Transactions Report Week of 11.07.17

Marcus & Millichap Arranges Sales of Gallery Flats in Northern Colorado

Gallery FlatsMarcus & Millichap announced the sale of the Gallery Flats, a 66-unit apartment building in Loveland, for $11,150,000. Gallery Flats is located at 585 North Lincoln Avenue in Loveland.

“Gallery Flats is a great asset. The construction quality and floorplans are terrific,” says Nick Steele, senior associate in Marcus & Millichap’s Denver office. “The property is located in the heart of Loveland’s downtown core, just a short walk from restaurants, coffee shops, breweries and retail establishments. Downtown Loveland is in the midst of a major revitalization effort with the $60MM multi-block, mixed use development, The Foundry, located just two blocks south of Gallery Flats.”

Nick Steele and Jacob Steele, multifamily investment specialists in Marcus & Millichap’s Denver office, represented the buyer, a Colorado-based private capital client. The seller was also a Colorado-based private capital client.

Built in 2014, the modern construction contains an excellent unit mix of studio, one-, two-, and three-bedroom apartments. Amenities at the property include a roof top terrace with mountain views with a gas grill and fire pit, a fitness room, and lounge with television and kitchenette. Additionally, the property offers tenants both covered and uncovered parking. Unit features include nine foot ceilings, energy efficient stainless steel appliance package and washer-dryers, granite counter tops, private balconies and a 1:1 bathroom to bedroom ratio.


Bay Area Investor Hamilton Zanze Aquires Englewood’s Oxford Station Fro $60M

Oxford Station_1Hamilton Zanze, a San Francisco-based real estate investment company, has acquired the 238-unit Oxford Station residential community in Englewood for $60 Million.

The property consists of two large, 5-story buildings with a total of 182,991 net rentable square feet across a mix of studio, one and two bedroom units. Unit occupancy was 96% at the time of the transaction.

“Oxford Station offered a unique opportunity to buy a phenomenally-built product with modern amenities at an attractive basis. The property is located adjacent to a light rail station, providing residents with convenient access to Downtown Denver and an ever-expanding rail network,” said David Nelson, the Managing Director of Acquisitions for Hamilton Zanze. “CBRE, specifically David Potarf, exceeded our expectations and we look forward to working on our next deal together soon.”

Located at 4101 S. Navajo Street, the property opened just over one year ago in 2016. Given its immediate adjacency to the popular RTD Southwest Light Rail line, the property has maintained high occupancy levels since opening. Management of the community has also been transitioned to Hamilton Zanze partner Mission Rock Residential, a Denver-based company.

Designed for luxury, the community offers a state-of-the-art fitness center with virtual workout classes; a sky-level entertainment lounge; a social lounge; a zen lounge; a pet washing station and dog park; on-sit secure storage; enclosed bicycle parking; a pool with hot tub and barbecue area; an outdoor gaming area; bike, ski, and board repair station; and structured parking.

This is one of seven properties now held by Hamilton Zanze across the Metro Denver region; the first in Englewood. Additional properties include Platte View Landing, The Vistas at Stony Creek Apartments, Belle Creek Apartment Homes, Highpointe Park Apartment Homes, The Diamond at Prospect Apartments and Harvest Station.


Two Denver Multi-Family Properties Trade for a Combined $23.22M

Village WestTranswestern’s Denver office announced it brokered the sale of two multifamily properties totaling 148 units. Transwestern Senior Vice President Tom Wanberg and Vice President John Blackshire represented the seller in both transactions.

29th Street Management LLC sold Village West Apartments, a 58-unit apartment complex at 12155 W. 58th Place in Arvada, to Warm Springs Holdings LLC for more than $10.82 Million. The property was built in 1972 and has a mix of one- and two-bedroom units ranging in size from 725 square feet to 975 square feet. The complex amenities include an indoor swimming pool, laundry room, sauna and a newly added fitness center.

“Village West is in an amazing location in Arvada, near the intersection of West 58th Place and Ward Road and down the street from the recently renovated Stenger Soccer Complex,” said Wanberg. “Investors are flocking to this area, but it’s extremely difficult to find multifamily properties to purchase. The top-flight location combined with the quality renovation should produce a stable investment for this buyer for years to come.”

Bayo Vista LP sold The Village Apartments, a 90-unit apartment complex at 10250 W. Mississippi Ave. in Lakewood, to 29th Management for more than $12.4 Million. The property was built in 1973 and has a mix of one- and two-bedroom units ranging in size from 715 square feet to 915 square feet. The complex amenities include a swimming pool, clubhouse with BBQ pits and carports.

“This property is one of the rare Denver communities to be right next door to a water feature – in this case the Main Reservoir – with an accessible walking path for residents,” said Blackshire. “The buyer has invested in a fantastic value-add opportunity, with upside for improvements, spacious units and a terrific location.”

HFF Announces Sale of 27-Property Self Storage Portfolio in 6 States

Store Here 27-Property PortfolioHolliday Fenoglio Fowler, L.P. (HFF) announced the sale of a 27-property self storage portfolio totaling 1.7 million square feet and 12,171 units in Colorado, Georgia, Indiana, Kansas, Louisiana and Texas.

The HFF team marketed the property on behalf of the seller, a joint venture partnership between certain funds managed by Westport Capital Partners LLC and Store Here Management, LLC. The HFF self storage team representing the seller included senior directors Barbara Guffey and Tom Doyle. Additional local market expertise was provided by senior managing directors John Merrill and Jason Nettles and managing directors Sean Fogarty and Jules Sherwood.

The portfolio, which currently operates under the Store Here brand, is 80.6% occupied and features fully integrated amenities, including gate access, security cameras, climate-controlled and/or drive-up units, onsite management, and R/V and surface parking. The properties are in eight MSAs, including Colorado Springs, Colo.; Atlanta, Ga.; Indianapolis, Ind.; Kansas City, Kan.; Shreveport, La.; and Austin, Dallas and San Antonio, Texas

“The quality of the assets, embedded upside, and most of all the economy of scale is what attracted numerous investors to the portfolio,” Guffey said.  “The ability to acquire 1.7 million square feet in one transaction aligns with the buyer’s strategic growth plan, and provides an opportunity to implement and capitalize upon their operational platform.”

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