Lakewood apartments snagged by New York investor for $38.5 million

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Jefferson County

Property Location: 3324 S. Field St., Lakewood “The Ranch at Bear Creek Apts.”

Property Description: 201-unit apartment community with 194,335 sf, YOC 1973, updated in 2017, frame construction, 26 buildings

Land Size: 12.03 acres

Sales Price: $38.5M, or $191,542 per unit

Reception No.: 35408 2018

Closing Date:4/19

Grantor: Aukum Tanglewood Investors LLC, Jason Fuchs, mgr.

Grantee: CL Southgate LLC c/o Castle Lanterra Properties LLC, Elie Rieder, mgr.

Financing: $31.04M, due 10 years, payable to Berkeley Point Capital LLC

Comments: The unit mix consist of 29 one-bedroom units @ 685 sf, 54 two-bedroom/one-bath units containing 865 sf; 85 two-bedroom/1.5-baths @ 1,010 sf; and 33 three-bedroom/two-bath units containing 1,270 sf. On the Aspen units (1/1), there are 28 units for LURA*, and of the Blue Spruce units (2/1) 21 units are LURA* (Land Use Restricted Agreement for Affordable Housing). The market rate for the one-bedroom units is $1,171, the two-bedroom/one-bath units are $1,458 per month, the three-bedroom/1.5-bath units are $1,866 per month. The apartment contains two-story townhome style apartments. This transaction was handled by the HFF Denver real estate team including Jordan Robbins, Anna Stevens & Jeff Hagg. See APN: 49-344-03-080 & 49-344-06-001.

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 [email protected]

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