Northglenn Apartment Homes Sell for $83M
Stone Mountain Apartment Homes, a 320-unit, 15-building multifamily property located at 11625 Community Center Drive in Northglenn, has sold for $83 million, according to CBRE. The property is located directly adjacent the City of Northglenn’s Civic Center redevelopment site, in which the city is investing $53 million.
Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, Valhalla Holdings, LLC from Boulder. Priderock Capital Partners from West Palm Beach, Fla., purchased the property in a sale that closed May 6.
“The sale of Stone Mountain was truly a collaborative effort between buyer and seller. Both parties worked extremely well together to find solutions that worked for everyone involved,” said David Potarf, executive vice president, CBRE. “Stone Mountain is a rare value-add opportunity, with virtually untouched units that are still in great shape. Renovation scope can range from light, moderate to full redo, depending on market conditions going forward.”
Stone Mountain is a 282,948-rentable-square-foot property with a mix of one- and two-bedroom units. Built in 2001, the property includes a clubhouse, year-round heated pool and spa with a poolside kitchen, a 24/7 fitness center, pet wash stations, a bicycle repair station, community garden with free individual plots, electric vehicle charging stations, lit private garages with workshop space available, and a nine-hole putting green.
In addition, residents of Stone Mountain have access to nearly four million square feet of retailers within a 15-minute drive, as well as multiple grocery options and daily-needs retailers located just to the north at the intersection of 120th Avenue and Washington Street.
Photo courtesy of CBRE