CREJ - page 1

by John Rebchook
A San Francisco-based
company recently paid
$150.5 million for two luxury
apartment communities in
the Denver area.
In the largest of the two
deals, Braddock & Logan
Venture Group paid $78 mil-
lion for the 300-unit Water-
mark at Southlands commu-
nity at 24631 E. Applewood
Drive in Aurora, according to
public records.
It also paid $72.5 million
for the 250-unit Outlook
Littleton at 4560 W. Mineral
Ave. in Littleton.
The
ARA
Newmark
team of Jeff Hawks, Doug
Andrews, Terrance Hunt,
Shane Ozment, Anna Ste-
vens and Amanda Meldrum
marketed and sold both com-
munities.
The $290,000 per unit paid
for the Outlook Littleton is
the most ever paid for a non-
core, garden-style apartment
community in the Denver
area, according to ARANew-
mark.
The Watermark at South-
lands sold for $260,0000 per
unit.
“This is a unique property,”
Hunt said about the Water-
mark.
“It is what is known as a ‘big
house’ concept,” Hunt said.
The average size of a unit
is about 1,100 square feet, far
bigger than the vast major-
ity of recently built apart-
ment communities.
“This is a brand-new
property and is in lease-up,”
Hunt said.
“This is more like town-
home living than apartment
living,” he said.
It was built by Waterman
Outlook Meadows sold for a record price for a noncore, garden-style apartment community.
by Jill Jamieson-Nichols
Holland Partner Group
purchased a 176-unit apart-
ment community on the U.S.
Highway 36 corridor.
Holland paid $35.5 million,
or $201,705 per unit, for the
Eagle’s Landing Apartments
at 7402 Church Ranch Blvd.
in Broomfield.
The apartments were built
in 1995. Unit interiors are
original to
the proper-
ty, so there
is plenty
of room
to update
them and
i mp r o v e
the com-
m u n i t y ,
according
to David
Potarf, senior vice president
in CBRE’s Denver Multifam-
ily Team.
“It’s a real value-add candi-
date,” he said.
Eagle’s Landing is a gar-
den-style community with
24 one-bedroom, one-bath
apartments averaging 700
square feet; 16 two-bedroom,
one-bath units of 911 sf; 112
two-bedroom,
two-bath
units averaging 1,029 sf; and
24 three-bedroom, two-bath
apartments that average 1,265
sf. The community includes
a clubhouse with a fitness
center, swimming pool and
movie theater, and also has a
dog park.
The apartments were fully
occupied at the time of the
sale. Eagle’s Landing generat-
ed substantial investor inter-
est, with bidding leading up
to four to five strong offers,
according to Potarf.
Eagle’s Landing is in the
Interlocken
submarket,
which had an apartment
vacancy rate of 4.41 percent
at the end of fourth-quarter
2015, according to Apartment
Insights.
“It’s pretty tight up there.
Anything in that northwest
corridor and anything that
has a value-add component is
pretty popular,” Potarf said.
Eland LLLP sold the com-
munity. Potarf handled the
sale with CBRE multifamily
team members Dan Wood-
ward, Matt Barnett and Jake
Young.
Holland is a vertically inte-
grated real estate investment
company based in Vancouver,
Washington. It has approxi-
mately 30,000 apartment
units valued at approximate-
ly $7.5 billion under devel-
opment and management in
the Western United States,
according to its website.
The company manages two
communities in Broomfield –
the Catania Apartments and
Retreat at the Flatirons – and
owns several properties in
the Denver area.
s
Eagle’s Landing Apartments provides a value-add opportunity to the buyer.
David Potarf
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