Transactions Report Week of 02.05.18

Marcus and Millichap Arranges the Sale of a 126-Unit Apartment Property in Aurora

Fitz pic

Marcus & Millichap announced the sale of Fitzsimons Junction, a 126-unit apartment property located in Aurora, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $13.25 million. Greg Price and Jason Hornik, multifamily investment specialists in Marcus & Millichap’s Denver office, sold the property to a local, private investor.

Built in 1974, Fitzsimons Junction is situated on 6.82 acres located at 14155 Montview Boulevard, Aurora, across I -225 from the Fitzsimons Biosciences District. The property is less than a mile from the Colfax Light Rail Station and 20 minutes from Denver International Airport. This property is a Section 42 60% AMI Low Income Housing Tax Credit property in the extended use period.

Fitzsimons Junction is made up of one, two and three-bedroom units. All units have large floorplans with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool.

Additional Transactions:

  • Pinnacle Real Estate Advisors, LLC announced the sale of 820 New Memphis Court located in Castle Rock. The 7,560 square foot building sold for $4.175 million ($552 per square foot). The property is leased to Tokyo Joe’s and Health Images. Principals Rob Edwards and Tom Ethington represented the seller and buyer in the transaction.

  • Pinnacle Real Estate Advisors, LLC announced the sale of 1975 Oak Street, located in Lakewood. This multifamily property has 42-units and was built in 1971. The building is located in the Applewood neighborhood, just around the corner from Crown Hill Park, and sold for $7.005 million ($166,785 per unit; $205 per square foot).  Joe Hornstein and Scott Fetter represented the buyer in the transaction.
  • Marcus & Millichap announced the sale of Chase Bank Shops at the Promenade, a 8,130-square foot retail property located in Castle Rock, according to Ryan Sarbinoff, Regional Manager of the firm’s Phoenix office. The asset sold for $5.165 million. Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Colorado Regional Manager Bob Kaplan was the broker of record and assisted in closing this transaction.

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