Chicago investor saddles up for $72.5 million apartment deal

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Arapahoe County

Property Location: 22959 Smoky Hill Road, Aurora, “Advenir at Saddle Rock Apts.”

Property Description: 320-unit, three-story apartment with 345,368 sf rentable, YOC 1987, frame

Land Size: 23.13 acres

Sales Price: $72.5M, or $226,563 per door, or $209.92 psf

Reception No.: D8007969

Density: 24.68 D/U per acre

Closing Date: 2/7

Grantor: Advenir@Saddle Rock LLC, Stephen L. Vecchitto, pres., Aventura, FL

Grantee: OI-Advenir LLC c/o Origin Investments, David R. Scherer, CEO, & Tom Briney, dir. of acquisitions, Chicago, IL 60601, 800-628-8008

Financing: Assumption of $36.08M loan dated 8/15/2012 payable to CBRE Capital & Assumption of $9.54M note dated 7/30/2015 payable to CBRE Capital

Comments: Apartment on-site phone: 303-730-8882. The floor plans are as follows: Aventine is a one-bedroom unit with 855-sf, rent is $1,258/mo. (96 unitss. The Madison, 30 units, is 1,034 sf with two bedrooms/1.5 baths that rent for $1,685/mo. The Hampden (86 units) is two-bedroom/two-bath with 1,120 sf that rents for $1,583/mo. The Colonade is a three-bedroom/two-bath (88 units) @ 1,263 sf and rents for $1,680/mo. The Winridge is four bedrooms/two baths (20 units) @ 1,481 sf and rents for $2,247. See APN: 2073-24-1-21-002, paid $45.25M in August 2012. Transaction was handled by the HFF Denver apartment 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.

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