Adams County
Sale No. 1
Property Location: 101-131-151 W. Egbert St., Brighton “Terrace Apts.”
Property Description: 36-unit, three-story walkup apartment, 25,920 sf, YOC 1966
Sales Price: $4.4M
Reception No.: 2018000041317
Closing Date: 5/25
Grantor: Brighton Terrace Apartments LLC, Jeff L. Young, mgr.
Grantee: 29SC Phoenix LLC, c/o 29thStreet Capital, Jay Neal, 720-980-1166
Comments: This all-two-bedroom-unit, three-building complex rents from $740 to $1,185 with an average of $950 per unit. Expenses are estimated to be $3,885 per door not including capital reserves. This property sold on a projected cap rate of 7.4% cap rate, calculating a 3% vacancy. The average rental is $1.36 per square foot. This transaction was handled by the Transwestern Denver Multifamily team, including Tom Wanberg, 303-952-5592.
Sale No. 2
Property Location: 55-65 Kuner Road, Brighton, “Sun Meadows Apts.”
Property Description: 40-unit, three-story walkup apartment, 29,755 sf, YOC 1972 (two buildings), brick construction
Land Size: 1.38 acres
Sales Price: $5.1M
Reception No.: 2018000041294
Closing Date: 5/25
Grantor: Sun Meadows Apartments, Jeff L. Young & Remington Green, mgrs.
Grantee: 29SC Phoenix LLC, c/o 29thStreet Capital, Jay Neal, 720-980-1166
Comments: This one- and two-bedroom apartment building was constructed in 1972. There are 28 two-bedroom units at 750 sf; five two-bedroom units at 895 sf, five one-bedroom units at 650 sf and two one-bedroom units at 515 sf. The average rental rate is $1,065, or is $1.43 psf. The expenses on this building are estimated at $3,350 per door. The projected cap rate is 8.1%. This transaction was handled by the Transwestern Denver Multifamily team including Tom Wanberg, 303-952-5592.
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.
