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Page 12 - January 3-16, 2018
Multifamily
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by Jennifer Hayes
Inland Real Estate Acquisitions
Inc. continues its acquisition of
Denver area apartment commu-
nities, most recently with its pur-
chase of the Union West Apart-
ments.
Inland paid $81 million, or more
than $303,000 per unit, for the 267-
unit community at 35 VanGordon
St. in Lakewood.
The price per unit, noted Dan
Woodward of CBRE, was sig-
nificant as not a lot of suburban
apartment communities are able
to achieve the $300,000-per-unit
threshold as well as rents that are
close to $2 per square foot.
Woodward, along with CBRE’s
David Potarf and Matt Barnett,
all members of the CBRE Capi-
tal Markets, Colorado Multifam-
ily Investment Properties group,
listed the community, which was
completed in 2016.
At the time of sale, it was 95 per-
cent occupied.
Union West features a mix
of studio, one-, two- and three-
bedroom units. Amenities at
the property include units with
42-inch cabinets, quartz counter-
tops, dual vanity sinks, kitchen
pantries, views of the mountains
and downtown, and washers and
dryers.
The community also includes a
fitness center, yoga studio, heated
leisure pool, hot tub, pet washing
station, ski maintenance station,
beer and wine taps and its eas-
ily walkable to the entire Union
Square area.
Confluence Cos. sold the com-
munity, just south of U.S. High-
way 6 andwithin a half-mile of the
Federal Center light-rail station.
Other News
■ Pinnacle Real Estate Advi-
sors LLC sold a 41-unit multifam-
ily property in Denver for $6.6
million, or $160,976 per unit.
The community, built in 1963, is
located at 2920 W. 32nd Ave., just
east of Federal Boulevard in the
Highland neighborhood.
Josh Newell of the Newell
Team with Pinnacle represented
the unnamed buyer.
“This was the perfect 1031
exchange scenario for the buyer as
we sold their stabilized asset in the
suburbs and found this value-add
trade opportunity,” stated Newell.
Jeff Johnson, co-founder of Pin-
nacle and with the Johnson Ritter
Team, represented the seller in the
transaction.
“The property is currently 100
percent occupied by tenants with
Section 8 vouchers, but there is no
income restriction in place, so the
new owner is able to reposition
the property in the future if they so
choose,” said Johnson.
■ A local buyer picked up a
Lakewood apartment property for
$4.15 million, or $172,917 per unit.
The 24-unit building at 915 Carr
St. was built in 1968.
It features large units and
“ample” off-street parking.
Bart Thompsonand Josh New-
ell of theNewell Teamat Pinnacle
Real Estate Advisors LLC repre-
sented the buyer.
“Bart and I were able to plug
a local buyer in a 1031 exchange
into this asset in order to satisfy
what had been a lengthy search,”
stated Newell. “He sold an asset
in central Denver for a premium
andwas happy to have the oppor-
tunity to acquire 915 Carr.”
Jeff Johnson, principal at Pin-
nacle on the Johnson Ritter Team,
represented the seller in the trans-
action.
“The seller had experienced a
dramatic increase in their equity
due to the property’s rapid appre-
ciation and wanted to trade into a
larger investment property,” said
Johnson.
■ An unnamed buyer paid
$2.81 million, or $165,294 per unit,
for a 17-unit apartment property
in Lakewood.
The building is located 7885-
7895W. 12thAve.
Josh Newell and Connor Knut-
son of Pinnacle Real Estate Advi-
sors LLC represented the seller.
“The sellers owned and man-
aged this property for over 20
years,” said Knutson. “Moving
into retirement, they were thrilled
to sell the property over list price
to a local 1031 exchange buyer.”
Newell and Barton Thompson,
also of Pinnacle Real Estate Advi-
sors, represented the buyer.
“The asset is well located near
the Wadsworth light-rail station,
helping to position the newowner
for a long-term hold,” stated
Thompson. ▲
The Union West Apartments sold for more than $303,000 per unit.