Page 4AA —
COLORADO REAL ESTATE JOURNAL
— December 2-December 15, 2015
ested in buying it were new to
the market.”
There was almost nothing else
like it on the market, he said.
“It’s on 33 acres and it would
be very tough to assemble that
much land today,” Robbins
said.
“It’s next to a light-rail station
and it is in a very strong demo-
graphic area.”
The Retreat at Park Mead-
ows represents Invesco’s big-
gest purchase in the Denver
area so far, according to Apart-
ment Insights, the apartment
community database owned by
appraiser Cary Bruteig.
Before this purchase, since
2009, Invesco had paid a total
of $218.15 million for three
other apartment communities
with a total of 801 units. Two
of the previous purchases were
in downtown Denver and one
was in Broomfield.
In 2014, Invesco paid $94.75
million for the 285-unit Verve
near Union Station in down-
town Denver. That sale equated
to $332,456 per unit and $408.26
per sf.
In 2013, Invesco paid $70 mil-
lion for the 219-unit Cadence
Union Station, which is the
equivalent of $319,636 per sf
and $397.01 per unit.
In 2009, Invesco paid $53.4
million for the 297-unit Catania
in Broomfield. That equates to
$179.80 per unit and $17.76 per
sf.
Other News
n
An unidentified buyer paid
$1.83 million, or $91,250 per
unit and $165.58 per sf, for a
20-unit apartment building at
344 S. Marion St. in Englewood,
near Swedish Medical Center.
Joe Hornstein
and
Scott
Fetter
of
Pinnacle Real Estate
Advisors
represented the buyer
in the transaction.
“The sellers owned long-term
and were not considering a sale
until they were approached by
a 1031 buyer,” Hornstein said.
“The in-place investment
return was well below market,
but the buyer intends to reposi-
tion the property and stabilize
at higher rates,” he said.
n
An unidentified buyer paid
$1.21 million, or $120,500 per
unit, for a 10-story apartment
building at 3605-3685 Pierce St.
in Wheat Ridge.
The buyer was represented
by
Kevin Calame
and
Matt
Lewallen,
senior advisers at
Pinnacle Real Estate Adivsors
LLC.
“The property was in good
condition and the buyer plans
to bring the rents up to market
rate,” Calame said.
n
An unidentified buyer paid
$1.12 million, or $80,000 per
unit and $138.08 per sf, for a
14-unit apartment building at
1225 Yosemite St. in Denver.
The property was built in
1962; it is south of Colfax Ave-
nue and north of Lowry.
Joel Hornstein
and
Scott
Fetter
represented the buyer.
“The buyer was able to pur-
chase a building with updated
units, newer systems and good
existing cash flow,” Hornstein
said.
“The sellers decided the tim-
ing was good to sell and rein-
vest their equity into other non-
real estate-related opportuni-
ties,” he said.
s
Multifamily
Invesco plans to upgrade the Retreat at Park Meadows.
investment in Colorado.
Rocky Mountain Instru-
ment’s facility is a Class A
light-manufacturing property
located just east of U.S. High-
way 287, north of the North-
west Parkway. RMI, a leader
in production of high-quality
precision optics, has occupied
the building since it was con-
structed in 1998.
The property includes state-
of-the-art laboratories, produc-
tion and office spaces. It has
14- to 15½-foot clear heights,
three drive-in doors and two
docks.
s
ʻIt’s on 33 acres
and it would
be very tough
to assemble
that much land
today.It’s next
to a light-rail
station and it is
in a very strong
demographic
area.ʼ
– Jordan Robbins,
Holliday Fenoglio Fowler
