ARA Newmark closes Waterford RiNo & Keystone Apartments for $130.1 million

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Denver & Adams counties

 

1. Denver

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Property Location: 2797 Wewatta St., Denver, “Waterford RiNo Apartments”

Property Description: 301-unit, five-story apartment complex, 252,828 sf, YOC 2012, brick & frame construction

Land Size: 3.039 acres

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Density: 99 units per acre

Sales Price: $90.62M, or $301,053 per door, or $358.41 psf

Reception No.: 2018141988

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Closing Date: 10-31

Grantor: CWS Wind Up Rino LLC, c/o Capital Partners (Mary Ellen Barlow, VP, 800-466-0020; Gary Carmell, Steve Sherwood & Mike Engels, partners)

Grantee: Waterford Rino LLC, c/o Braddock & Logan Services Inc., attn: Thomas W. Thompson, CFO, 925-736-4000

Financing: $44.5M payable to Prudential Insurance Co.

Comments: Sold for $72.5M June 12, 2015, which reflects 24.99% growth appreciation for this property. There are 52 studio units ranging from 504 sf to 685 sf renting from $2.22 to $2.58 psf. The 158 one-bedrooms average 741 sf and rent from $2.15 psf (19 units @ 556 sf average, 138 units @ 700 sf average & 30 units @ 857 sf average). The 114 two-bedroom/two-bath units range from 910 sf to 1,448 sf and average in size of 1,127 sf, with a rental rate averaging $1.93 psf. There are 14 units @ 930 sf average, 13 units @ 1,063 sf average, 56 units @ 1,145 sf average & 8 large two-bedroom averaging 1,448 sf. There are 17 models, including four studio models, six one-bedroom units & seven two-bedroom/two-bath floor plans. The average size is 840 sf with a rental rate average of $2.26 per square foot. The Newmark Knight Frank Multifamily team handled this transaction.

2. Adams

Property Location: 12150 Race St., Thornton, “Keystone Apartments”

Property Description: 208-unit apartment, 157,004 sf, YOC 1987

Land Size: 8.98 acres

Sales Price: $39.5M, or $189,904 per door, or $251.59 psf

Reception No.: 83541 2018

Closing Date: 10-11

Grantor: Aukum-Registry Investors LLC (Jason Fuchs, mgr.), c/o Aukum Group

Grantee: CB Pointe Keystone LLC, et al., c/o Hamilton Zanze & Company, Anthony O. Zanze, mgr., & David Nelson, director of acquisitions, 415-561-6800

Financing: $27.5M payable to Berkeley Point Capital LLC, due 10 years

Comments: Sold for $24.5M in March 2013. See APN: 1573-35-4-03-015 & 016. There are 21 one-bedroom units @ 575 sf, 16 one-bedroom units @ 615 sf, 31 one-bedroom units @ 645 sf, 14 one-bedroom units @ 665 sf, 42 one-bedroom units @ 698 sf, 14 one-bedroom units at 817 sf, for a total of 138 one-bedroom units averaging 666 sf. There are 42 two-bedroom models @ 869 sf each and 28 two-bedroom units @ 1,019 sf, for a total of 70 two-bedroom units averaging 929 sf. The total 208 units average 755 sf with an average rental rate of $1,235, or $1.64 psf. This property was sold by the Newmark Knight Frank Multifamily team. The annual growth rate for this building over the 5.5-year holding period was 9.05% per annum, or 61.22% total growth in value since March 2013.

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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