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Firm acquires 390-unit Denver apartment for $128.7 million

Denver County

Address or Location: 3500 Rockmont Drive, Denver, “Westend Apartments”

Improvements: 390-unit apartment, with 343,138 rentable sf, YOC 2015. There are 251 one-bedroom/one-bath units ranging from 579 sf to 853 sf. The rental rates range from $2.05 to $2.71 per sf. The remaining 139 units consist of two-bedroom/two-bath units ranging from 1,043 to 1,463 sf. These units’ rental rates range from $1.92 to $2 psf, with an average of $1.96 psf.

Land Size: 11.6 acres

Density: 33.62 d/u per acre

Date of Recording: 3/28

Reception No: 2018036538

Price: $128.7M, or $330,000 per door, or $375.07 psf

Grantor: CP IV Platte Valley Apartments LLC c/o Carmel Partners Inc., Mike Zeff, CEO, & Trey Hilberg, SVP, 415-273-2900

Grantee: IRET Properties LP, 800 LaSalle Avenue, Suite 1600, Minneapolis, MN 55402, attn: Mark O. Decker Jr., CEO, & Matthew Volpano, SVP, 701-837-7104

Financing: Cash

Comments: The average size unit is 880 sf with an average monthly rental rate of $1,857 per month, or $2.11 psf. There are 296 garage spaces including eight handicap accessible spaces and 245 surface spaces including 11 handicap accessible spaces. The seller paid $19 million for the 11.75 acres of land in July 2013, or $37.12 per square foot, or $48,718 per buildable square foot. The amenities include a roof deck area, outdoor kitchen, spinning bikes, a sun deck, fitness center, dog park, clubhouse with pool table, TV, free-standing kitchen islands, stainless steel appliances, quartz countertops, full-size washers and dryers, and large private balconies. This transaction was negotiated by the ARA Newmark Multifamily Team consisting of Jeff Hawks, Doug Andrews, Terrance Hunt, Shane Ozment, Amanda Meldrum & Courtney Crowder.

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.