Priderock purchases Stone Mountain for $83 million
A sought-after Northglenn apartment community sold to a Florida-based investment firm adding to its Colorado multifamily holdings.
Priderock Capital Partners, in a joint venture with a life insurance company, paid $83 million, or $259,375 per unit, for the 320-unit Stone Mountain Apartment Homes in Northglenn.
Located at 11625 Community Center Driver, the 15-building community was sold by Valhalla Holdings LLC of Boulder.
“There were 32 offers on Stone Mountain,” said Dan Woodward of CBRE Capital Markets of the interest in the community, which was marketed pre-COVID-19, closed in early May and has maintained strong occupancy and collections throughout the pandemic.
“Priderock is a great buyer,” added Woodward, who represented the seller with CBRE’s David Potarf and Matt Barnett, noting that all parties worked together to enable a smooth execution of the transaction, including the buyer only being able to inspect a small percentage of the units because of COVID-19.
Constructed in 2001, Stone Mountain offers a value-add opportunity but the community has been well maintained over the years, added Woodward.
Renamed Heritage at Stone Mountain, the community comprises a mix of one- and two-bedroom units that average 884 square feet. Apartments include a garden-style bathtub, six-panel doors, in-unit washer and dryer, central heat and air conditioning, 9-foot ceilings, a built-in computer desk and private patio or balcony. Select units include gas fireplaces, mountain views, plank wood-style flooring, ceiling fans and breezeway, and detached garages are available.
Heritage at Stone Mountain also includes a clubhouse, year-round heated pool and spa with a poolside kitchen, a 24/7 fitness center, pet wash stations, a bicycle repair station, community garden with free individual plots, electric vehicle charging stations, lighted private garages with workshop space available and a nine-hole putting green.
The property also is located directly adjacent to the city of Northglenn’s Civic Center redevelopment site, in which the city is investing $53 million.
Heritage at Stone Mountain residents also have access to nearly 4 million sf of retailers within a 15-minute drive as well as multiple grocery options and daily needs retailers located just to the north at 120th Avenue and Washington Street.
Heritage at Stone Mountain last sold in 2015 for $51.5 million, according to public records.
In addition to the Northglenn community, Priderock also owns the Deer Crest, Glen at Lakewood, Glen at the Park and Spyglass Creek communities in the metro Denver area, as well as Ironwood at Palmer Park, Union Heights, University Village and Woodland Hills in Colorado Springs and Governor’s Park in Fort Collins.
Featured in CREJ’s June 3-16, 2020, issue