Property Location: 18301 Cottonwood Drive, Parker, “Broadstone Montane Apts.,” NEC Parker Road Hwy. 83 & East Cottonwood Drive
Property Description: 400-unit apartment complex with 23 buildings, 484,534 sf of gross building area, plus 9,955-sf clubhouse, YOC 2018, masonry/frameconstruction
Land Size: 22.16 acres
Sales Price: $120M, or $300,000 per door
Density: 18.05 d/u per acre
Reception No.: 2019002850
Closing Date: 1/17
Grantor: Broadmoor Vantage Point Patrick W. Dukes, mbr.
Grantee: Montane Acquisition LLC Martin Liddell, CFO of Starlight
Financing: $75M payable to KeyBank, NA, due in one-year
Comments: Lot 1, Vantage Point Sub, Filing No. 1, 2ndAmendment; see 2019000181. 20 Studio units @ 466 sf rent for $1,165; 225 one-bedroom units @ 721 sf rent for $1,470 to $1,530; 150 two-bedroom/two-bath units @ 1,100 sf, rents ranging between $1,790 and $1,830; 15 three-bedroom/two-bath units @ 1,500 sf rent for $2,565. There are 377 parking spaces, including 75 garage spaces, seven handicapped spaces, 291 standard parking stalls and four van-accessible stalls. The land sold for $8.65M and contained 38.5 acres with plans for 700 units, or $12,357 per buildable unit.
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.