Value grows by 34.4% on $50 million Castle Rock apartments

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Douglas County

Property Location: 483 Scott Blvd., Castle Rock, “Bluffs at Castle Rock”

Property Description: 220-unit, three-story apartment complex, 200,516 sf, with 11 buildings and a 2,837-sf clubhouse, YOC 1998, frame construction

Land Size: 11.024 acres

Sales Price: $50M, or $227,273 per unit, or $249.36 per sf

Closing Date: 1/31/2018

Reception No.: 2018006612

Density: 19.96 units per acre

Grantor: JSP Lantana LLC c/o Jackson Square Properties LLC, Thomas J. Coates & Curtis S. Gardner, mgrs., 415-354-9900

Grantee: SP/RGA Bluffs LP, David Dufenhorst, CEO of Security Properties, 701 Fifth Ave, Suite 5700, Seattle, WA 98104

Financing: $37.5M payable to Grandbridge RE Capital LLC, due 2-1-25

Comments: This transaction was negotiated by ARA Newmark, Jeff Hawks, Doug Andrews, Shane Ozment and Terrance Hunt. The last sale was Oct. 5, 2015, for $37.2M. There are 85 one-bedroom, one-bath units @ 736 sf renting for $1.62 psf; 47 two-bedroom/one-bath units @ 925 sf renting for $1.42 psf; 39 two-bedroom/two bath units @ 1,026 sf renting for $1.47 psf; 41 two-bedroom/two-bath units @ 1,087 sf renting for $1.45 psf; four three-bedroom/two-bath units @ 1,207 sf renting for $1.55 psf & three-bedroom/three-bath units @ 1,268 sf renting for $1.52 psf. The average unit is 911 sf with an average of $1.50 psf.

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 [email protected]

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