Transactions Report Week Ending 10.26.18
Hunt Real Estate Capital Refinances a Manufactured Housing Community Located in Boulder
Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced it provided a Fannie Mae conventional multifamily loan of $39 million to refinance a manufactured housing community located in Boulder.
The loan has a ten-year term with a thirty-year amortization period and 114 months yield maintenance. The borrower is a diversified real estate investment firm with a long record of accomplishment in the MHC sector.
Boulder Meadows MHC is a 638-unit, 4-Star multifamily/mobile home park community. Included in the 638 units are 97 community-owned homes, of which three are used as residences for the community manager, maintenance supervisor and for corporate use.
Boulder Meadows was developed in 1970 and is 99 percent leased. The property is in good condition and has asphalt paved roads with curbing and sidewalks. Property amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court, security, leasing office and public water/sewer.
“The borrowers have successfully owned and operated Boulder Meadows MHC for 30 years and have extensive experience investing in manufactured housing properties,” noted Josh Messier, managing director at Hunt Real Estate Capital. “Over their long history in the sector, they have owned and managed over 15,000 pads across 45 parks.”
“Over the past four years, the owners have spent approximately $1 million on capital improvements,” added Messier. “In addition, they plan to invest in additional non-recurring site projects.” Planned improvements on-site include sewer upgrades, installation of a gate to the sports court, site/pedestal upgrades and driveway overlays.
“We were pleased to provide the financing needed to secure this property for a strong manufactured housing sponsor and provide quality affordable housing for the residents of Boulder,” concluded Messier.
Sale of Office Property at 13356 E. Briarwood Ave. in Centennial
SVN | Denver Commercial, one of Colorado’s top producing real estate investment brokerage firms, announced the sale of a brand new office property located at 13356 E. Briarwood Ave. in Centennial. The property, which sold for $7.719 million, was a build-to-suit for the tenant, the State of Colorado, for its Office of the Colorado Public Defender’s Arapahoe County branch. The Property, which closed on October 12, 2018, is a 27,638-square-foot building, well located off the intersection of Briarwood Ave and Potomac St. just down the street from the Arapahoe County Courthouse. It is situated on approximately 3.74 acres with room for future expansion if needed.
“We received a tremendous amount of interest for this high-quality asset resulting in over 10 competitive offers,” said Troy Meyer. “This was a very attractive property for the successful purchaser, who was in a 1031 exchange.”
The team of Troy Meyer and Kevin Matthews of SVN / Denver Commercial represented the seller, BBF Enterprises, LLC. The buyer of the property was represented by Pinnacle Real Estate Advisors. The Meyer/Matthews team specializes in the sale of retail, office, and medical properties throughout the Front Range and single tenant net lease nationwide. With more than 30 years of combined experience, the team has successfully closed over 15 transactions in the last 6 months with a combined sale price of more than $50 million. Combined, Meyer and Matthews have transacted over $900 million worth of commercial real estate.
- Greystone Unique Apartment Group announced the sale of 4528 W 35th Ave for $1.1 million. The property consists of 4 – 2bed/1bath units as well as laundry/storage facilities spanning across 3,636 usable square feet and is located in the highly popular West Highlands Neighborhood, less than 5 minutes from Sloan’s Lake and under 10 minutes from downtown Denver. Greystone Unique Apartment Group represented the seller.
- Greystone Unique Apartment Group also announced the sale of 4401 Quitman St for $650,000. 4401 Quitman is a duplex consisting of 2- 5 bed/2bath units totaling 3866 square feet spanning across a lot of 6,000 square feet. The new owner plans to renovate the units and benefit from the cash flow of the property. Greyston Unique Apartment Group represented both parties.
- Newmark Knight Frank announced the sale of Mesa Vista at 506 Comanche Village Drive in Fountain. The 48 multifamily units sold for $4.2 million ($87,500 per unit or $108.43 per square foot).
- A 2,729-square-foot, two-story retail building in Denver located at 3867 Tennyson St. has sold for $844,000 ($309.27 per square foot). It was sold by Julie Trivers Rimola of Ion Real Estate LLC and is a Victorian commercial property with retail on the first floor and four offices on the second floor. Signature Real Estate broker Dirk Nygaard, represented the buyers.
- A 1,600-square-foot retail/office building located at 5134 W. 29th Ave. in Denver sold for $826,700 ($516.69 per square foot). This property was listed by Craig Yacks of Covalt Real Estate and is on the southeast corner of Sheridan Boulevard and West 29th Ave. It bought by 29th Street Studios LLC.