Englewood-Oxford Station Apartments sell for $60 million

Arapahoe County

Property Location: 4141 S. Navajo St., Englewood, “Oxford Station Apartments”

Property Description: 238-unit, five-story apartment building with 206,017 sf rentable, YOC 2016, brick/frame construction

Land Size: 3.428 acres

Sales Price: $60M, or $252,101 per unit, or $291.24 psf

Reception No.: D7122194

Closing Date: 10/26

Grantor: Oxford Station Investors LLC, Jonathan Bush, mgr.

Grantee: HZ Oxford Station LLC by Hamilton Zanze & Company, Mark Hamilton, CEO, & Jack Grodahl, director of acquisitions, 415-561-6800

Financing: $38.43M payable to CBRE Multifamily Capital

DU/Acre: 68

Comments:  This transaction was handled by CBRE Inc., Denver Multifamily Team. There are 76 studio units, 100 one-bedroom units and 62 two-bedroom units. Additionally, there are 161 surface parking spaces and 117 covered spaces, including six handicapped spaces.

Prior Land Sale: This site sold for $3.57 million, or $23.91 psf/ $15,000 per buildable unit, in a joint venture agreement July 1, 2015. The joint venture partners included Chad Brue of Brue Capital Partners LLC and Jonathan Bush of LCP Oxford LLC. In September 2015, they executed a construction loan in the amount of $24.93M payable to FirstBank, Lakewood. According to the Oxford Station website in early October 2017, the rents range from $1.60-$1.62 psf for a two-bedroom unit; $2.13-$2.21 for the studio units; and $1.86-$1.99 for the one-bedroom units, reflecting an overall lease rate of the apartment complex of $1.84-$1.89 psf.

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.