Willow Run Village apartments sell for $50 million

Broomfield County

Property Location: 12616 Zuni St., Broomfield, “Willow Run Village Apts.”

Property Description: 216-unit apartment with 222,768 sf, YOC 1999, updated in 2017, frame construction, 26 buildings

Land Size: 10.52 acres

Sales Price: $50M, or $231,481 per unit

Closing Date: 4/5

Grantor: GB Willow Run LLC c/o Griffis Blessing Inc., Gary Winegar, mgr.

Grantee: MOB Park Royale Willow LLC , et al., c/o Hamilton Zanze, Kurt Houtkooper, pres., 415-561-6800, or David Nelson, VP-acquisitions

Financing: $32.39M payable to CBRE Multifamily Capital Inc., due in 10 years

Comments: The unit mix consist of 24 one-bedroom units @ 859 sf, rents range between $1,151 and $1,191/mo.;24 one-bedroom units @ 908 sf, rents @ $1,168 to $1,265/mo.; 36 two-bedroom/one-bath units containing 956 sf, rents starting at $1,294-$1,430/mo.; 36 two-bedroom/two-bath units containing 978 sf, rents starting at $1,321-$1,430/mo.; 48 two-bedroom/two-baths @ 1,059 sf, rents starting at $1,366 to $1,521/mo.; and 48 two-bedroom/two-bath units containing 1,248 sf with rents at $1,642 to $1,755/mo. The average rent calculates to an average of $1,394 to $1,471/mo., with a unit size of 1,031 sf average. This transaction was handled by the CBRE Denver multifamily team including Matt Barnett, Dave Potarf and Dan Woodward.

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.