Broomfield County
Property Location: 8500 Arista Place, Broomfield, “Arista Uptown Apts.”
Property Description: 272-unit apartment complex w/eight three-story buildings plus clubhouse, 225,073 sf rentable; YOC 2013
Land Size: 6.68 acres
Sales Price: $65M, or $238,971 per unit, or $205.13 psf
Reception No.: 2016015111
Closing Date: 11/21
Grantor: Arista Uptown Colorado LLC by: Jed B. Milburn, mgr., 801-961-1372
Grantee: Seagate Arista Associates LLC, Trent Isgrig, mgr., 303-825-0660
Financing: Assumption of $39.75M note dated 9-19-2014, payable to Walker & Dunlop LLC, assigned to KeyBank, NA, Overland Park, KS 66211
Comments: The APN is: 1717-034-15-003. This property was negotiated by the ARA Newmark Denver Multifamily team including Jeff Hawks, Terrance Hunt, Shane Ozment, Doug Andrews, Anna Stevens & Amanda Meldrum. The unit mix includes: 18 studio units @ 526-560-573 sf that rents for $2.15-$2.08-$2.31 psf; 129 one-bedroom/one-bath units @ 653-710-743-747 sf that rent for $1.95-$1.81-$1.85-$1.81 psf; 75 two-bedroom/two-baths units @ 987-988-991 sf that for $1.70-$1.69-$1.65; 36 two-bedroom/two-bath units @ 1,015-1,023 sf, that rent for $1.69-$1.66 psf. The average size is 827 sf with an average rental rate of $1,459 per month, or $1.76 per square foot. There are 127 detached garages, 24 attached garages, 189 off-street spaces & 87 street spaces. The estimated expenses for this type of apartment complex are between $6,125 and $6,300 per unit. The buyer is based in Denver and Brian Johnson is VP of acquisitions. The seller is based out of Salt Lake City, UT.
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.
