New multifamily concept leads Arizona developer to $2 million land deal

Adams County

Property Location: SEC S. 27thAve. & Eagle Blvd., SWC Peregrine & Eagle, Aurora

Property Description: Vacant land, 136 units planned for detached rental units

Land Size: 12.317 acres

Sales Price: $2M, or $3.73 psf, or $14,706 per unit

Reception No.: 29316 2018

Density: 11.04 d/u per acre

Closing Date:4/11

Grantor: The Prairie Center Development LLC, Milan Green Mgmt. LLC, by:

THF Realty

Grantee: NexMetro Prairie Center LLC, 2355 E Camelback Road, 805, Phoenix, AZ, Josh Hartmann, mgr., 602-559-9388

Financing: Cash

Comments: The property was listed and sold by Jim Capecelatro, T.J. Johnson & Mike Kboudi of Cushman & Wakefield. Lot 1, Prairie Center Village V, Sub. Filing No. 1; see 1264 2016. In two other, separate transactions, the buyer purchased five shares of water rights and four shares of capital stock in the Fulton Irrigation Ditch Co., evidence by Certificate No. 3077 and 4088, issued in the name of grantor (Stephan J. Brancuicci). See 18337 2018, SWD, dated 3/1/18. Buyer also purchased 6.55 shares of water rights and four shares of capital stock in the Fulton Irrigation Ditch Co., evidence by Certificate No. 3597, issued in the name of grantor (Esther V. McCrumb Living Trust). See 29088 2018, SWD, dated 4/6/18. NexMetro has other developments in Texas & Arizona similar to the one it is planning to develop in Brighton. It closed on its first deal in Adams County last year with an $1.85 million purchase of 14.29 acres of land at the SWC of East 120thAve. and Laredo St. in Commerce City. It plans to construct 123 units on this site.

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.