Eighth-largest apartment developer in U.S. acquires Castle Rock site

Douglas County

Property Location: Southeast corner N. Meadows Drive & Elegant Street, also fronts southwest corner Bilberry Street & Viridian Drive, Castle Rock

Property Description: Vacant multifamily land, 16.92 d/u per acre

Land Size: 12.08 acres

Sales Price: $6.13M, or $11.66 psf, or $30,025 per buildable unit

Reception No.: 2018042589

Closing Date: 7/13

Grantor: Castle Rock Development Co. (Stephanie L. McCandless, pres.)

Grantee: Continental 410 Fund LLC, Eric Gumm, 262-502-5500

Financing: $50M payable to Fifth Third Bank (Chicago IL)

Comments: Proposed 204-unit apartment complex (12 studio units, 78 one- bedroom units, 96 two-bedroom units, 18 three-bedroom units) with 324 parking spaces, 24 attached garages, 18 detached garages & one ADA detached garage. The complex will contain 238,224 sf of gross building area. Lot 1A, Block 10, The Meadows Filing No. 20, Phase I, Amendment No. 13. See Site Development Plan 2018036634.

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.