Transactions Report Week Ending 01.11.19
SouthGlenn Place Apartments Acquired for $14.7M
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $14.796 million Freddie Mac loan for the acquisition of SouthGlenn Place, a multifamily property located in Littleton.
The financing was originated by Ana Ramos of Greystone’s Los Angeles office, while both the seller and buyer were represented by Greystone Unique Apartment Group.
SouthGlenn Place is a 135-unit, 74,575-square-foot apartment complex with significant value-add upside potential. The Freddie Mac Value Add loan program was utilized to enable the new owner to perform property upgrades and increase the value of the property over time, with the new owner budgeting approximately $1.6 million for upgrades. The non-recourse loan includes a 3-year term with the entire term being interest-only.
“Working closely with the Unique Apartment Group, we helped guide the buyer through the acquisitions process and to understand the benefits of the Freddie Mac Value Add program,” said Ms. Ramos. “It’s been a pleasure collaborating with the investment sales team on an end-to-end process from acquisition to financing.”
Cushman & Wakefield Facilitates $12.8M Sale of Carefree Village Townhomes in Colorado Springs
Cushman & Wakefield announced the sale of Carefree Village Townhomes, a 64-unit complex located at 4801-4887 Pacer Lane in Colorado Springs. The property closed on December 28 and was purchased off-market for $12.875 million by a California-based buyer, Alta Community Management.
Tyler L. Stevens, Director, and Steve Scrivener, senior associate, of Cushman & Wakefield Denver’s Multifamily Investment Sales team represented the California-based seller, Compass Acquisition Partners.
“Market fundamentals and investor sentiment in Colorado Springs remain strong – low unemployment and an economy that continues to diversify has put upward pressure on wages, and in turn, has continued to drive rent growth market-wide. Though vacancy has increased recently with the military deployment of over 10,000 troops, the overall rental market is healthy and absorption of new multifamily product has been very strong,” said Stevens.
The complex is comprised of 64 3-bedroom, 2-bathroom townhomes with attached single car garages.
NavPoint Real Estate Group Sells 16.26 Acres of Multifamily Land in Thornton for $4.7M
NavPoint Real Estate Group has completed the sale of a multifamily land deal on the NWC of E 128th Ave and Washington Street in Thornton, totaling 16.26 acres. The land is approved for 283 apartment units and is located in close proximity to the future East Lake commuter rail stop, the Denver Premium Outlets, and Top Golf. The seller was E Capital Management. The buyer was Village Capital Corporation, an affiliate of Pedcor Companies based out of Carmel, Indiana. Matt Call and Jason Mayer of NavPoint Real Estate Group handled the transaction. This transaction successfully closed in December 2018.
NavPoint Real Estate Group is based in Castle Rock, Colorado. The firm handles commercial real estate sales, leasing and investment in all property types with market coverage through Colorado and is currently involved in the exclusive brokerage or management of over 2,000,000 square feet of commercial real estate.
Pinnacle Announces Sale of a 12-Unit Apartment Building in Arvada
Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 9990-10000 W. 59th Place located in Arvada. This multifamily property has 12 units and was built in 1959. The building is located on 59th Place, just west of Old Town Arvada. The property sold on December 21, 2018 for $1,990,000; $165,833/unit and $212/square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the seller in the transaction.
“This has been a great property for the owners. They took it over in good condition and the building required minimal capital improvements to maintain its performance” Fetter said “Rent growth in Arvada allowed for some nice appreciation and the Sellers are happy to move forward in search of a larger asset.”
Industrial Manufacturing Building on 4.5 Acres Sold
Unique Properties announced the sale of 10777 E.45th Ave. This 56,796-square-foot industrial manufacturing and distribution center was purchased for $6 million and sits on a rare 4.5 acre site in Montbello.
Multi-tenant Mixed-use Retail/Office Property in Lone Tree Sells
Legend Investment Group (LIG), a division of Legend Partners, announced the sale of a multi-tenant mixed-use retail/office property located at 9233 Park Meadows Dr, Lone Tree, 80124 for $6.1 million ($215 per square foot). LIG represented the buyer, a local real estate investment group.
The 28,325-square-foot multi-tenant retail center was 98 percent occupied with a diverse tenant roster including Panera Bread, Office Evolution, and RE/MAX. The property is positioned just south of Park Meadows Mall and in the center of the bustling Lone Tree Entertainment District.
“The buyers were attracted to this investment because of its favorable location in a fast-developing area of the Denver MSA, diverse tenant mix, and robust cashflow. This was further solidified by the ability to attain favorable financing” stated Peluso
- Cushman & Wakefield announced the sale of 4674 Snow Mesa #120, a 5,174-square-foot fully leased medical office investment in Fort Collins. The property closed on December 10 and sold for $1.625 million to Snow Mesa 4674-2, LLC. Brian Mannlein, Director, of Cushman & Wakefield Fort Collins represented the buyer, Snow Mesa 4674-2, LLC in the transaction. The seller was Med Peds Properties, LLC.
- NavPoint Real Estate Group is pleased to announce it has completed the sale of an office condo at 7631 Shaffer Pkwy Unit A in Littleton. The condo is located in the prestigious Ken Caryl Office Park near C-470 and Ken Caryl Avenue. The seller was Life Transition Partners, LLC. The buyer was Klein Properties. Jeff Brandon of NavPoint Real Estate Group handled the transaction. This transaction successfully closed in December 2018.
- Josh Newell, principal, and Barton Thompson, associate advisor, at Pinnacle Real Estate Advisors, LLC, recently announced the sale of 2818-2836 Wyandot Street in Denver, Colorado. The 23-unit apartment building and duplex sold on January 2, 2019 with a contract price of $3,7 million. “The properties have excellent zoning and are a great value-add opportunity.” – Barton Thompson. The apartment building was built in 1962 and the duplex was built in 1886. Newell and Thompson represented the local seller in the transaction.
- NAI Shames Makovsky announced the sale of 2126 Lawrence Street, Denver, consisting of .65 acre. NAI Shames Makovsky’s Dorit Fischer and Hayden Hirschfeld represented the Seller, Rocky Mountain Public Media, Inc. The Buyer was Akara Partners.