Transactions

Transactions Report Week of 04.30.18

Marcus & Millichap Represents Purchasers of Northern Colorado Apartments for $15M

Marcus & Millichap announced the Le Deauville apartments, a 100-unit apartment community in Longmont, sold for $15 million ($150,000 per unit). Nick Steele and Jacob Steele, in the firm’s Denver office, represented the buyer in the transaction, a LLC comprised of local investors, who plan to renovate the property. Longmont United Health, located adjacent to the apartment community, was the seller.

“Le Deauville is a great property. It has a park-like setting with lots of green space and mature trees. The property’s location on Hover Street gives it great drive-by,” says Nick Steele. “Northern Colorado is one of the fastest growing areas of the country. Longmont’s multifamily market has been solid with rental rates comparable to most Denver metro markets.”

Built in 1972, Le Deauville is situated on 5.8 acres located at 2201 14th Avenue in Longmont. Amenities at the property include a pool, clubhouse, playground and grass courtyards that separate the community’s buildings.

Marcus & Millichap Arranges Sale of 46-Unit Apartment Building

Marcus & Millichap announced The Fitz Apartments, a 46-unit apartment property located in Aurora, sold for $6.37 million. Greg Price, Senior Director of the National Multi Housing Group in Marcus & Millichap’s Denver office, represented the seller, a partnership.

Located at 1747 Peoria Street in Aurora, the two-building property consists of 46 units with 32 two-bedroom/one-bathroom units at 900 square feet and 14 one-bedroom/one-bathroom units at 700 square feet. Originally built in 1961, one building has undergone recent upgrades and the other building was entirely rebuilt in 2014.

Pinnacle Announces Sale of Le Cirque Apartments in Denver

Pinnacle Real Estate Advisors, LLC announced the sale of Le Cirque Apartments located at 1010 East 13th Avenue in Denver. The 22,892-square-foot multifamily building sold for $8.2 million ($358 per square foot). Principal Kevin Calame represented the buyer, JM Logan, LLC, and seller, Saratoga Le Cirque, LLC.

“This was an off-market transaction where the owner saw a great opportunity to sell as the value has increased greatly since their ownership,” stated Calame.

Lancaster Pollard Arranges $88M Construction Financing for Seniors Housing Community

Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in Lakewood. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard.

A national bank is providing the capital, with several other banks syndicating portions of the loan.

Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah.

Transactions Report:

    • ARA Newmark announced the sale of 100-unit property Laredo House, located at 16300 East 17th Place in Aurora.
    • Newmark Knight Frank announced a 2,942-square-foot office space, located at 201 E. Las Animas Street in Colorado Springs, sold for $520,000. Newmark Frank Knight agent Simon Penner represented the buyer, Lowell Capital LLC.
    • Denver Commerical announced the sale of Palmer Park Plaza, a 6,000-square-foot strip center with tenants Subway, Preferred Dental, State Farm and Checkmate, located at 5746-5754 Palmer Park Boulevard in Colorado Springs. The team of Troy Meyer and Kevin Matthews of SVN / Denver Commercial represented the seller, Palmer Park Plaza LLC. The buyer was KM2 Alliance LLC.
    • Appogee Kazmira, LLC purchased a 346,412-square-foot industrial building at 34501 E. Quincy
      Avenue in Watkins for $12 million. The seller, East Quincy Holding, LLC, was represented by George Moseley of Sheldon-Gold Realty Inc. The buyer was unrepresented.
    • NavPoint Real Estate Group announced the sale of a 4,776-square-foot office/flex building, located at 7108 S. Alton Way Suite M in Centennial. Heather Taylor and Matt Kulbe of NavPoint Real Estate Group represented the seller, Sky Blue Real Estate Limited. Tim Shay of Colliers International represented the buyer, J.D. Steel Co Inc.
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