Denver County
Property Location: 960 S. Logan St., 10 S. Pennsylvania St., 899 N. Washington St., 1360 Williams St., 1402 N. Race St., 1280 Lafayette St. (6 buildings)
Property Description:
- 960 S. Logan St. – 23-unit, three-story walk-up style apartment, 12,675 sf, YOC 1967, brick construction;
- 10 S. Pennsylvania St. – 37-unit, five-story apartment, 19,139 sf, YOC 1967, brick, renovated in 2017
- 899 Washington St. – 34-unit, five-story apartment, 18,148 sf, YOC 1967, brick, renovated in 2017
- 1360 Williams St. –33-unit, four-story apartment, 18,040 sf, YOC 1967
Total of 199 units with 68,002 sf, constructed in 1967-1968, brick & stucco
- 1402 Race St. – 35-unit, five-story apartment, 18,964 sf, YOC 1968, brick
- 1280 Lafayette St. –44-unit, seven-story apartment, 34,770 sf, YOC 1968,
Total of 206 units with 121,736 sf, constructed from 1967 to 1968
Land Size: 12,100 sf 2) 12,520 sf 3) 12,500 sf 4) 12,800 sf 5) 12,500 sf 6) 15,700 sf
Sales Price: $39M, or $186,854 per door, or $320.37 psf
Reception No.: 2019016911, 2019016910, 2019016909, 2019016908, 2019016904, 2019016901
Closing Date: 2/8
Grantor: Lloyd’s Apartments LP (Mark D. Ebinger, ptnr)
Grantee: 960 S Logan Residential LLC, 10 S Pennsylvania Residential LLC; 899 Washington Residential LLC; 1360 Williams Residential LLC, 1402 Race Residential LLC; 1280 Lafayette Residential LLC c/o Red Peak, Bobby Hutchinson, CIO, 303-321-7325
Financing: Cash
Comments: The buyer closed on these six deals on the same day. It paid $4 million for the 23 unit at 960 S. Logan St, or $173,913 per door; $6.1 million for the 37 units at 10 S. Pennsylvania St., or $175,676 per door; $6.1 million for the 34 units at 899 N. Washington St., or $179,412 per door; $6.1 million for the 33 units at 1360 Williams St., or $184,848 per door; $6.3 million for the 35 units at 1402 N. Race St., or $180,000 per door; and $10 million for the 44 units at 1280 Lafayette St., or $227,273 per door. This building has 25 one-bedroom units, 18 two-bedroom units and one studio. The first five buildings were dominated by one-bedroom units, but 1280 Lafayette had 18 one-bedrooms and 24 two-bedrooms and two studio units. The first five buildings range from $173,913 to $184,848 per unit, with an average of $179,012 per door. 1280 Lafayette had the greatest diversity of units, thus selling for $227,273 per door. The buyer dealt directly with the seller in this transaction.
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.
