Affordable Apartments in Thornton Fetch $61M
Timber Lodge apartments, a 390-unit, multifamily community in Thornton has changed hands. Comprised of 15 two and a half-story buildings, the apartments sold to Los Angeles-based investment firm, Gelt, Inc for $61 million, according to Adams County public records.
“With the market unable to add new units that can charge rental rates at an affordable price point, older properties like Timber Lodge fill the affordable void. This has created strong rental demand and high occupancy for an asset of this vintage. These strong fundamentals combined with very attractive available debt has led to tremendous buyer demand,” stated Hunt.
BMC paid $40.5 million for the property back in January 2017, according to public records.
Built in 1972, Timber Lodge boasts a mix of studios, one-bedroom, and two-bedroom units that are prime for renovation. Located in Thornton, recently named by Apartment List as the Safest City in the U.S. and the Best Place to Live in Adams County by Niche, Timber Lodge is also close to the future Thornton and 88th RTD Commuter Rail Line Station and minutes from major employment centers.
“Timber Lodge’s strategic location within the Thornton/Northglenn Apartment submarket further enhances its desirability,” added Ozment. “The northern markets have high barriers to entry, making it difficult to build new apartment complexes. Additionally, vacancy within the submarket has compressed 3.1 percent year-over-year. As a result of tight vacancies, effective rents grew 4 percent over the past year to $1.57 per square foot.”
Timber Lodge’s amenity package consists of two functional swimming pools, a fitness center, business center, playground, soccer field, dog park, carports and convenient on-site laundry facilities. The property also features a recently renovated clubhouse as well as easy access to Rotella Park, providing quick admittance to the Colorado Front Range Trail for an abundance of outdoor recreation options.