Modera Observatory Park Apartments sells for $92.5M

271
271
Share this Article
Facebook Twitter LinkedIn Google Pinterest StumbleUpon Email

Denver County

Property Location: 1910 & 1911 S. Josephine St., Denver, “Modera Observatory Park”

Property Description: 275-unit (two) five-story apartment buildings, 207,618 sf net rentable area, YOC 2017, brick/stucco construction

Land Size: 2.08 acres

Density: 132.2 d/u per acre

Sales Price: $92.5M, or $336,364 per unit, or $445.53 psf

Reception No.: 2018061704

Closing Date: 5/24

Grantor: Josephine Apartments LP, c/o PGIM Real Estate, & Mill Creek Residential, Brian Wynne, director, 303-279-0033

Grantee: Josephine Street Apartments LLC, c/o The Bascom Group, Jerome A. Fink, managing partner, 949-955-0888

Financing: $46.75M payable to Teachers Insurance of America

Comments: There are 275 units, including 221 one-bedroom units and 54 two-bedroom/two-bath units. There are 254 standard spaces & 33 pairs tandem spaces. The units include studio models ranging from 538 sf to 615 sf with rental rates starting at $2.49 psf; one-bedroom unit models @ 685 sf that range from $2.48 to $2.68 psf; one-bedroom units from 600 sf to 891 sf whose rents start at $2.27 psf to $2.74 psf; two-bedroom/two-bath plans from 984 to 1,221 sf with rental rates ranging from $1.90 psf to $2.12 psf. The large two-bedroom/two-bath models with 1,161 sf to 1,202 sf range from $2 to 2.14 psf. The apartments have a dog wash station, electric car changing stations, a two-story fitness studio, reserved garage parking, outdoor fire pit, clubroom, top floor deck, private work rooms with flat screen TV’s and a four-season pool.

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]

In this article