235-unit apartment community doubles in value with $38.8 million sale

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Arapahoe County

Property Location: 7575 E. Arkansas Ave., Denver, “Torrey Pines Apt. Homes”

Property Description: 235-unit apartment complex, 15 buildings plus 2,216-sf clubhouse, 203,275 sf net rentable area, YOC 1980, brick with wood siding

Land Size: 11.4 acres

Sales Price: $38.8M, or $165,106 per unit, or $190.87 psf

Reception No.: D7044417

Grantor: CG Pines LLC by: FRG Green Pines LLC c/o Jackson Square Properties, Chad Bungcayao, VP, 415-354-9900

Grantee: VCM Torrey Pines Apartment Homes LP, Paul Evans, mgr., c/o Vukota Capital Management, 303-558-2985

Closing Date: 4/19

Financing: $30.94M @ 4.75% payable to CBRE Capital Markets, due in 10 yrs.

Comments: The property was listed by David Potarf, Daniel Woodward & Matt Barnett of CBRE Inc. in Denver. There are 143 units that have been renovated with 92 needing renovation. Washer and dryer hookups are installed in 184 of the 235 units. The unit mix is nearly 50-50 one- and two-bedroom units with units averaging 865 square feet. Renovation cost averages approximately $5,000 per door and other improvements include a renovated clubhouse, parking lot resurfacing, exterior paint and amenity upgrades. See APN: 1973-21-2-07-001. This property sold in January 2012 for $19.5 million, or $82,979 per door. The property value appreciated nearly 100%, or at an annual growth rate of nearly 14%.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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