Bluerock draws first Colorado acquisition with Castle Rock apartments

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Douglas County

Property Location: 1100 Plum Creek Parkway, Castle Rock

Property Description: 264-unit apartment complex w/11 three-story buildings plus 4,118-sf clubhouse, total of 252,276 sf rentable area; YOC 1999, brick/frame

Land Size: 11.34 acres

Density: 23.28 d/u per acre

Sales Price: $61.1M, or $231,439 per unit, or $242.20 psf

Reception No.: 2018017419

Closing Date: 3/26

Grantor: Social Links Inc., c/o Sentenial Real Estate, Robert B. Kass, VP

Grantee: BR CWS Plum Creek LLC c/o CWS Plum Creek LLC, c/o Bluerock Real Estate LLC, Newport Beach, CA 92660

Financing: $40M payable to Berkeley Point Capital LLC, due 10/1/2025

Comments: This transaction was negotiated by the ARA Newmark Multifamily Team consisting of Jeff Hawks, Doug Andrews, Terrance Hunt, Shane Ozment, Amanda Meldrum & Courtney Crowder. The unit mix includes: 108 one-bedroom units @ 779 sf that rent for $1.55 psf; 24 two-bedroom/one-bath units @ 872 sf that rent for $1,375 per month; 60 two-bedroom/two-bath units @ 1,067 sf that rent for $1,487 per month; 36 two-bedroom/two-bath units @ 1,122 sf that rent for $1,496 per month; 36 three-bedroom/two-bath units @ 1,189 sf that rent for $1,671 per month. The average size is 956 sf with an average rental rate of $1,343 per month, or $1.41 per square foot. There are 11 garage buildings containing 30,459 sf, with 134 detached garages renting for $100 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 [email protected]

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