Colorado Real Estate Journal - December 17, 2014
Loveland-based McWhinney sold a portfolio of Class A, LEED-certified apartment properties in a transaction totaling $170.5 million. The sale to Inland Real Estate comprised 855 units in Loveland and Westminster. It included: • Lake Vista, a 303-unit community at 2525 Rocky Mountain Ave. in Loveland. The property is part of McWhinney’s 3,000-acre mixed-use Centerra development, which features restaurants, retail, a major medical center and other employers, housing, trails and open space. Completed in 2011, the apartments sit alongside Equalizer Lake. The property, which offers a mix of one- to three-bedroom units, including lofts, sold for $60.75 million, or $200,495 per unit. Lake Vista’s amenities include gourmet kitchens, 9- to 14-foot ceilings, a resort-style clubhouse with a 24-hour fitness center, 25-meter lap pool, spa, outdoor dining and entertainment area, fire pits, HD movie theater, conference and dining room, and covered parking. Units average 915 square feet. • The Greens at Van de Water at 2900 Mountain Lion Drive in Loveland. Also constructed in 2011, the community features 252 one- to three-bedroom apartments with an average size of 940 sf. The property sold for $44.5 million, or $176,587 per sf. The Greens at Van de Water offers a movie theater, putting green, dog park, car care center, community garden and large clubhouse with a resort-style pool, fit ness studio, cyber café, hightech game room and kitchen. Spacious balconies and patios, dual-pane windows, full-size washers and dryers, lightmaple cabinetry and unique floor plans are included. • Arbour Square, a 300-unit property that sold for $65.25 million, or $217,500 per sf. Arbour Square is located at 14770 Orchard Parkway, in the Orchard Town Center in Westminster. The apartments were completed in 2012.
In addition to proximity to retail and restaurants, the property offers an 8,000-sf “welcome center,” a sky lounge with panoramic views, a resort-style pool and spa, golf simulator, conference center, indoor car care center and theater. Penthouse and townhome-style units are included in the mix of studio to threebedroom apartments, which have gourmet kitchens, track and pendulum lighting, full-size washers and dryers, double-vanity bathrooms, walk-in closets, and patios or balconies. Dan Woodward and David Potarf of CBRE represented McWhinney in the transaction. Because two of the properties are located in Loveland, a tertiary market, the portfolio didn’t generate quite the flurry of activity it would have had all the properties been in the Denver metro area, Woodward said. At the same time, investor interest was good because of the high quality of the assets. “It came down to a bit of a bidding war at the end,” Woodward said. According to Apartment Insights, an online resource on the multifamily market, Inland also owns the Canyons at Saddle Rock in Aurora. A company spokesman didn’t return a phone call about the transaction.