CBRE sells Castle Rock apartments for $73.05M

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Denver County

Property Location: 4300 Swanson Drive, Castle Rock, “Echelon at the Meadows”

Property Description: 240-unit, three-story apartment community with 261,924 rentable sf, YOC 2018. Unit breakdown: 24 one-bedroom units @ 757 sf; 24 one-bedroom units @ 809 sf; 24 one-bedroom units @ 859 sf; 24 one-bedroom units @ 954 sf; 48 two-bedroom, two-bath units @ 1,095 sf; 24 two-bedroom units @ 1,252 sf; 24 two-bedroom, two-bath units @ 1,360 sf. There are 24 three-bedroom, two-bath units @ 1,316 sf; 12 three-bedroom, two-bath units @ 1,405sf; & 12 three-bedroom, two-bath units @ 1,428 sf.

Land Size: 14.83 acres

Sales Price: $73.05M, or $304,375 per door, or $270.97 psf

Reception No.: 2018068044

Closing Date: 11-8

Grantor: Echelon Castle Rock LLC, c/o Garrett Partners V LLC (Eric Garrett, mgr.)

Grantee: AVB Meadows LLC, c/o AvalonBay Communities Inc. (Kevin O’Shea, CFO)

Financing: Cash

Comments: There are 96-one-bedroom units that rent for $1.62 to $1.91 psf; 96 two-bedroom units renting from $1.58 to $1.71 psf; & 48 three-bedroom, two-bath units renting from $1.65 to $1.80 per square foot. The average size is 1,091 sf with rents at $1.71 to $1.80 per square foot.

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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