Aspect Apartments in Lone Tree command $62 million

Douglas County

Property Location: 10400 Park Meadows Drive, Lone Tree

Property Description: 230-unit, four-story apartment building including: 11 studio units @ 559 sf; 134 one-bedroom units @ 740 sf, average; 85 two-bedroom units averaging 1,105 sf, totaling 199,232 sf rentable area, YOC 2008

Land Size: 6.48 acres

Sales Price: $62M, or $469.12 psf

Reception No.: 2018050946

Closing Date: 8/17

Grantor: Lincoln Station Investment Partners LP by: Holland Partner Group Management Inc. (Clyde P. Holland Jr., CEO)

Grantee: Hancock REIT Aspect LLC by: John Hancock Life Insurance Co. (Reid Rovelli & Matthew Warner, mgrs.)

Financing: $34.1M payable to Prudential Affordable Mortgage Co., due 9/1/28

Comments: See APN: 2231-104-01-010. This property was listed by David Martin & Pamela Koster of JLL. The average size unit of 866 square feet reflected a lease rate range from $1,684 ($1.94 psf) to $1,713 ($1.98 psf). The one-bedroom units ranged from $1,638 to $1,660 per month, while the two-bedroom units ranged from $1,817 to $1,835 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.