Adams County
Property Location: 14120-14310 Grant St., Thornton, “Parkhouse Apartments”
Property Description: 465-unit apartment complex with 20 buildings totaling 421,960 sf; 939 parking spaces provided with 706 open spaces, including 12 attached garages totaling 49,592 sf and 233 spaces, and 19 ADA parking spaces and 93 guest parking spaces, YOC 20176, plus 6,221-sf clubhouse & 2,094-sf second clubhouse.
Land Size: 24.226 acres
Density: 19 units per acre
Sales Price: $121.6M, or $261,505 per door, or $287.58 psf
Reception No.: 87888 (2017)
Closing Date: 10/5
Grantor: LMC 144th and Grant LLC c/o Lennar Multifamily Communities LLC, Scott Johnson, VP
Grantee: Parkhouse Acquisition LLC, Evan Kirsh, pres., c/o Starlight Investments 416-234-8444, Mississauga, Ontario, Canada 14Y 3W6
Financing: $79.04M payable to CIBC Inc., Chicago, IL
Comments: Property was listed by Anna Stevens, Jeff Haag & Jordan Robbins of HFF Multifamily division in Denver. There are five one-bedroom models with an average size of 716 sf, an average price of $1.87 psf and a monthly rental rate of $1,330 per month. There are eight two-bedroom, two-bath models ranging from 969 to 1,102 sf, with an average size of 1,042 sf; the average rent is $1,644 per month, or $1.58 psf. The three-bedroom units are 1,283 sf with a lease rate of $2,112 per month, or $1.65 psf. The weighted average of the entire property is $1,573 per month, with 914 sf, and an average price of $1.72 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.
