Transactions Report Week of 03.05.18
ARA Newmark Sells 322-Unit Multifamily Asset in Thornton
ARA, A Newmark Company (ARA Newmark) announced the sale of Ashford East 88, a 322-unit multifamily asset located in Thornton. Vice Chairmen Terrance Hunt and Shane Ozment represented The RADCO Companies, an Atlanta-based national real estate firm, in the sale to an affiliate of Illinois-based Inland Real Estate Acquisitions, LLC.
“A combined $11 million in capital expenditures/improvements were completed by the two previous owners of Ashford East 88. No other multifamily asset in Denver has undergone such a complete facelift as this property. The seller replaced the 1973-built property’s mansard roofs, balconies and siding; transforming it into a visually brand new asset,” said Ozment. “The new ownership will continue the proven value-add strategy that is in place.”
Since 2011, property updates include brand new plumbing, roofs, windows and sliding doors, updated breezeways, fresh landscaping, LED property lighting, hardie and brick siding, and a modern paint scheme. Ashford East 88 amenities include a newly renovated clubhouse with business center and fully-equipped fitness center, updated indoor/outdoor swimming pool, BBQ and picnic areas, large dog park with agility equipment, and updated laundry facilities in each building.
Ashford East 88 is situated just one and a half miles west of the future 88th Avenue Station on the 18.5-mile North Metro Rail Line (“N” line). The “N” Line, expected to open in 2019, will connect Denver’s Union Station to Commerce City, Thornton and Northglenn.
The property is six miles from the DigitalGlobe headquarters and the Park 12 Hundred redevelopment. Ashford East 88 is also surrounded by retail, including Walmart, Sam’s Club, Walgreens, Starbucks and several restaurants.
ARA Newmark Sells Waterford Place Apartment Homes in Thornton
ARA Newmark announced the sale of Waterford Place Apartment Homes, a 336-unit asset located in Thornton. Vice Chairmen Terrance Hunt and Shane Ozment represented an undisclosed seller in the sale to the buyer, Greystar Real Estate Partners.
Built in 1998, the property is located at 2801 East 120th Avenue, less than ten minutes from the soon-to-be completed, 2.4-million-square-foot Amazon Fulfillment Center, as well as a future IKEA store.
“This property was a 100% value-add deal; the unit interiors were in completely original condition. We experienced a very competitive bid process, receiving 20 offers. Among the five competing assets of the same vintage off of 120th Avenue, Waterford Place has the lowest unit density per acre and a unique park-like feel, which drew investors,” Ozment said. “The Thornton submarket, particularly north of 120th Avenue, is experiencing tremendous commercial development which has spurred strong job growth in the area.”
The property has 900-square-foot units that feature nine-foot ceilings, private patios, walk-in closets, crown molding, gas fireplaces, central air conditioning, and full-size washers and dryers. Property amenities include a large clubhouse with 20-foot ceilings, a 24-hour fitness center, a business center, a resort-style swimming pool with spacious pool deck, a movie theater, a tennis court and a dog park.
Waterford Place Apartment Homes is four minutes from the future 124th Avenue/Eastlake Light Rail Station on the planned North Metro Rail Line (“N” line).
Abrigo Apartments Sell for $7.3M
Greystone Unique Apartment Group announced the sale of Abrigo Apartments, a 66-unit apartment complex located at 12170 East 30th Avenue in Aurora, for $7.3 million. Phil Dankner and Kevin Higgins of the Greystone Unique Apartment Group represented both the buyer and seller.
Constructed in 1969, Abrigo Apartments consists of one building with 38,574 rentable square footage. This low maintenance, walk-up style apartment asset was marketed by Greystone Unique Apartment Group for less than two weeks and received multiple offers from qualified investors. Abrigo Apartments was acquired at list price and was 95% occupied at the time of sale.
Abrigo Apartment units have fireplaces, electric kitchens, dishwashers, ceiling fans, tile flooring in kitchens and contemporary bathrooms. Community amenities include a leasing office, patio/community area, on-site laundry, mature landscaping, vending machines, and inoperable swimming pool. New ownership intends to capitalize on the value add opportunity.
Marcus & Millichap Arranges Sale of 210 Room Hospitality Property for $11.5M
Marcus & Millichap announced the sale of Best Western Plus Plaza Hotel Longmont, located at 1900 Ken Pratt Boulevard, for $11.5 million. Gordon Allred, Brandon Kramer and Bob Kaplan, investment specialists in Marcus & Millichap’s Ontario and Denver offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Karianne J. Cibello, Gordon Allred, Brandon Kramer and Bob Kaplan, investment specialists in Marcus & Millichap’s Baltimore, Denver and Ontario offices.
The hotel has served the Longmont community since 1982. The buyer will retain the current operations and staff and plans to renovate the hotel and the conference space.
- Etkin Johnson Real Estate Partners obtained a $75 million refinance loan for the Colorado Technology Center (CTC) II Portfolio in Denver. The portfolio contains five properties inside the Colorado Technology Center, including 1900 Cherry Street, 1960 Cherry Street, 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd, totaling 535,787 square feet. A 109,386-square-foot, built-to-suit building at 2035 Taylor Ave. will be added to the loan once construction is completed this fall. HFF arranged the 10-year, sub-4 percent fixed-rate loan with MetLife.
- ARA Newmark announced the sale of Trivium, located at 2125 Buchtel Boulevard in Denver, for $18.4 million. ARA Newmark Brokers Justin Hunt, Andy Hellman, Terrance Hunt and Shane Ozment represented the seller.
- ARA Newmark announced the sale of Parkway Apartments, located at 6061 South Sterne Parkway in Littleton, for $2 million ($133,33 per unit).
- NavPoint Real Estate Group announced the sale of a 6,634-square-foot retail building at 1113 W. Drake Road in Fort Collins. The purchaser was The Gagliardi Revocable Trust. Matt Call and John Witt of NavPoint Real Estate Group represented the seller, Mk19 Investments LLC.
- NavPoint Real Estate Group announced the sale of a 34,608-square-foot industrial building at 3801 Race Street in Denver. Matt Kulbe and John Witt of NavPoint Real Estate Group represented the seller. Steve Serenyi & Tyler Ryon of Colliers International represented the buyer. The property is located near Rino with excellent access to York/I-70.