Timber Lodge Apartments sell for $40.53 million

Adams County

Property Location: 1769 Coronado Pkwy., Thornton, “Timber Lodge Apts.”

Property Description: 390-unit, three-story apartment, 276,580 sf, YOC 1972, frame construction with brick/vinyl siding, 15 buildings

Land Size: 12.48 acres

Sales Price: $40.53M, or $103,910 psf or $146.52 psf

Reception No.: 201700008550

Grantor: Coronado Parkway LLC c/o Investors Management Group (IMG), Neil Schimmel & Steven Shipp, mgrs., 310-473-7900

Grantee: New Explorer LLC & Tecolote Thornton LLC c/o BMC, Matthew Joblon, CEO, 303-996-2333

Closing Date: 1/26

Financing: Assumption of $17.79M note dated 3-19-13, payable to Holliday Fenoglio Fowler, due 4-1-23;

Comments: The apartments average 709 square feet and the average rental rate is $989 per month, or $1.40 per square foot. There are nine studio units @ 530 sf, 178 one-bedroom units from 550 to 680 sf and 203 tw- bedroom, one-bath units @ 850 sf. The ARA Newmark Denver team consisting of Jeff Hawks, Doug Andrews, Terrance Hunt, Shane Ozment, Anna Stevens & Amanda Meldrum handled the transaction. The property previously sold in March 2013 for $22.33M. See APN: 01719-26-4-08-015, 01719-26-4-08-018, 01719-26-4-08-016, 01719-26-4-08-017. There are 538 open parking spaces and 48 carports.

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.