|Number of units||216|
JLL is pleased to present Parkside @ City Center (“Parkside”), a recently completed, Class A, mixed-use community located in Aurora, Colorado. Comprised of 216 luxury apartment homes and approximately 36,000 sq ft of retail space, Parkside offers residents a true lifestyle experience – dining, shopping and entertainment amenities all at their doorstep. As part of creating a unique living experience for its residents, the current owner/developer worked closely with the City of Aurora and its Urban Renewal Authority to create a community that would be an asset to the area. As such, Parkside integrates public art displays and murals throughout the site which were designed to be both entertaining and functional. The result is that Parkside offers a product that is both forward-thinking and unique to this submarket.
Located less than one mile east of Interstate 225 on the northeast corner of Sable Boulevard and Alameda Avenue, Parkside benefits from its highly visible location. Over 43,000 cars drive past Parkside daily via Alameda Avenue. Further, Parkside is a true TOD site, with a newly constructed pedestrian underpass connecting residents to the Aurora Metro Center light rail station along the “R” line. Via either I-225 or the R line, residents are within a 10-minute commute to the 578-acre, 18.5 million sq ft Fitzsimons Life Science Medical District which employs some 25,000 people today, will employ roughly 55,000 people at build-out, and is quickly becoming one of Colorado’s largest employers. Parkside is also proximate to other top employers such as Buckley Space Force Base, Denver International Airport and the Denver Tech Center.
The Parkside Collective Apartment’s 216-units are arranged in a 5-story building, and are comprised of one, two and three bedroom floor plans with all the luxury features found in Class A units today. Common area amenities include a fitness center, large clubhouse opening to a courtyard equipped with grills, fire pits, a pool and hot tub, as well as featuring a fifth-floor lounge and terrace with mountain views. The +/- 36,000 sq ft of retail space provides an extended amenity to residents with its eclectic mix of restaurants and retailers, including the Parkside Eatery, an exciting, micro food hall concept that features a central bar and common area designed to promote a creative and communal space for residents and the community alike. Further, the property is adjacent to a 19-acre city park, providing another unique amenity to residents.
Another important locational attribute is the strong performance of the Aurora multifamily submarket over the past several years. Today, vacancy stands at 4.6%, while year-over-year rent growth has averaged approximately 18.8% for Aurora submarket. Lastly, the submarket remains supply constrained as there are only two other projects under construction and only three new projects delivered since 2011 in the immediate area. This combination of Parkside’s unique community attributes, proximity to growing employers and the submarket’s strong apartment fundamentals should ensure strong rental growth for the foreseeable future.
- Brand-New, Best-in-Class Multifamily Construction
- Burgeoning Mixed-Use Development With TID Access
- Dynamic Retail Scene
- Excellent Multifamily Submarket Fundamentals
- Limited New Supply & Growing Demographics Create Pent Up Renter Demand