Denver County
Property Location: 16505 Green Valley Ranch Blvd., Denver, “Strata Apts.”
Property Description: 336-unit, three-story apartment community with 302,215 rentable sf, YOC 2016. There are 24 small one-bedroom units @ 592 sf; 118 midsize one-bedrooms averaging 681 sf & 26 large one-bedrooms at 784 sf. There are 12 two-bedroom/one-bath units @ 986 sf; 67 midsize two-bedroom/two-bath averaging 1,021 sf; 33 large two-bedroom/two-bath units with an average of 1,081 sf; and 22 large two-bedroom units averaging 1,174 sf, totaling 132 two-bedrooms. There are 36 three-bedroom units with two baths with an average of 1,328 sf.
Land Size: 22.63 acres
Sales Price: $94.5M, or $281,250 per door, or $312.69 psf
Reception No.: 2018141105
Closing Date: 10-31
Grantor: LMC Parkfield Holdings, Scott Johnson, VP
Grantee: JSP Strata Land LLC, c/o Jackson Square Properties LLC, Thomas J. Coates & Curtis S. Gardner, mgrs., 415-354-9900
Financing: $59.65M payable to Berkeley Point Capital LLC, due 2-1-2036
Comments: There are over 20 different floor plans with the average lease rate for the one-bedroom units at $1,420 while the two-bedroom units average $1,807 per month, or $1.71 psf. The three-bedroom units range from $1,805 to $2,295 per month, which account for 10% of the unit mix. Chad Bungcayao is VP in charge of acquisitions and dispositions. Jeff Hawks, Terrance Hunt, Shane Ozment, Doug Andrews & Courtney Crowder of Newmark Knight Frank Multifamily handled the transaction. The last survey of this apartment reflected an average size of 898 sf and lease rates of $1,615 to $1,718 per month, or $1.82 to $1.91 psf.
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.
