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January 3-16, 2018 - Page 13
Multifamily
by Jennifer Hayes
IRET Properties made its
inaugural investment in the
Denver market with its pur-
chase of the 274-unit Dylan
Apartments in Denver’s
River North Art District.
IRET made the $90.6 mil-
lion acquisition in conjunc-
tion with its ongoing dispo-
sition of noncore assets and
strategic goal of growing
its multifamily asset base in
Top 25 metropolitan statisti-
cal areas.
The community at 3201
Brighton Blvd., completed in
2016, was sold by Alliance
Residential. Terrance Hunt,
Shane Ozment and Chris
Cowan of ARA Newmark
represented Alliance.
The Dylan features a mix
of studio, one- and two-bed-
room units with 9- to 14-foot
ceilings, gas ranges, quartz
countertops, soft-close cabi-
nets, USB charging stations,
walk-in closets with custom
shelving, oversized win-
dows, a two-tone paint pal-
ette, hardwood-style plank
flooring, designer kitchens
and design accents that
“harken back to the neigh-
borhood’s industrial roots,”
noted IRET.
The community also fea-
by Jennifer Hayes
Los Angeles-based Aragon
Holdings boosted its Denver port-
folio with its purchase of Ten30
and Ten49.
The adjacent multifamily prop-
erties, totalingmore than400units,
are locatedat 1030E. 10thAve. and
1049 E. Ninth Ave. in Broomfield.
They sold for a reported $63.7 mil-
lion.
“Aragon’sexistingDenverprop-
erties have performed extremely
well. We are pleased to expand
our Denver portfolio, which has a
track record of outperforming the
national economy in terms of both
job and population growth. We
continue to pursue multifamily
acquisition opportunities nation-
wide, using the same standards,”
saidDanGuy, president ofAragon
Holdings.
“Ten30 and Ten49 are the only
apartment communities of this
size in the Broomfield/Interlocken
submarket with pre-1980s con-
struction, so they offered value-
add potential that simply can’t be
found elsewhere in the area. As
bothproperties arewell positioned
for continued strong performance
with stable cash flow going in, we
saw incredible interest that result-
ed in a positive outcome for both
the seller and the buyer,” said Jake
Young of CBRE Capital Markets,
Colorado Multifamily Investment
Properties.
Young, along with Dan Wood-
ward, David Potarf and Matt
Barnett of CBRE Capital Markets,
Colorado Multifamily Investment
Properties, represented the seller,
FPAMultifamily LLC of San Fran-
cisco.
by Jennifer Hayes
A local investment group pur-
chased a 92-unit apartment com-
munity in Westminster, one of
three recent sales handled by
Colliers International Multifamily
Advisory Group.
The buyer paid $8.75 million, or
$95,109 per unit, for the Willow-
brookApartments at 7135 Raleigh
St.
“We continue to see a com-
petitive bidding environment for
multifamily communities,” com-
mented Craig Stack of Colliers
International. “This is an excellent
time to be a seller, where not only
are you seeing strong pricing, but
offer terms can be very favorable.”
“We’re seeing buyers offer non-
refundable earnest money at con-
tract signing and offering to give
seller closing extensions if they
are seeking flexibility for a 1031
exchange,” added Bill Morkes,
also of Colliers. “Buyers are being
creative and aggressive in this
market to buy apartments.”
Stack, Morkes and Linhdan
Nguyen of Colliers represented
the seller of the community, which
features 88 one-bedroom and four
studio apartments, a swimming
pool, barbecue area and an office.
More than 15 offers were
received for the property, located
1 mile from the recently opened
72nd and Lowell light-rail station,
across the street from England
Park, which is slated to be redevel-
oped and connected via the Little
Dry Creek Park redevelopment to
the 40-acre Westminster Station.
“While some experts are wary
of the large increase in new apart-
ment construction, most agree
that there is an overall housing
shortage due to the lack of for
sale homes, townhomes and con-
IRET Properties made its inaugural investment in Denver with the
purchase of the 274-unit Dylan Apartments.