Colewood Apartments sells for record high $525.76 per rentable square foot

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Denver County

Property Location: 3860 Tennyson St., Denver, “Colewood Apartments”

Property Description: 49-unit, five-story apartment, 36,804 sf rentable area, YOC 2017, & 21,294 sf structured parking with 50 parking spaces

Land Size: 15,863 sf

Sales Price: $19.35M, or $394,898 per unit, or $525.76 psf

Reception No: 2019010751

Closing Date: 1/29/2019

Grantor: RPDG Tennyson Street LLC (J. David Beam II of Raleigh-Durham, NC, & Jonathan R. Ringham, Englewood, mgrs.)

Grantee: HP/PPG Colewood LLC, c/o Piedmont Properties Group, 415-800-7486 attn: Thomas H. Persons – 415-794-4300, San Francisco, CA 94129

Financing: $12.5M payable to M&T Capital Corp, due 2-1-2029

Comments: 15 studios @ 677 sf*; 21 one-bedroom,one baths @ 744 sf*; six two-bedroom, two-bath units @ 1,055 sf*; seven lofts @ 667 sf*. According to the website, the apartments are renting from $2.67 to $2.94 psf.

* The average size was taken from City and County of Denver Planning Department building 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.

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