Adams County
Property Location: 11450 Melody Drive, Northglenn, “Regatta Apartments”
Property Description: 168-unit apartment complex w/seven three-story buildings plus clubhouse, 150,150 sf rentable, YOC 1999, 244 open parking spaces,
Land Size: 7.84 acres
Sales Price: $30.8M, or $183,333 per unit, or $205.13 psf
Reception No.: 20160000108775
Closing Date: 12/13
Grantor: Bascom Melody Drive Apartments LLC, c/o Bascom Group, Jerome A. Fink, mgr.
Grantee: GB Village at North Hills SPE LLC by: Griffis/Blessing Inc., Gary Winegar, president of Investment Services, 719-520-1234
Financing: payable to CBRE Capital Markets Inc.
Comments: This property was negotiated by the CBRE Inc. Denver Multifamily team including David Potarf, 303-628-7414, Daniel Woodward, 303-628-7417, & Matt Barnett, 303-628-7422. The unit mix includes: 56 787-sf, one-bedroom/one-bath units, rented for $1.41 psf; 13 renovated, 787-sf one-bedroom/one-bath units that rent for $1.49 psf; 71 947-sf, two-bedroom units that rent for $1.33 psf; 28renovated 947-sf, two-bedroom unit that rent for $1.43 psf. The 42 units that have been renovated at an estimated cost of $4,250 per door have experienced a rental increase of $138 to $199 per month. The average size unit is 894 sf with an in-place rental rate of $1.36 per square foot.
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.
