Colorado Real Estate Journal - January 3, 2018
Inland Real Estate Acquisitions Inc. continues its acquisition of Denver area apartment communities, most recently with its purchase of the Union West Apartments. Inland paid $81 million, or more than $303,000 per unit, for the 267-unit community at 35 Van Gordon St. in Lakewood. The price per unit, noted Dan Woodward of CBRE, was significant 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 Capital Markets, Colorado Multifamily Investment Properties group, listed the community, which was completed in 2016. At the time of sale, it was 95 percent 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 countertops, 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 easily walkable to the entire Union Square area. Confluence Cos. sold the community, just south of U.S. Highway 6 and within a half-mile of the Federal Center light-rail station. Other News ¦ Pinnacle Real Estate Advisors LLC sold a 41-unit multifamily 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 Pinnacle 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 Thompson and Josh Newell of the Newell Team at Pinnacle Real Estate Advisors LLC represented 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 and was happy to have the opportunity to acquire 915 Carr.” Jeff Johnson, principal at Pinnacle on the Johnson Ritter Team, represented the seller in the transaction. “The seller had experienced a dramatic increase in their equity due to the property’s rapid appreciation 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 7885-7895 W. 12th Ave. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors LLC represented the seller. “The sellers owned and managed 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 Advisors, represented the buyer. “The asset is well located near the Wadsworth light-rail station, helping to position the new owner for a long-term hold,” stated Thompson.