AURORA, COLO. — A partnership consisting of Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, has acquired Hearthstone at City Center in Aurora. The 360-unit asset traded hands for $74 million. The seller was not disclosed. Aurora is an eastern suburb of Denver.
Hearthstone at City Center is located at 932 South Helena Way. The property features one-, two- and three-bedroom units across 41 buildings on an 18.2-acre site. Amenities include a pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry.
The buyers plan to implement a value-add renovation program that includes upgraded appliances, countertops and lighting; in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned improvements to the common areas include updating the fitness center, leasing center and pool, as well as redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.