Active Adult Apartment Community in Golden Sells for $18.75M
Clear Creek Commons, a 45-unit active adult apartment community located at 1027 Washington Avenue in downtown Golden, has sold for $18.75M. According to CBRE’s latest U.S. Seniors Housing & Care Investor Survey, 22 percent of investors identified active adult communities as the biggest opportunity in seniors housing (up from 19 percent last year).
CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, The Wolff Companies of Scottsdale, Arizona. Colorado Springs-based Griffis Blessing purchased the property in a sale that closed Nov. 13.
“Clear Creek Commons was attractive to investors because it offers quality construction with strong historical occupancy and a path to add value over the long term. There are also no other dedicated active adult, market rate communities within the Historic Downtown Golden district, so immediate competition does not exist,” said Jake Young, first vice president, CBRE Capital Markets.
Built in 2003, Clear Creek Commons is a four-story, resort-style apartment development. Its 45 units total 36,945 rentable sq. ft. equating to an average apartment size of 821 sq. ft. Community amenities include an on-site restaurant (Sassafras American Eatery), elevated patio with fire pit, BBQ and seating area as well as a remodeled clubhouse with chef-style kitchen and business center. The property also offers bi-weekly housekeeping and scheduled shuttle transportation.
The property is located at the corner of Washington Avenue and 11th Street with direct waterfront access to Clear Creek. The location is also walkable to Historic Downtown Golden’s shopping, dining and entertainment options.
According to CBRE’s Summer 2019 U.S. Seniors Housing & Care Investory Survey, national investor interest in seniors housing remains strong, with 62 percent of survey respondents expecting to increase the size of their portfolios over the next year. Investor interest in active adult communities specifically increased 3 percent year-over-year, with 22 percent of investors now identifying active adult communities as the biggest opportunity within seniors housing.