Adams County
Property Location: 9757 E. Colorado Ave., Denver, “Park at Canyon Ridge”
Property Description: 272-unit, three-story apartment complex, 213,396 sf net rentable area, YOC 1986
Land Size: 12.93 acres
Density: 21 units per acre
Sales Price: $44.9M, or $165,074 per door, or $210.41 psf
Reception No.: D7116001
Closing Date: 10
Grantor: CG Park LLC, by: FRG Green Pines LLC, Kyle Bach, CEO
Grantee: CH Park at Canyon Ridge Communities c/o ColRich, Danny Gabriel, pres., 858-490-2300, San Diego, CA 92101
Financing: Assumption of $21.65M dated 6-28-13, payable to M&T Realty Capital plus 1% assumption fee of $216,500
Comments: The property was listed by HFF, Anna Stevens, Jordan Robbins & Jeff Haag, 303-515-8004. There are 136 one-bedroom units @ 630 sf each, 54 one-bedrooms with lofts @ 880 sf each & 82 two-bedroom/two-bath townhome style apartments with 978 sf each. The average rent was $1,350 per month at time of listing (first-quarter 2017), and there are 489 parking spaces. The average size unit is 785 sf, and vacancy is 4%. ColRich now owns 1,755 units within a square mile of the Park at Canyon Ridge.
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.
