Highpointe Park community trades for $53.6 million
An apartment community situated at Thornton’s highest point recently sold for $53.6 million.
KG Berkeley Investors LLC paid $243,636 per unit and $259 per square foot for Highpointe Park, a 220-unit multifamily property at 9701 Pearl St. Hamilton Zanze sold the community, which was 94.1% occupied at the time of sale, at a 4.38% cap rate.
“There was a lot of interest in the property,” said CBRE Capital Markets’ Dan Woodward, who listed the community with CBRE’s David Potarf, Matt Barnett and Jake Young.
“We took it out to 30 different groups and had 15 offers.”
The interest, Woodward noted, was due to the vintage of the property, its size, attractiveness, location within the submarket and walkability to surrounding amenities.
Constructed in 2013, Highpointe Park comprises an eight building, three- and four-story community on 7.9 acres with a mix of one-, two- and three-bedroom units ranging from 807 to 1,250 sf.
The community features a clubhouse, fitness studio and yoga room, swimming pool and spa, and open parking, carport and garage options.
Highpointe Park is located near the intersection of Thornton Parkway and Washington Street, within walking distance of surrounding grocery, theater, restaurant, health care and fitness amenities. The community also is near two stations of the nearly complete N Line commuter rail.
“Located a short drive from downtown Denver and the Broomfield/Interlocken Business Corridor, Highpointe Park is accessible to more than 200,000 jobs within Thornton,” added Woodward. “Thornton has seen rapid expansion with over $350 million in commercial projects completed in recent years. Additionally, multifamily properties in Thornton have demonstrated strong fundamentals with stable occupancy and low vacancy.”
“The property represented an attractive investment opportunity in a high-quality multifamily asset in a thriving submarket. We are elated with the execution of this transaction during these uncertain times and the outcome for our investors,” said Anthony Ly, director of dispositions, Hamilton Zanze.
Featured in the September 2-15, 2020, issue of CREJ