Jefferson County
Property Location: 7301 W. Ohio Ave., Lakewood, “Ashford Belmar Apartments”
Property Description: 512-unit, 24-building apartments with 615,080 sf rentable area, YOC 1988/1993, brick & frame construction, 27,000-sf clubhouse,
Land Size: 26.31 acres
Sales Price: $143.5M, or $294,531 per unit, or $304.50 psf
Reception No.: 2018104265
Density: 19.46 units/acre
Closing Date: 11/14
Grantor: Ashford Belmar LLC, c/o RADCO (Bryan S. Gershkowitz, EVP & COO, & Robert Clark, pres.), 770-272-9330
Grantee: BR CWS Lakewood, c/o Bluerock Residential Growth REIT Inc., Jordan B. Ruddy, president, Ryan S. MacDonald, acquisitions, 646-649-9150
Financing: $100.68M payable to Berkeley Point Capital, dba Newmark Knight Frank (Boston, MA 02110) assigned to FHLMC
Comments: The average size unit is 1,201 sf, with an average market rent of $1,638, or $1.36 psf. The property has been 38% renovated. The seller spent a total of $9.9 million in capital expenses. The unit mix includes the following: 154 one-bedroom units ranging from 810 sf to 1,418 sf (average 1,016 sf); 72 one-bedroom/two-bath units @ 1,627 sf with average rental rate of $1,615, or $1 psf. There are 88 two-bedroom/one-bath units @ 969 sf, renting from $1,561, or $1.61 psf; 110 two-bedroom/two-bath units @ 1,254 sf average; 1/1 @ 810 sf; (10) 1/1 @ 818 sf; (108) 1/1 units @ 940 sf with rents from $1.39 to $1.52 psf; (6) 1/1 @ 1,053 sf with rents from $1.36-$1.55 psf; (12) 1/1 units @ 1,344 sf and rents from $1.18-$1.27 psf; (16) units @ 1,418 sf with rents from $1.06-$1.12 psf; (72) units 1/2/den @ 1,627 sf that rent for $1-$1.08 psf; two-bedroom models as follows: (88) 2/1 units @ 969 sf, rents for $1.55-$1.84 psf; (18) units of 2/2 @ 1,121 sf, rents from $1.49-$1.66 psf; 92 units of 2/2 @ 1,280 sf, rents from $1.32-$1.54 psf; three-bedroom/two-bath units as follows: (88) units @ 1,344 sf with rents from $1.41-$1.63 psf.
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.
