Quail Ridge Apartments in Thornton sell to San Diego firm for $22.4 million

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Adams County

Property Location: 502 E. 102nd Ave., Thornton, “Quail Ridge Apartments”

Property Description: 140-unit, two- and three-story apartment building with 118,096 sf, YOC 1985, frame construction

Land Size: 6.2 acres

Sales Price: $22.38M, or $159,821 per unit ,or $189.47 psf

Reception No.: 96242 (2017)

Closing Date: 10/27

Grantor: Green Leaf Quail Ridge LLC c/o Green Leaf Capital Partners, Thomas A. Hall, mgr., 925-362-1476

Grantee: Pathfinder Thornton Holdings LLC, Lorne Polger, mgr.

Financing: $16.78M payable to CBRE Multifamily Capital, due 11-1-24

DU/Acre: 23.26 units per acre

Comments: The property last sold for $15.75M in December 2013, reflecting a 42.2% increase with this sale of $22.38M. Brent Stuhley is the acquisitions director for Pathfinder, 858-875-4459. Floor plans include one-bedroom/one-baths at 650 sf, starting at $1,050/mo., or $1.62 psf; two-bedroom/one bath units at 850 sf, starting at $1,275/mo., or $1.50 psf; two-bedroom/two baths @ 950 sf, starting at $1,300/mo., or $$1.37 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.

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