Transactions Report Week of 02.05.18
Marcus and Millichap Arranges the Sale of a 126-Unit Apartment Property in Aurora
Marcus & Millichap announced the sale of Fitzsimons Junction, a 126-unit apartment property located in Aurora, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $13.25 million. Greg Price and Jason Hornik, multifamily investment specialists in Marcus & Millichap’s Denver office, sold the property to a local, private investor.
Built in 1974, Fitzsimons Junction is situated on 6.82 acres located at 14155 Montview Boulevard, Aurora, across I -225 from the Fitzsimons Biosciences District. The property is less than a mile from the Colfax Light Rail Station and 20 minutes from Denver International Airport. This property is a Section 42 60% AMI Low Income Housing Tax Credit property in the extended use period.
Fitzsimons Junction is made up of one, two and three-bedroom units. All units have large floorplans with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool.
Pinnacle Real Estate Advisors, LLC announced the sale of 820 New Memphis Court located in Castle Rock. The 7,560 square foot building sold for $4.175 million ($552 per square foot). The property is leased to Tokyo Joe’s and Health Images. Principals Rob Edwards and Tom Ethington represented the seller and buyer in the transaction.
- Pinnacle Real Estate Advisors, LLC announced the sale of 1975 Oak Street, located in Lakewood. This multifamily property has 42-units and was built in 1971. The building is located in the Applewood neighborhood, just around the corner from Crown Hill Park, and sold for $7.005 million ($166,785 per unit; $205 per square foot). Joe Hornstein and Scott Fetter represented the buyer in the transaction.
Marcus & Millichap announced the sale of Chase Bank Shops at the Promenade, a 8,130-square foot retail property located in Castle Rock, according to Ryan Sarbinoff, Regional Manager of the firm’s Phoenix office. The asset sold for $5.165 million. Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Colorado Regional Manager Bob Kaplan was the broker of record and assisted in closing this transaction.