Houston Apartment developer snaps up 2.44 acres in RiNo for $15M

Denver County

Property Location 3200-3220-3254 Walnut St., & 3235 Larimer St., Denver

Property Description: 11,880-sf warehouse, YOC 1973; 29,432-sf, two-story factory, YOC 1958; masonry; 11,676-sf warehouse, YOC 1913, brick, 8,368-sf warehouse, YOC 1928, brick (land value)

Land Size: 106,294 sf

Sales Price: $15M, or $141.12 per sf (land value), or $64,655 per buildable unit

Reception No.: 2016122695

Closing Date: 9/8

Grantor: Kaatz Associates II LLLP, et al., Daniel Kaatz, general partner, 303-292-3550

Grantee: Camden USA Inc., 713-354-2500, Todd Triggs, VP, 11 Greenway Plaza, Suite 2400, Houston, TX 77046

Financing: Cash

Comments: Lots 1-32, Block 22, Case & Ebert’s Addition; bounded by Larimer St., 32nd St., Walnut St. & 33rd St. Tyler Carner, Jeremy Ballenger & Marty Roth of CBRE Inc. handled the transaction. The property has been under contract since late 2015, subject to approval for a three- & five-story apartment building containing a total of 232 units. A three-story building would wrap around a six-story parking structure. The zoning was changed to C-MX-5 and C-MX-3 in August.

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.