Transactions Report Week of 08.28.17
Belmar Villas Sell for $63M
ARA Newmark announced this week the record per-unit sale of Belmar Villas for $63,300,000, $199,057/unit.
Located at 700 South Reed Court in Lakewood, the seller Seagate Colorado Partners, LLC sold the community to Steadfast Apartment REIT III.
ARA Newmark Vice Chairman Shane Ozment said, “Belmar Villas’ record per-unit price for 1970s garden-style product can be attributed to the strong demand from renters to live in, and investors to own in, the exciting urban development of Belmar. The property’s proximity to Belmar’s top retailers, including Whole Foods, Best Buy and Target, drew significant competition on the asset. The seller had renovated 75 units, and the buyer will likely continue the proven value-add strategy.”
Cushman & Wakefield Closes Multi-Tenant Office Building in Littleton
Cushman & Wakefield announced the sale of Deer Creek Offices, a 67,921-square-foot multi-tenant office building located in southwest Metro Denver in Littleton, according to Steve Schwab, managing principal of the firm’s Denver office.
The property sold for $10,175,000. Aaron Johnson and Jon Hendrickson, Capital Markets managing directors with Cushman & Wakefield’s Denver office, had the exclusive listing to sell the property on behalf of a California-based private partnership.
“Deer Creek Offices is well located near the intersection of C-470 and Kipling Parkway providing prominent highway visibility catering to tenants from the extensive surrounding executive and employee housing seeking a quality, small tenant environment,” said Johnson. “Investors were attracted to the quality image of the building and improvements in the tenant suites, coupled with the strong historical occupancy.”
Deer Creek Offices is 95 percent leased to a diverse tenant base providing stabilized cash flow to an investor upon acquisition. The rent roll is comprised of 14 tenants across a wide array of industry sectors including engineering, financial services and healthcare.
Pinnacle Announces the Sale of 1966 S University Blvd
Pinnacle Real Estate Advisors, LLC announced the sale of 1966 South University Boulevard located in Denver. The 8,321-square-foot multifamily building sold for $2,564,000 or $308.14 per square foot. Kevin Calame, principal, represented the seller, 1966 S University Boulevard, LLC in the transaction. Thomas Graeve, senior advisor, represented the buyer, 1966 S University Building, LLC in the transaction.
“This deal was a long time coming, but through some creative financing and cooperation from both buyers and sellers, we were able to get it done,” stated Graeve. “With the amazing location and condition of the units, I think there will be a lot of people second-guessing themselves for passing on this one.”