Aurora complex, which owners said was ‘overtaken’ by Venezuelan gang, will be for sale soon
The owners of a troubled apartment complex in Aurora have found a broker to list the property they said was overtaken by a Venezuelan gang.
Aurora officials last month boarded up the Aspen Grove and evicted roughly 300 people, citing health and safety issues.
Jason Hornik, first vice president of investments for Marcus & Millichap and Institutional Property Advisors, said that when the real estate services firm launches the campaign in the next couple of weeks, there will be no list price to “let the market speak.”
Located at 1568 Nome St. in Aurora, the 99-unit complex near the University of Colorado Anschutz Medical Campus, Hornik said he believes there will be a lot of interest in the property — despite the unwanted media attention.
“I think the location speaks for itself,” Hornik said.
The property was purchased in 2019 for $12,375,000.
CBZ Management, which is based in Brooklyn, operates Aspen Grove and two other apartment complexes — The Edge at Lowry and Whispering Pines — in Aurora as well as properties elsewhere in Colorado and New York.
City officials earlier accused the Aspen Grove owners of a laundry-list of issues that included rodent infestations, sewage backups and trash pileups, water leaks, shattered or missing windows and lack of heat and electricity.
Before the property was shuttered last month, the owners struck a deal with city officials to drop all charges against Zev Baumgarten, the owner, for failing to maintain the property in exchange for selling the complex, leasing it — or a “similar disposition” — and to assume up to $60,000 the cost to board up and secure the building.

Recently released communications between the City of Aurora and the counsel for CBZ Management reveal that the owners had wanted the local government to board up the building in order to take back “control of the property” from a Venezuelan gang.
“Our purpose is to sell this property, but it cannot be marketed based on the present circumstances,” CBZ Management’s attorney wrote to Peter Schulte, Aurora’s assistant city attorney, on Aug. 6.
Obtained under Colorado’s Open Records Act, these emails also show that city officials wanted CBZ Management to have sold the property by Feb. 11.
The owners said that Tren de Aragua, or TDA, which began as a prison gang in Aragua, Venezuela and established tentacles in the Denver metro region, precluded it from doing its job of maintaining the building. TDA has diverse portfolio of criminal activities that include kidnapping, extortion, money laundering, human trafficking — particularly immigrant women and girls — and drug trafficking.


Get OutThere
Signup today for free and be the first to get notified on new updates.




