Denver County
Property Location: 3001 Fox St., Denver, “Diamond at Prospect Apartments”
Property Description: 140-unit, 4-story apartment complex, 123,064 sf, YOC 2005; 64 one-bedroom units; six two-bedroom/one-bath units; 63 two-bedroom/two-bath units & seven three-bedroom/two-bath units
Land Size: 2.21 acres
Sales Price: $20.5M, or $146,429 per door
Reception No.: 2016092476
Closing Date: 7/12
Grantor: MS Reserve Prospect Limited Partnership Company, by: Security Properties, Madrona Ridge, Christopher Koegel, VP, 206-787-8481
Grantee: BMY Diamond LLC, et al., c/o Hamilton Zanze &Company, Kurt Houtkooper, chief investment officer
Financing: $12.3M payable to CBRE Multifamily Capital
Comments: The seller is based out of Seattle, Washington, 206-787-8481 www.madronaridgellc.com; 70% of the units are affordable housing based on 50% to 60% of area medium income. The property was listed and sold by the CBRE Inc.’s affordable housing team out of Seattle, coupled with the CBRE’s multifamily team in Denver. There are 42 units that are at market rental and rent as follows: The one-bedroom units range from 695 sf to 735 sf and start at $1,425 per month; two-bedroom/one-bath model is 880 sf and rental rates start at $1,721 per month; the two-bedroom/two-bath units range from 922 sf to 993 sf and rents start at $1,889 per month; and the three-bedroom/two-bath units contain 1,258 sf and rent for $2,450 per month.
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.
