BrokerageMultifamily

Environs Residential Rental Community in Westminster Sells for $82M

DENVER – Environs residential rental community located at 3323 West 96th Circle in Westminster, has sold for $82 million.

Dan Woodward, David Potarf and Matthew Barnett with CBRE represented the seller, Seagate Associates, LLC, of San Rafael, California. The buyer, San Francisco’s Hamilton Zanze, purchased the property in a sale that closed Aug. 31, 2018, attracted to Environs’ distinct single-family-home environment.

Since 2007, Westminster homes have appreciated rapidly, with single-family homes up 65 percent and condos up 73 percent, according to Zillow.

“Environs is a truly unique property that fills a niche for a single-family-home experience with the price and flexibility advantages of renting. It’s particularly appealing to long-term residents and families hesitant to embark on homeownership as housing prices in metro Denver continue to escalate,” said Matt Barnett, Senior Vice President, CBRE.

As Mile High CRE announced last week, Mission Rock Residential, LLC has assumed management of the rental community.

Environs was originally built in 1984 as a master-planned, for-sale community. Today the property offers its 318 residential units for rent.

The inventory consists of 110 condos, 94 townhomes, 71 patio homes and 43 single-family homes located on 27.33 acres.

“Unlike renting a home from a private owner, residents at Environs benefit from professional management, maintenance-free living and smart capital improvement in common area amenities. Significant upgrades can be made to the unit finishes and under-used basement spaces to continue to offer a superior resident experience and add value to the investment,” said Mr.Barnett.

Environs is located in Adams County near the intersection of West 96th Avenue and Lowell Boulevard, two miles west of I-25 and 1.25 miles from US 36. The property was 95 percent occupied at the time of sale.

Photo courtesy of CBRE

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