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58-Unit Senior Housing Property in Lakewood Sells for $8.3M

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The Homestead at Lakewood, a 58-Unit seniors housing property located in Lakewood, has sold for $8.3 million.

Located at 2121 Wadsworth Blvd, the Homestead at Lakewood was constructed in 1999 under the Low Income Housing Tax Credit (LIHTC) program.  The property consists of studios, one-bedroom units, and two-bedroom units and offers both Assisted Living and Independent Living options. Amenities include housekeeping services, daily activities, a small library, outdoor space, beauty salon, and restaurant style dining.

Greg Parker and Greg Price, investment specialists at Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. The property was financed by Phillip Gause of Marcus & Millichap Capital Corporation, also located in Denver.

“The property’s strong performance over the past year, during COVID-19 concerns, remained consistent, creating strong buyer interest throughout the marketing process through closing,” said Price.

“While the overall post-COVID financing environment for seniors housing remains challenging, experienced sponsorship and solid property level performance helped secure attractive financing terms for the Buyer on this transaction,” said Gause.

 

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