Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver
AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price.
Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court.
Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.