September 16-October 6, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 7AA
Multifamily
ging the property.
“Alta City House is a high-
profile project just west of Union
Station, at the hub of the Denver
metro area’s light-rail system,”
said Tim McEntee, director for
Wood Partners’ Rocky Moun-
tains region. “Overall, we’re very
pleased with how well it has
been received.” McEntee said.
“It’s an exciting, high-profile
project, and we really amped up
the amenities.”
Alta City House is LEED Gold
certified by the U.S. Green Build-
ing Council.
It includes one-, two- and
three-bedroom apartments in a
five-story wrap structure with a
garage on slightly less than three
acres.
One-bedroomunits range from
645 to 825 sf; two-bedrooms from
991 to 1,227 sf; and three-bed-
room townhomes are 1,300 sf.
The community includes 1.4
parking spaces for every unit, a
higher ratio than many compa-
rable nearby communities.
Residents at Alta City House
have access to a wine locker,
two-story fitness center, cyber
café, two-story clubroom, game
room, a large roof deck with
a year-round outdoor kitchen
facility and a striking view of
Coors Field.
There are two large outdoor
courtyards, one with a large pool
area and an outdoor fireplace.
Wood Partners expects the pool
and landscaping to be completed
by March.
Wood Partners and East West
Partners previously collaborated
on the highly successful Glass
House high-rise condominium
tower in Riverfront Park in 2007.
Alta City House is the third
apartment community devel-
oped by Wood Partners in the
Denver area.
Paul T. Bergner Associates was
the architect for Alta City House.
Harris Kocher Smith was the
civil engineer and Norris Design
was the landscape architect.
Other News
n
The
Bascom Group LLC,
based in Irvine, California,
recently paid $21.6 million
for the 157-unit 52nd Market-
place apartment community in
Arvada.
The sale price equates to
$137,598 per unit and $198.42
per square foot.
The three-building community
sits on 4.22 acres at 7797 W. 52nd
Ave.
Debt financing was arranged
by
Brian Eisendrath
of
CBRE.
Records show
Bank of Amer-
ica
provided $16 million in
financing for the acquisition.
The seller was the
Arvada
Investment Group LLC,
headed
by Sheryl and Glenn Cooper,
according to public records.
The community was built in
two phases, the first in 1974 and
the second in 2003.
Some 71 percent of the units
are one-bedroom units and 29
percent are two-bedrooms apart-
ments.
Amenities include a clubhouse,
fitness center, business center,
pool, poolside barbecue area and
two laundry facilities.
The community is just eight
miles west of downtown Denver
and within walking distance to
Olde Town Arvada.
“We acquired a well-built, cen-
trally located asset that is ideally
positioned in its submarket to
benefit from revenue-enhancing
capital improvements,” said
Paul
Zakhary,
a director at Bascom.
“Hopefully we can buy a few
more like this before the year
ends,” he said.
Julie Schoenbachler,
a senior
vice president of portfolio oper-
ations for the Bascom Group,
added: “Arvada and the sur-
rounding markets continue to
show strong apartment funda-
mentals and household eco-
nomic statistics relative to other
submarkets. Fifty-Second along
with the neighboring properties
are all high 90s occupancy with
healthy resident analytics.”
n
Allante Properties
paid $2.1
million for a 15,000-sf parcel of
land at 3885 Tennyson St., where
it plans to build a five-story,
81-unit apartment building.
Billy Riesing,
an adviser at
Pin-
nacle Real Estate Advisors,
rep-
resented the seller in the transac-
tion.
Jamie Mitchell,
a senior
adviser at Pinnacle, represented
the buyer.
“This piece of land is located
on the Tennyson corridor in the
heart of the Berkeley neighbor-
hood,” Riesing said.
n
An unidentified buyer paid
$1.46 million, or $97,333 per unit
and $144.53 per sf, for the 15-unit
Hoyt Apartments at 4385 Hoyt
St. in Wheat Ridge.
The property was constructed
in 1972.
Josh Newell,
a senior
adviser at
Pinnacle Real Estate
Advisors LLC,
represented both
the local buyer and seller in the
transaction.
n
An unidentified buyer paid
$700,000, or $100,000 per unit,
for a seven-unit apartment build-
ing at 3150 Harlan St. in Wheat
Ridge.
Matt Lewallan
and
Kevin Cal-
ame,
both senior advisers with
Pinnacle,
represented the buyer
and the seller in the transaction.
“The buyer is excited to com-
plete a renovation of the proper-
ty and add this as a nice asset to
(its) portfolio,” Lewallen said.
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