Westhills community trades for $92 million

A garden-style apartment community in Lakewood was picked up at a price of $92 million. Priderock Capital Partners, according to public records, purchased the 400-unit Westhills Apartment Homes at 453 Van Gordon St., in the Union Boulevard/Federal Center area. Gelt Inc. sold the community, built in 1972. Situated on 16.22 acres, the 27-building property features…

Jennifer Hayes

November 17, 2019

Bascom buys Broadway apts. for $90.5M

A longtime player in Colorado’s multifamily market is banking on Broadway. Bascom Northwest Ventures LLC, an affiliate of The Bascom Group LLC, purchased the 1000 South Broadway Apartments, a 260-unit Class A infill community in Denver. The firm paid $90.5 million, or $348,076 per unit, for the community at 1000 S. Broadway. Greystar sold the…

Jennifer Hayes

November 4, 2019

NoCo apartment market sees ‘explosive’ absorption in Q3

A record number of apartment units were absorbed in Northern Colorado in the third quarter, keeping the vacancy rate in check even as new supply hit the market. “Absorption can only be described as explosive, with 664 units absorbed this quarter, exceeding the record 415 units absorbed during the second quarter of 2017 by 60%,”…

Jill Jamieson-Nichols

October 23, 2019

Copper Canyon trades for $58.75 million

An Atlanta-based national real estate investment company made its foray into the Mountain West with its acquisition of Copper Canyon. Carroll, a privately held real estate company that focuses on multifamily properties, paid a reported $58.75 million for Copper Canyon, a 222-unit, garden-style apartment community at 3380 E. County Line Road in Highlands Ranch. The…

Jennifer Hayes

October 7, 2019

Mountain Village sells for $24.8M

A sought-after Steamboat Springs apartment community sold for $24.8 million. Capital Real Estate-Mountain Village LLC and CREMountain Village TIC I LLC purchased Mountain Village, a 103-unit community at 1101 Mountain Village Circle. “It was probably one of the most competitive processes I’ve been a part of,” said Justin Hunt of Newmark Knight Frank Multifamily, noting…

Jennifer Hayes

September 22, 2019

Armory’s future fortified with apartments

Developers have fortified plans for the historic Armory site in North Boulder. Atlanta-based Pollack Shores Real Estate Group will join owners Bruce Dierking and Jim Loftus to develop an approximately $90 million, 201-unit apartment community on the property at 4750 Broadway. Located in the North Boulder, or NoBo, Art District, The Armory will be a…

Jill Jamieson-Nichols

September 15, 2019

Lowry apartments sell for $45.75 million

California-based Greystar continues to grow locally with its purchase of the Griffis at Lowry apartment community. Greystar paid $45.75 million, or $305,000 per unit, for the 150-unit community at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. “Buyers were attracted to Griffis at Lowry due to the condo-quality units and infill location within the highly…

Jennifer Hayes

September 15, 2019

The exciting future of multifamily design in Colo.

Today’s multifamily experience undoubtedly has matured over recent decades.

CREJ

September 6, 2019

Savoy sells at second-highest price in 2019

An Aurora apartment property steps from the Dayton light-rail station sold in one of the highest-priced and largest multifamily sales to close in 2019. IMT Capital LLC purchased The Savoy at Dayton Station Apartments, sold by Starwood Property Trust, which paid $161.5 million for the property in 2016. The 612-unit community at 3645 S. Dallas…

Jennifer Hayes

August 31, 2019

Increasing demand from renters for larger units

As homeownership in Denver becomes increasingly more expensive, we expect demand for larger rental units to increase.

CREJ

August 25, 2019