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January 27, 2022
Aurora is part of the greater Denver area, and Aurora is where local shop Thayer Manca Residential recently paid $80.5 million for the 319-unit Highland Point apartments. TMR announced the deal this week. Joe Manca said the money came from a new $88 million value-add fund, and that the investment was his first in Colorado. “Our fund structure allows our investors to commit capital in advance, but does not require them to provide capital up front,” he explained. “This allows us to continue looking at properties through the same conservative lens as we have the last 40-plus years, without the pressure to deploy capital sitting in an account.” Renovations and a likely new name will follow. Said Manca, “Our renovation will maximize the substantial unrealized growth potential of this institutional sized asset.” The apartments, at 16893 E. Arkansas Ave., are a five-minute drive east to Florida Station, then a 45-minute trip east to downtown Denver via light rail.