December 3-December 16, 2014 —
COLORADO REAL ESTATE JOURNAL
— Page 5AA
sold the 324-unit Heritage Creek
Apartments at 690 S. Dahlia St.
MillCreekResidentialTrustpaid
$71 million for Heritage Creek.
That equates to $219,136 per unit.
Records show that CBRE had
paid $54.3 million for the property
in 2011.
The property was built in 1995.
Other News
n
The
Nichols Partnership
and
Realty Capital Group
recently
paid $9 million for the former
Hotel VQ at 1975 Mile High Sta-
diumnear SportsAuthority Field
at Mile High.
As first reported by the Colo-
rado Real Estate Journal, the buy-
ers plan to redevelop the circular
hotel into Denver’s first micro-
apartment development.
“We were very impressed by
the buyer’s vision and creative
approach to the asset,” said
Eric
Roth,
part of the
CBRE
team that
handled the sale.
“Many groups that underwrote
the property assumed a demoli-
tion of the structure was neces-
sary,” said Roth, who handled
the deal with his brother,
Martin,
as well with CBRE Senior Vice
Presidents
Dan Woodward
and
David Potarf.
“However, the successful buyer
was able to think outside the box
and introduce a unique product
that utilized an adaptive reuse of
the existing structure,” Roth said.
“Micro-units should be very
successful at this location,” he
said.
CBRE represented the seller,
Milehigh Hotel Ventures LLC.
n
An unidentified buyer paid
$1.91 million for two adjacent,
12-unit apartment buildings con-
structed in 1963 at 561-569 S. For-
est St. in Denver.
The buildings are less than a
mile from the CitySet develop-
ment at Cherry Creek in Glen-
dale.
The sale price equates to
$79,583 per unit.
Jeff Johnson, Matt Ritter,
Cody Stambaugh, Peter Sen-
gelmann
and
Greg Breslau
of
Pinnacle Real Estate Advisors
assisted both buyer and seller in
the transaction.
“The Glendalemarket has been
really heating up recently, and
the seller felt the time was right
to redeploy their equity in other
investment options,” Johnson
said.
“The buyer, a local investor,
was eager to purchase the prop-
erty as he knows Glendale well
and is bullish on the area,” Stam-
baugh said.
“He plans to make minor reno-
vations and raise rents within the
year.”
n
An unidentified buyer paid
$1.82 million, or $133.55 per unit,
for a 22-unit apartment building
at 3330 Ames St. in Denver.
The majority of the units have
been updated and the property
included a 20,000-sf develop-
able parcel of land directly to the
south of the apartment building.
The property was constructed
in 1958.
Matt Ritter, Jody Stambaugh
and
Peter Sengelmann
of Pin-
nacle represented the buyer in
the transaction.
Jim Knowlton,
also of Pinna-
cle, represented the seller in the
transaction.
n
An unidentified buyer paid
$695,000, or $53,461 per unit, for a
13-unit apartment building con-
structed in 1955 at 1520 Trenton
St. in Denver. The building sold
at a 7 percent cap rate. The new
owner plans to do extensive ren-
ovations to the property, accord-
ing to the
Unique Apartment
Group,
which handled the sale.
n
An unidentified buyer
paid $456,000, or $57,500 per
unit, for an eight-unit apart-
ment building at 9504 E. 16th
Ave. in Aurora. It was built in
1972 and sold for a 7.5 percent
cap rate. The transaction was
handled by the
Unique Apart-
ment Group.
s
Heritage Creek sold for $71 million.
