Castle Rock apartments sell to Seattle firm for $16.5 million

Douglas County

Property Location: 1465 Red Hawk Drive (NWC Wolfensberger Road & Red Hawk Drive), Castle Rock

Property Description: 56-unit apartment, 61,435 sf, YOC 2017, masonry/frame construction

Land Size: 4.54 acres

Sales Price: $16.49M, or $294,554 per unit, or $268.50 psf

Reception No.: 101619 2018

Closing Date: 12/27/18

Grantor: Wolfenberger LLLP (Brian R. Bahr, mgr.), 719-598-5190

Grantee: Highlands at Red Hawk LLC, 701 Fifth Ave., Suite 5700, Seattle, WA 98104, c/o Security Properties Inc.

Comments: There are 56 garage parking spaces totaling 16,750 sf & a 1,444-sf clubhouse and 71 open spaces. The one-bedroom units rent from $1,445 to $1,580; two-bedrooms rent from $1,515 to $1,825 and three-bedroom models rent from $2,025 to $2,225. There are four one-bedroom models, two two-bedroom/one-bath models, three two-bedroom/two-bath models and two three-bedroom/two-bath models, totaling 11 different floor plans.

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.