities and lifestyle amenities. Fletcher is located within the low-density suburban submarket of Saddle Rock and is served by Colorado’s top school district, Cherry Creek Public Schools, which consistently serves as a major draw for residents throughout the region. Fletcher also benefits from exceptional proximity to Denver’s largest employment center, the Southeast Business Corridor, a 7-mile corridor home to over 240,000 employees and five of Colorado’s nine Fortune 500 companies. In addition to exceptional employment proximity, residents at Fletcher enjoy easy access to two of the region’s most popular shopping destinations, Southlands and Park Meadows Mall, providing an abundance of world-class shopping and dining opportunities all within ten minutes of the property.
These strong demand drivers have traditionally produced robust rent growth and strong overall performance in the Saddle Rock submarket, with rents consistently outpacing those of many urban submarkets throughout Denver. Continued strong demand for high-quality housing in the area is expected to be confronted by a lack of new supply, a dynamic that will continue to provide ample opportunity for rental growth at Fletcher in years to come.
- Core Plus Opportunity with Value-Add Potential
- Affluent Demographics
- Owning vs. Renting: Barriers to Homeownership
- Excellent Employment Accessibility
- Employment Expansion and Migration Driving Suburban Growth
- Limited Supply Pipeline in Strong Suburban Submarket
- Abundant & Desirable Retail Amenities