December 16, 2015-January 5, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 5AA
kind of scattered; they were all
over the map,” he said.
Village West was a bit unusual
in that Hellman and Hunt didn’t
market it.
“We had a buyer who was will-
ing to pay a good price,” Hellman
said.
“We gave them a number and
they took it before we took it to
market,” Hellman said.
“Thiswas reallyaperfect storm,”
for the seller, he said.
“With virtually all of the new
construction being for Class A,
high-end properties, a lot of blue-
collar workers and lower-paid
workers simply can’t afford to live
there,” Hellman said.
“So there is high demand from
renters and high demand from
investors for this type of product
aimed at the working class,” Hell-
man said.
"Thebuyerplans todoa full face-
lift that will position the property
to take advantageof the strong rent
growth and demand in Arvada,”
Hellman said.
Arvada’s location near down-
town Denver on the west side of
the metro area also is a big selling
point for investors, he said.
Village West is less than two
miles from Interstate 70 and is
1½ miles from the future Ward
light-rail station on the Gold Line,
an 11.2-mile electric, commuter
rail transit line that will connect
Denver’s Union Station to north-
west Denver, Adams County and
Arvada.
With final designs underway,
construction has begun with an
expected completion date of 2016.
The Gold Line will include eight
stations.
"This was a great deal for both
the buyer and seller,” Hellman
said.
“The seller was able to take
advantage of the favorable market
conditions while the buyer was
able to secure a property that has
significant value-add potential,”
Hellman continued.
“The buyer plans to spend sig-
nificant money to improve the
exterior of the community as well
as the unit interiors," he said.
Other News
n
Gibraltar PropertyManage-
ment
paid $47 million to
Kinnick-
innic Realty Co.
for the 402-unit
Terra Village at 6291 W. 26th Ave.
in Edgewater.
David Potarf, Dan
Woodward
and
Matt Burnett
of
CBRE
handled the transaction.
n
Fowler Property Acquisi-
tions
paid $28.75 million to
Kin-
nickinnic Realty Co.
for the 213-
unit Ten 49 (Highlander) apart-
ment community at 1049 E. Ninth
Ave. in Broomfield.
David Potarf,
Dan Woodward
and
Matt Bur-
nett
of
CBRE
handled the transac-
tion.
n
Griffis/Blessing
paid $16.25
million to
Kinnickinnic Realty
Co.
for the 138-unit Colonnade
apartment community at 15597
E. Ford Circle in Aurora.
David
Potarf, Dan Woodward
and
Matt Burnett
of
CBRE
handled
the transaction.
n
ARA Newmark
brokers
Jus-
tin Hunt
and
Andy Hellman
traveled farther than usual on two
recent apartment communities
they sold.
That is because it is 525 miles
Multifamily
Andy Hellman and Justin Hunt of ARA Newmark recently sold the
Blackmore Apartments in Bozeman, Montana. (See Other News)
