Westminster Apartment Complex Sells for Over $200 Per SF

The Willowbrook Apartments in Westminster has sold for $11.75 million ($123,684 per unit and $204 per square foot) – the fourth highest price per square foot sale in Westminster for pre-1980s constructed multifamily assets.

Willowbrook is a 95-unit apartment community built in 1973 and located at 7155 Raleigh Street in Westminster. The
property is directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line.

The seller, a Denver-based investment real estate company named Halaby Capital, was represented in the sale by Bill Morkes and
Craig Stack of Colliers International. The buyer was Summit Communities of Denver and was self-represented.

“We received over ten offers from investment groups head-quartered across the U.S.” said Mr. Morkes. “The Denver suburban
market has been extremely strong over the last ten years and national investors are aggressively competing to win value-add deals.”

“We are excited about the Willowbrook purchase,” said Jeff Young, manager of Summit Communities. “This is our third acquisition in the Colorado market in 2020 and we plan to continue the pace.”

“It’s a good transaction when both parties walk away satisfied” added Mr. Stack. “The seller successfully executed their business
plan and the buyer bought a centrally located property, in a thriving Denver suburb, with the opportunity to execute a unit
renovation program.”

Photo courtesy of Colliers International

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