Adams County
Property Location: 1287 S. 8th Ave, Brighton, “Solaire Apartments”
Property Description: 252-unit apartment complex, 11 buildings plus clubhouse, YOC 2014, 284 covered parking spaces, 95 detached parking garages, 369 open spaces, total net rentable area of 253,116 sf
Land Size: 16.38 acres
Sales Price: $57.5M, or $228,175 per unit, or $227.17 per sf
Reception No.: 2016097834
Closing Date: 11/10
Grantor: Solaire Apartments LLC, c/o Commonwealth Group, 302-472-7200, Brock J. Vinton, mgr., 300 Water St, Suite 300, Wilmington, DE 19801
Grantee: Brighton Multifamily DST c/o Joseph E. Binder, SVP, The Inland Real Estate Group Inc., 2901 Butterfield Road, Oakbrook, IL 60523
Financing: $37.38M payable to PNC Bank, NA
Comments: See APN: 01569-18-1-02-007. There is a master lease agreement between Brighton Multifamily DST & Brighton Multifamily LeaseCo LLC for 10 years. The unit mix contains six floor plans including 114 units 1A – Geo, one bedroom with 850 sf; 2A – 30 units ECO, two bedrooms with one bath at 1,015 sf; 12 units 2B – Renew with two bedrooms, two baths at 1,030 sf; 54 2C – Energy with two bedrooms, two baths, at 1,189 sf; 12 units 2D – Element with two-beds, two baths at 1,105 sf; 30 units 3A – Sustain with three bedrooms, two baths with at 1,350 sf. The average lease rate is $1.37 per square foot with an average size of 1,004 sf. This property was listed by David Potarf, Dan Woodward & Matt Barnett of the CBRE Inc. multifamily team.
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.
