Land Size: 5.85 acres
Date of Recording: 7/11
Reception No. D7079625
Price: $127.4M, or $424,667 per unit, or $341.65 psf
Grantor: Kent Place Associates LLC, John A. Woodward, mgr.
Grantee: Kent Place Holdings LLC by: J.P. Morgan Investment Management Inc., New York City, NY 10104
Financing: Assumption of $42.84M note payable to AXA Equitable Life
Comments: The property was listed and sold by Jordan Robbins, Jeff Haag and Anna Stevens. The 107 one-bedroom units average 961 sf and rent from $1.84 to $2.25 per square foot; 38 one-bedroom/1.5-baths average 1,130 sf, with rental rates between $1.82 and $1.98 per square foot; 145 two-bedroom/two-bath units with average size of 1,621 sf rent from $1.78 to 2.28 per sf; four three-bedroom/two-bath units average 2,749 sf with rental rates at $2.58 to $2.64 per sf. The total unit average is 1,243 sf with an effective rent of $1.85 per sf.
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.