Property Location: 5775 W. Dartmouth Ave., Denver, “Bear Valley Apartments”
Property Description: 260-unit, three-story apartment complex, 258,980 sf, YOC 2003, brick/frame construction
Land Size: 16.55 acres
Density: 15.71 dwelling units per acre
Sales Price: $63M, or $242,308 per unit
Reception No.: 2018072161
Closing Date: 6/12
Grantor: GB Bear Valley SPE LLC, c/o Griffis/Blessing Inc., Gary Winegar, mgr.
Grantee: CG Bear, et al., c/o Jackson Square Properties, Thomas L. Coates & Curtis Gardner, mgrs., 415-354-9900
Financing: Subject to $33.08M in two notes payable to Berkeley Point Capital LLC
Comments: Chad Bungcayao is vice president in charge of acquisitions and dispositions for the buyer. The property last sold for $45.5 million in December 2014. The value of this property increased by 38.46%, or an 8.7% annual growth rate. The previous sale was $33.95 in December 2012, with the price increasing over 85% with the current sale, or a growth rate of 11.87% per annum. The average size unit is 996 sf with a lease rate of $1.65 psf. There are one-bedroom units @ 772 sf that rent from $1,415/mo.; larger one-bedroom units @ 812 sf renting from $1,420/mo.; two-bedroom/two bath units @ 1,082 sf that rent from $1,428/mo. & up; 1,127 sf two-bedroom/two-bath units renting from $1,610/mo. & up; and large two-bedroom/two-bath units @ 1,244 sf that command $1,730/mo.
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.