GHC Housing acquires Capitol Hill/Midtown apartment portfolio for $19.5M

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Denver County

Property Location: 701 E. 14th Ave., 1420 Washington St., 1746 Clarkson St., 1825 Logan St., 1920-1928 E. 17th Ave. & 1667 Race St., 1901-1921 E. 16th Ave., 1601 E. 17th Ave., Denver

Property Description: Six apartment buildings, total of 121 units with 69,121 sf

Land Size: 67,655 sf, total of seven parcel numbers

Sales Price: $19.5M, or $161,157 per unit, or $282.11 psf

Reception No.: 2017005117

Grantor:. Capitol Hill Portfolio LLC, c/o Hudson Grove, Benjamin Agin, mgr., 3595 S. Teller St., Suite 301, Lakewood 80235

Grantee: CH9 Investors LLC, 15301 Ventura Blvd, Suite 570, Sherman Oaks, CA 91403: GHC Housing, Monique Lawshe, SVP acquistion, 818-808-0600., Ext 350

Closing Date: 1/10

Financing: $15.6M payable to Citibank, NA

Comments: The property was low-income housing and was listed and sold by Jules Hochman & Justin Brockman of Pinnacle Real Estate Advisors LLC. The entire portfolio consists of six buildings and one vacant lot that adjoins 701 E. 14th Ave. A brief description of the six buildings follows:

(1) 701 E. 14th Ave. – APN: 05031-01-048; building Info: 43-unit, three-story apt., YOC 1911, 17,158 sf, brick construction; land size: 9,100 sf, plus adjoining lot for 701 E. 14th is located at 1420 Washington; APN: 05031-01-047; lot size: 4,808 sf. (2) 1746 Clarkson St., APN: 02354-08-030; building Info: 12-unit, two-story apt., 7,395 sf, YOC 1906; lot size is 7,249 sf.

(3) 1825 Logan St., APN: 02349-08-005; building info: 28-unit, three-story apt., 11,577 sf, YOC 1929; lot size: 9,573 sf.

(4) Address: 1920-1928 E. 17th Ave. & 1667 Race St.: APN: 02355-26-024; building info: 16-unit, two-story apt., 13,107 sf, YOC 1900, brick; lot size: 12,000 sf.

(5) Address: 1901-1921 E. 16th Ave.; APN: 02355-26-010: building info: 10-unit, two-story apt., 10,032 sf, YOC 1925, brick construction; lot size: 9,301 sf.

(6) Address: 1601 E. 17th Ave.; APN: 02355-20-036; building info: 12-unit, two-story apt., 9,852 sf, YOC 1924, brick; lot size: 15,625 sf. Seller purchased portfolio in October 2009 for $5.85M and enjoyed 233.33% growth, or an annual growth rate of 15.68%.

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.

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