Apartments within 2 miles of one another yield $106.76M

Adams County

1. Property Location: 101 E. 88th, Thornton

Property Description: 322-unit apartment complex, 248,883 sf NRA, YOC 1973, brick and frame construction

Land Size: 12.13 acres

Seller: Ashford East 88 LLC 400 Galleria Pkwy. E., Ste 400, Atlanta, GA, The Radco Cos., Leslie Thaxton, regional manager – Colorado, 770-272-9330

Buyer: Thornton Multifamily LLC c/o Inland Real Estate Group

Price: $54.5M, or $169,255 per door, or $218.98 per sf

Closing Date: 2/1/2018

Reception No.: 10227 2018

Comments: Seven studios @ 509 sf, 77 one-bedroom units @ 617 sf, 71 one-bedroom units @ 745 sf, 83 two-bedroom/one-bath units @ 824 sf; 84 two-bedroom/1.5 baths @ 911 sf. Rents range from $1,000 to $1,239 per month. This property sold for $28.2M on October 17, 2014. See Northglenn apartments that sold for $52.25 million located at 301 E. Malley.

2. Property Location: 301 E. Malley Dr., Northglenn

Property Description: 388-unit apartment complex, 312,474 sf NRA, YOC 1973, brick and frame construction;

Land Size: 18.43 acres

Seller: Malley Washington LLC, Matthew Joblon, mbr.

Buyer: Aspen Park Owner LLC

Price: $52.26M, or $134,688 per door, or $167.24 per sf

Closing Date: 2/1/2018

Reception No. 2018 10130

Financing: Assumption of $37.18M payable to Bell Wether Enterprise RE LLC

Comments: One-bedrooms @ 640 sf, rent starts at $1,076; one-bedroom units @ 680 sf that rent from $1,050/mo.; two-bedroom/one-bath units @ 840 sf; two-bedroom/two baths @ 968 sf, rents from $1,328 sf; three-bedroom/two-bath units @ 1,243 sf. There are 676 parking spaces as follows: 15 handicap spaces, 388 covered parking spaces, 273 open spaces. This property sold for $32 million in June 2014, reflecting a 63.3% increase in value, or an annual growth rate of 14.6%.

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.