Illinois firm pays near per-unit record price for apartments in Aurora

AURORA – The Conifer Creek Apartments, a 480-unit apartment complex in Aurora, changed hands for $95 million last month, making it one of a handful of deals in the county to cross the $90 million threshold over the past five years, according to property records. Its per-unit sales price was $197,917.

Business Den reports that the $95 million price tag in 2017 is second only to Alexan CityCenter, a 438-unit complex in Englewood that cracked $220,000 per door when it traded in April for $97 million.

The seller is California-based residential developer ColRich, which came just shy of doubling its money since it picked up the apartment complex and its 20 acres in 2013 for $54.5 million.

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Steve Butler, director of acquisitions and dispositions, said that over the past four years the firm spruced up the property at 2205 S. Racine Way with a new clubhouse and leasing office. It also made improvements to the gym and apartment units.