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COLORADO REAL ESTATE JOURNAL
— November 19-December 2, 2014
Multifamily
in October 2046.
The financing terms decrease
the REIT’s weighted average
interest rate and extend the
maturity of its mortgage note
obligations, Milestone said.
The balance of the purchase
price will be funded using pro-
ceeds raised from the REIT's
recently completed $115.1 mil-
lion (in Canadian dollars) equi-
ty offering.
The garden-style, two- and
three-story walk-up has con-
sistently boasted an occupancy
rate average of 99 percent.
The site provides direct
access to a golf course and an
extensive trail network.
Corum, on its website,
described its investment strat-
egy for the community as
“build-to-core,” in which it
acquired the land and devel-
oped it with an institutional
partner with the idea of hold-
ing it for the long term.
Corum recapitalized the loan
in 2006, with investors exiting
with a 14 percent-plus internal
rate of return.
In total, Corum recapitalized
the property three times, with
all investors exiting with more
than a 12 percent IRR.
In 2012, solar panels were
added that power the com-
mon areas. They were partially
funded with tax credits.
Pat Stucker, an apartment bro-
ker with JLL, wasn’t involved
in the sale, but has sold numer-
ous apartment communities in
the area and is familiar with
the development.
“Investors really like that
whole Westminster corridor,”
Stucker said.
“It is close to downtown
Denver, as well as Boulder, so
it is a great place to live if one
person works downtown and
the other in Boulder,” he said.
Other News
n
San Francisco-based
Jack-
son Square Properties
paid
$26.25 million for the 230-unit
Rockledge Bear Valley apart-
ment community at 3550 S.
Kendall St. in southwest Den-
ver.
The seller was a joint venture
of
ColRich Multifamily
and
Har-
bert Management Corp.
The sale price equates to
$114,130 per unit.
The three-story, 10-building
community was renovated
from 2012 to 2014.
Jordan Robbins, Jeffrey Haag
and
Jared Buffington
of
HFF
represented the sellers.
n
An unidentified buyer
paid $3.8 million, or $95,000
per unit, for a 40-unit apart-
ment building at 285 S. Jay
St. in Lakewood. The building
was constructed in 1966 and
sold for a 7 percent cap rate.
The buyer plans to own it for
the long term. The transaction
was handled by the
Unique
Apartment Group.
n
An unidentified buyer
paid $1.76 million, or $110,000
per unit, for the 16-unit apart-
ment building at 176 S. Sher-
man St. in Denver. The build-
ing was constructed in 1958.
Jeff Johnson
and
Greg Bre-
slau,
with the
Johnson Ritter
Team
at
Pinnacle Real Estate
Advisors LLC,
represented both
the seller and the buyer in the
transaction.
“There is a lot of upside
potential for the buyer by
updating the units over time
and the location is great,” John-
son said.
n
An unidentified buyer
paid $1.49 million, or $93,438
per unit, for a 16-unit apart-
ment building at 901-931 W.
Prentice Ave. in Littleton. The
building was constructed in
1978 and sold for a 7.18 percent
cap rate. The transaction was
handled by the
Unique Apart-
ment Group.
n
An unidentified buyer
paid $690,000, or $98,571 per
unit, for a seven-unit apart-
ment building at 3620-3632
Ingalls St., Wheat Ridge. The
building sold at a 7 percent cap
rate. The buyer plans to hold
the property for the long term,
according to the
Unique Apart-
ment Group,
which brokered
the sale.
n
An unidentified buyer
paid $450,000 for the four-
unit Iris Garden Apartments
at 9842-9856 W. 32nd Ave. in
Lakewood. The sale equates to
$112,500 per unit and $117.34
per square foot. The property
was built in 1971.
Josh Newell
and
Zane Wells
of
Pinnacle Real Estate Advi-
sors LLC
represented the seller
in the transaction.
s
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