Lone Tree apartments snagged by Braddock and Logan for $110.85 million

Douglas County

Property Location: 10047 Park Meadows Drive, Lone Tree

Property Description: 400-unit apartment complex, 400,196 sf, plus 9,416-sf retail space, YOC 2003; 550 surface parking spaces, 121 detached garages

Land Size: 14.46 acres

Density: 27.66 units per acre

Sales Price: $110.85M, or $277,125 per unit, or $270.62 per sf

Reception No.: 2018004992

Closing Date: 1/24

Grantor: IMT Capital III Lone Tree LLC, Bryan Scher, mgr.

Grantee: Kentwood Investors LLC, Joseph E. Raphel, mgr., 4155 Blackhawk Circle, Suite 201, Danville, CA

Financing: $63.5M payable to Prudential Insurance Company

Comments: There are 194 one-bedroom units, 178 two-bedroom/two-bath units and 28 three-bedroom/two-bath units.  The transaction was handled by the HFF multifamily team led by Jordan Robbins and Jeff Haag, 303-515-8000.

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.