Adams County
Property Location: 10500 Irma Drive, Northglenn, “Regatta Apartments”
Property Description: 352-unit apartment complex w/22 two-story buildings plus clubhouse, 322,648 sf rentable, YOC 2000, 571 open parking spaces & 142 detached garages – total of 713 parking spaces, brick on frame construction
Land Size: 22.79 acres
Sales Price: $81.8M, or $232,386 per unit, or $253.53 psf
Reception No.: 20160000108775
Closing Date: 12/13
Grantor: Regatta Apartment Investors c/o Bascom Group, Jerome A. Fink, mgr.
Grantee: SRGMF II IRMA Northglenn c/o Sares-Regis Group, 18802 Bardeen Ave., Irvine, CA 92612, www.sares-regis.com, 949-756-5959, attn: Robert. W. Wagner
Financing:
Comments: This property was negotiated by the CBRE Inc. Denver Multifamily team including David Potarf, Daniel Woodward & Matt Barnett. The unit mix includes: 14 673-sf, one-bedroom/one-bath units, rented for $1.68 psf; 58 renovated 673-sf, one-bedroom/one-bath units that rent for $1.92 psf; 16 741-sf, one-bedroom/one-baths that rent for $1.62 psf; 56 renovated 741-sf, one-bedrooms that rent for $1.83 psf; eight 903-sf, two-bedroom/one-baths that rent for $1.50 psf; 24 903-sf, renovated, two-bedroom/one-baths that rent for $1.65 psf; 12 1,028-sf, two-bedroom/two-baths @ $1.44 per sf; 68 1,028-sf, two-bedroom/two-baths @ $1.61 per sf; 11 1,117-sf, two-bedroom/two-baths @ $1.32 per sf; 61 renovated 1,117-sf, two-bedroom/two-baths @ $1.44 per sf; two 1,220-sf, three-bedroom/two-baths @ $1.49 per sf; 22 1,220-sf, three-bedroom/two-baths @ $1.65 per sf; with a total average of 917 sf, with average rental rate of $1,493 per month, or $1.63 per sf. The in-place rent average is $1,334 per month @ $1.45 per square foot. The last sales price was $42.25M, or $120,028 per door, in December 2011. The annual growth rate of appreciation is 14.13%. The total gain in the five-year period is 93.61%. It would take 67 years to achieve such a growth with CD deposits at your local bank at 1% per annum growth. Expenses for this property are estimated to be $4,975 per door, with an in-place cap rate of slightly over 6%.
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.
