Page 44 —
COLORADO REAL ESTATE JOURNAL
— April 20-May 3, 2016
Union’s
new administrative
offices.
Foundation Holdings LLC
sold the building at 7201 S.
Broadway to the credit union
for $1.1 million.
Rick Egitto
of
Inverness Properties
repre-
sented the seller.
Keith Schinke
of
Brinkman Financial
repre-
sented
the
buyer.
“Arapahoe
Credit Union,
t h r o u g h
sound
fis-
cal practice,
exists to pro-
vide innova-
tive products
and
qual-
ity services that help meet the
daily financial needs and long-
term goals of its membership.
We are excited to develop our
new administration building
supporting our membership
needs, promoting our strong
image and implementing orga-
nizational strategies,”
Scott
Ferndelli,
president and CEO,
said in a statement.
s
Arapahoe
Rick Egitto
Arapahoe Credit Union will occupy the building at 7201 S. Broadway in
Littleton. (See Other News)
“If you can spend $5,000 or
$6,000 per unit and get another
$150 a month in rent, that is an
excellent IRR,” Ozment said.
In this case, the location was a
big selling point.
The average household income
within a 5-mile radius is $73,305,
ARANewmark’s research shows.
It also is five minutes from
the Englewood CityCenter and
the River Point shopping center.
Anchor tenants at River Point
include Costco, SuperTarget,
Michaels, Regal Cinemas, Chili’s
and Texas Roadhouse.
It also is in a high barrier-to-
entry market, Ozment said.
Because of the lack of land, ris-
ing construction costs and strict
building guidelines, only three
properties have been built within
a 3-mile radius in the past decade,
he said.
And only one community,
which has 306 units, is under con-
struction within a 4-mile radius,
he said.
“So if they raise their rents by
$75 a month, where do you go?
There aren’t many options if you
want to stay in this area,” Ozment
said.
Steadfast, he said, “is an excel-
lent owner,” and has a good repu-
tation.
“We’ve sold them five other
properties,” inColorado, Ozment
said.
Steadfast also owns PeakView
by Horseshoe Lake in Loveland,
PeakView at T-Bone Ranch in
Greeley, Oasis in Colorado
Springs, Bella Terra at City Cen-
ter and Hearthstone at City Cen-
ter, both in Aurora.
Steadfast Apartment had been
engaged in an initial public offer-
ing. The offering closed to new
investors on March 24.
All told, Steadfast has invest-
ed more than $1.25 billion in 31
apartment communities in 11
states.
Other News
n
GHC Housing Partners,
based in Sherman Oaks, Califor-
nia, paid $5.5 million to
Liberty
Group Inc.
for the 51-unit Squire
Village at 1180 Grant St. inNorth-
glenn.
The sales price equates to
$107,843 per unit and $107.51 per
square foot.
Squire Village, where the units
are 100 percent subsidized by the
government, was built in 1983.
n
An unidentified buyer paid
$1.25 million, or $78,125 per unit
and $98.53 per sf, for a 16-unit
apartment building at 1415Yosem-
ite St. in Denver. The propertywas
built in 1960 and is just south of
East ColfaxAvenue.
Joe Hornstein
and
Scott Fetter
of
Pinnacle Real Estate Advisors
represented the buyer in the trans-
action.
n
An unidentified buyer paid
$1.05 million, or $75,000 per unit,
for a six-unit apartment building
with eight garages at 3373 S.Alcott
St. in Sheridan. The buyer paid
$103.94 per sf for the property built
in 1981.
Josh Newell,
a senior adviser
at
Pinnacle Real Estate Advisors
LLC,
represented the local seller in
the transaction.
n
An unidentified buyer paid
$865,000, or $108,125 per unit, for
an eight-unit apartment building
at 5562 NewlandWay inAurora.
The property, built in 1971, is a
mile forma future light-rail station.
Matt Ritter
and
Jeff Johnson
with the Johnson Ritter team at
Pinnacle Real Estate Advisors
LLC
represented the seller and
Josh Newell
and
Connor Knut-
son,
with the Newell Team at Pin-
nacle, represented the buyer in the
transaction.
“We have a long-standing rela-
tionship with the seller and were
happy to assist them with the
sale,” Ritter said.
“The market has improved
dramatically since the seller pur-
chased the asset, making their tim-
ing perfect,” Ritter added.
n
An unidentified buyer paid
$600,000, or $120,000 per unit, for
a five-story apartment building at
357 Grant St. in Denver.
The apartment building, built in
1888, is just off Speer Boulevard
near the 9News building.
Jeff Johnson
and
Matt Ritter,
with the Johnson Ritter Team at
Pinnacle Real Estate Advisors,
represented the buyer in the trans-
action.
Josh Newell
represented
the seller in the transaction.
“The excellent central Denver
location of the property made it
very desirable among investors,”
Johnson said.
“We saw great value in the deal
and in the end we were able to
help our client satisfy the down-
leg portion of his 1031 exchange
by acquiring the asset,” Johnson
added.
s
ARA
Another look at Fielder’s Creek
