Transactions Report Week of 04.23.18
HFF Announces $33.8M Denver Apartment Community Financing
Holliday Fenoglio Fowler, L.P. (HFF) announced the $38.5 million sale of Ranch at Bear Creek, a 201-unit apartment community in Lakewood. The HFF team marketed the asset exclusively on behalf of the seller, Aukum Group, and procured the buyer, Castle Lanterra Properties. The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
Located at 3324 South Field Street, the property features a unique blend of both standard flat-style units along with two- and three-bedroom, two-story townhomes. Originally constructed in 1973, Ranch at Bear Creek has recently undergone improvements including an updated pool area, new outdoor lounge with fire pit, newly built fitness center, full renovation of the existing clubhouse and upgrades to 63 percent of the residential units.
“Half of the Ranch at Bear Creek’s unit count consists of large townhome units, which distinguishes it from other communities in the area. This unique feature combined with very limited current and future apartment development in the submarket generated a great deal of interest from a large investor pool,” Robbins noted.
In addition to community amenities, residents also have access to an abundance of recreational amenities in the surrounding area such as Bear Creek Trail, Bear Creek Lake Regional Park, Chatfield State Park, and Red Rocks Park and Amphitheatre, as well as access to four top-rated golf courses within a two-mile radius.
Pinnacle Arranges Sale of Single Tenant Auto Parts Property
Pinnacle Real Estate Advisors announced the sale of a single tenant net leased Advance Auto Parts property, located at 1410 Main Street in Longmont, for $2,074,000. Rob Edwards and Zach Wright of The Edwards | Ethington Team represented the seller in the transaction, a Colorado-based family. The purchaser was a private California-based investor in a 1031 exchange.
“The competitive landscape for single-tenant properties in Colorado allowed the seller to choose from numerous comparable offers ultimately selecting a full-price offer with a 17-day transaction timeline,” said Principal Edwards.
The Edwards | Ethington Team successfully assisted the seller in securing an early five-year lease extension. The corporately guaranteed lease has over eight years remaining and features minimal landlord responsibilities.
“As evidenced by the high level of activity and numerous offers, there is a significant amount of capital chasing single tenant assets located in Colorado. The market has created an environment which remains very favorable to sellers looking to take advantage of near historic cap rates” added Associate Advisor Wright.
HFF Arranges $33.8M Loan for Apartment Community
HFF arranged $33.8 million in financing for Palisade Park, a garden-style apartment community at 16815 Huron St. in Broomfield. Josh Simon and Kristian Lichtenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital.
The seven-year, floating-rate loan was secured through Freddie Mac’s CME Program. Loan proceeds were used to refinance expiring construction financing.
Completed in 2017, the 216-unit Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards; WiFi lounge; media center and business room; dog wash and dog park; playground; and detached garages.
- ARA Newmark announced the sale of University Flats in Greeley for $21,199,000 ($277,946 per unit). This sale marks the highest per-unit sale price in Greeley’s history.
ARA Newmark also announced a 29,496-square-foot office sale at 4865 Sterling Drive in Boulder for $5 million. ARA Newmark agents John Gustafson, Daniel Grooters and Riki Hashimoto represented the seller, 4865 Sterling, LLC.