Colorado Real Estate Journal -
Wasatch Premier Communities of Logan, Utah, recently paid $61.25 million for the 385- unit Avena apartment community in Thornton. The purchase of the community at 1882 E. 104th Ave. is the largest deal Wasatch has made in the Denver area so far, both in terms of the number of units and the price. With this purchase, Wasatch has paid $207.62 million for five apartment communities from Castle Rock to Thornton. Together, the communities miles from Avena. While Wasatch often focuses on value-add deals, Avena was a turnkey purchase. He said the price Wasatch paid was close to the replacement value. “It is getting up there,” Potarf said. “There was no deferred maintenance. It was in great shape. “That is what it takes to buy a newer building in Denver,” he said. “You either pay close to replacement cost or, in some cases, slightly above the replacement cost.”
Resource Real Estate Inc., based in Philadelphia, paid $30.61 million for the 276-unit Camden Centennial apartment community at 2961 W. Centennial Drive in Littleton. The seller was Camden Property Trust of Houston. The transaction was handled by David Martin and Pam Koster of Moran & Co. Organic Inc. of Denver paid $10 million for a 132-unit apartment community at 2380 W. 76th Ave. in unincorporated Adams County. The seller was WLA Investments of Newport Beach, Calif. The transaction was handled by CBRE brokers David Potarf, Dan Woodward and Matt Barnett. Granite Partners of Santa Barbara, Calif., paid $6.4 million for the 85-unit Ambassador at Cherry Creek apartment community at 4805 E. Kentucky Ave. in Denver. The seller was RLE Properties in Denver. Tim Shunta of Unique Properties LLC-TCN Worldwide handled the transaction.
Two limited liability companies, Sherman KT and Wuma Sherman, paid $3.82 million for the 142-unit apartment building at 10 S. Sherman St. in Denver. The seller was Pilgrim Partners II LLC. The sale price equates to $109,142 per unit and $182.85 per square foot. The Calame Lewallen team at Pinnacle Real Estate Advisors handled both sides of the transaction. Robert Lawson of Pinnacle Real Estate Advisors LLC represented both the buyer and the seller in the $3.23 million sale of the 23-unit apartment building at 172 S. Clarkson St. in the Washington Park neighborhood in Denver. The building was constructed in 1968 and renovated in 2011. The sale price equates to $140,000 per unit. The buyer assumed the existing Fannie Mae debt as well as an additional supplemental loan from the existing lender in the transaction. Double T. Casa LLC paid $494,100 to Sigrid Higdon Trust for a four-unit building at 1408 Ulysses St. in Golden. The sale price equates to $123,525 per unit and $129.55 per sf. Scott Fetter of the Calame Lewallen Team at Pinnacle Real Estate Advisors LLC represented the seller and David Herries of Keller Williams represented the buyer. The 3,814-sf apartment building sits on an 8,000-sf lot. The property is in a quiet residential area of Golden below South Table Mountain and just blocks from the downtown area. The property was built in 1972, but has little deferred maintenance and had “good, strong tenants” in place for the new owner, according to Fetter. “The seller came to us needing a strong price for her property to meet her retirement goals,” said Fetter, adding the property sold at a per-unit price in Golden that had not been achieved by any similar apartment buildings. “The strength of the multifamily market in the Front Range, teamed with some hard work and persistence, brought the perfect buyer to this deal,” Fetter said. have 1,285 units. Wasatch purchased Avena (formerly Broadstone Avena) from the Bascom Group of Irvine, Calif. The purchase price equates to $159,091 per unit and $172.70 per square foot. The community was built in 2009 by Alliance Residential, which subsequently sold it to Bascom, said David Potarf, who handled the most recent sale with fellow CBRE team members Dan Woodward and Matt Barnett. Wasatch bested a lot of competitors for the community. “We received a ton of offers,” Potarf said. “This is a newer property in the Denver area, which is what everyone wants,” he said. “It is a very desirable property in a great location,” he said. Wasatch, he noted, is very comfortable with the area, as it already owns another apartment community in Thornton. The company, whose entire portfolio includes more than 16,000 units, paid $32.22 million for Indigo Creek, about 2.6