Adams County
Property Location: 3650 E. 103rdAve., Thornton, “Ridge at Thornton”
Property Description: 280-units in 10 two-story apartment buildings, YOC 2016, & eight three-story buildings, YOC 2018, rentable sf is 299,436, brick/frame
Land Size: 11.89 acres
Sales Price :$72M, or $257,143 per unit, or $240.45 psf
Density: 23.55 units per acre
Reception No.: 80940, 80942 2018
Closing Date: 10/4
Grantor: RCS – Presidential Ridge LLC (Sharon K Eshima, mgr.), 32.85%, & 10101 Jackson LLC (c/o Real Capital Solutions, Marcel Arsenault, CEO), 67.15%
Grantee: WRPV XIII Ridge Thornton, c/o Waterton Residential, Philip J. Lukowski, chief portfolio manager, 30 S. Wacker Drive, 36thfloor, Chicago, IL, 312-948-4500
Comments: The average unit is 1,069 sf and rents for $1,613 to $1,662 per month, or $1.51 to $1.55 per square foot. One-bedroom units include 84 Peak models containing 747 sf average with $1,395 to $1,435 per month, 3 vacant; and 48 Summit models @ 851 sf with rent ranging from $1,365-$1,405 (7 vacant). Two-bedroom units include 72 Altitude floor plans @ 1,140 sf, renting for $1,725 to $1,870 (6 vacant); and (52) Elevation floor plans @ 1,161 sf with rents starting at $1,740 to $1,800 (6 vacant). There are 24 three-bedroom/two-bath units referred to as the Vertex with 1,348 sf, renting from $2,265 to $2,560 per month, with one vacancy. Tract B-1 contains 1.26 acres and is a drainage/detention pond; tract A-1 contains 3.61 acres and is open space. Lot 1B contains 7.02 acres and is developable apartment land. Waterton Property Management is the apartment managing group, 312-948-4500, attention: Scott Ferguson 312-476-2429.
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.
