Newmark Knight Frank sells 256-unit Ironwood at Red Rocks for $75.4 million

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Jefferson County

Property Location: 13195 W. Progress Circle, Littleton, “Ironwood at Red Rocks”

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Property Description: 256-unit, three-story apartment community with 247,616 sf, YOC 2002, brick & frame construction

Land Size: 12.248 acres

Sales Price: $75.4M, or $294,531 per unit, or $304.50 psf

United Properties August 2018 300 x 250 Banner

Reception No.: 2018100012

Closing Date: 11/1

Grantor: Belle View Apartments LLC, c/o Embry Development (Brent Goodwin, VP)

Grantee: AvalonBay Ironwood at Red Rocks Communities, c/o Avalon Bay REIT

Comments: There are 142 one-bedroom units averaging 789 sf and monthliy rent of $1,545 per month, or $1.96 per sf; 90 two-bedroom, two-bath units with 1,152 sf averaging $1,963, or $1.70 psf; & 24 three-bedroom, two-bath units with 1,328 sf and an average rental rate of $2,385, or $1.80 psf average. The 256 units average 967 sf per apartment with a rental rate of $1,771 per month, or $1.83 psf.  The sale was handled by the Newmark Knight Frank Multifamily team including Shane Ozment, Terrance Hunt, Doug Andrews & Jeff Hawks.

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.

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