Transactions Report Week of 08.21.17
90s-Vintage Asset Attracts Competitive Buyer Interest to One of Strongest Markets in Nation
ARA, A Newmark Company (ARA Newmark) announces the $44.5 million sale of Commons at Briargate, a 194-unit asset located in Colorado Springs, CO. The property sold for over $229,000 per unit, setting a record for the highest price per unit ever recorded in a Colorado Springs multihousing sale. The property was 96 percent occupied at the time of sale. See attached press release.
Pinnacle Announces the Sale of 42-Unit Apartment Building in Arvada
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of 6449 Miller Street located in Arvada, CO. The 42-unit multifamily property, built in 1971, sold for a contract price of $6,950,000; $165,476 per unit and $184.03 per square foot. The property, located near the new Ralston Creek Development in Arvada, features large, updated one and two bedroom units and sits on a quiet, fenced lot in a market that continues to improve. Jeff Johnson, co-founder and principal with the Johnson│Ritter Team represented the seller in the transaction and Jim Knowlton, principal with the Knowlton│Lawson Team represented the buyer in the transaction.
Sale of Oneida Tower Office Building
SVN/Denver Commercial, one of Denver’s top producing real estate investment brokerage firms, is proud to announce the sale of 2121 South Oneida Street, Denver, by Managing Directors Troy Meyer and Kevin Matthews.
The property, known as the Oneida Tower, is comprised of 65,117-square-feet and was approximately 92 percent occupied, by over 40 tenants, at the time of sale. As the listing agent for the Seller, SVN
received multiple offers on the property. The property sold for $4,900,000 ($75.25 per square foot).
The seller was Virtu Oneida Associates, LLC, who had purchased the building in 2006. The successful purchaser was Ai3 Properties, LLC, a local investment company that owns other office buildings in the area.
“We received significant interest in Oneida Tower from our initial marketing efforts. The purchaser was selected due to their extensive track record and experience with this type of building.” said Troy Meyer. “I believe the purchaser was attracted to strong cash flows generated from the recent leasing activity. This property also fits perfectly into their portfolio.”
The Meyer/Matthews team specializes in the sale of retail, office, and medical, properties throughout the Front Range area valued between $2 million and $30 million. With more than 50 years of combined experience on the team, they have secured numerous transactions valued at more than $1 Billion.
Marcus & Millichap Sells Villa Green for $3.8 Million
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, recently announced the sale of Villa Green Apartments, a 100-unit apartment property located in Pueblo, Colorado, according to Bob Kaplan, regional manager of the firm’s Denver office. The apartment building was purchased for $3,850,000.
Clayton Primm and Steve Scrivener, investment specialists in Marcus & Millichap’s Denver office, exclusively represented the seller and procured the buyer. According to Scrivener, “this was a win-win for both parties, as the seller was able to capitalize on the strength of the
Colorado market, while the buyer was able to acquire this value-add property at a much lower price than what has currently been trading in most other parts of the front range.” He added, “The buyer has some extensive plans for renovating the property to better compete with some of the other apartment communities in the Pueblo area.”
Downtown Windsor Office Building Sold
National Association For Gun Rights sold 10,450-square-feet of office space located at 501 Main Street, Windsor, Colorado, to Windsor 501 Main, LLC. It sold for $1,190,000. Travis Ackerman of Cushman & Wakefield and Leslie Leis of The NoCo Home Team at C3 Real Estate Solutions represented the seller.