San Francisco-based Hamilton Zanze paid $60 million for a newly built Englewood apartment property.
The real estate investment company paid $252,101 per unit for the Oxford Station Apartments, a 238-unit community located at 4101 S. Navajo St.
Completed in late 2016, the community was leased up ahead of schedule – and was around 95 percent occupied at the time of closing, noted David Potarf of CBRE. Potarf, along with CBRE’s Dan Woodward and Matt Barnett, listed the property.
The property was developed by a partnership between Littleton Capital Partners and Brue Baukol Capital Partners.
Located immediately adjacent to the Oxford light-rail station, the community comprises a mix of studio, one- and two-bedroom apartments. The development included the renovation of a historic bowstring truss building on site that houses a two-story fitness facility and other apartment amenities adjacent to the outdoor pool area.
“It’s a pioneering location; it’s located right in the middle of trendy areas,” Potarf said of the community along South Santa Fe Drive, which is close to both downtown Littleton and Englewood. The location, its age and amenities set it apart from the competition, he added.
“There were a lot of offers – double-digit offers – on the asset. It was a competitive situation.”
“Oxford Station occupies a highly desirable niche in the Denver multifamily market. It is new construction, located within steps of the light rail, highly visible from both rail and road, and it offers supremely well-conceived unit and community amenities that directly correlate with Colorado’s quality of life,” added Barnett.
Oxford Station Apartments features an on-site dog park and pet washing station, social lounge, controlled access, business center, coffee bar, rooftop lounge, basketball court, bike storage, tennis court and game room. The Class A property also has a Sky Entertainment Lounge, which features a roll-up door, indoor catering kitchen and outdoor fire pit.
Apartments include 11-foot ceilings in some units, a breakfast bar with granite countertops, full-size washers and dryers, wood-plank style flooring and walk-in closets.
Andrew Behrens of CBRE Capital Markets, Debt & Structured Fianance in San Francisco arranged the financing.
The historic building on site also has commercial space, which was leased by Opera Colorado. It will relocate its administrative offices to the site, combining the company’s office space with rehearsal space as part of the new 7,000-square-foot Opera Colorado Opera Center.
Opera Colorado inked a 10-year lease for the property in July and anticipates a move-in date later this month.
“The vision for Oxford Station started several years ago with the purchase of the Martin Plastics industrial facility. Steve Kurtz and I had been looking at TOD sites and were struck by the visibility and access the site provided from a multifamily development perspective. Brue Baukol Capital shared that vision and the end result was a successful strategic partnership to repurpose the site into an innovative multifamily property,” said Jonathan Bush with Littleton Capital Partners.
Tim Schlicting with LCP added, “We were fortunate to work with HPA to design the buildings, Catamount to build them and Studio 4-D to provide the finishing touches on visually striking and aesthetically unique residences.”