Colorado Real Estate Journal - November 5, 2014
Evergreen Devco Inc., based out of Phoenix, sold 24.23 acres of land to Lennar Multifamily Communities for $6.05 million, or $5.73 per square foot, which equates to $13,000 per buildable unit. The property is located on the east side of Grant Street, approximately one-eighth of a mile south of East 144th Avenue, near the intersection of East 144th and Interstate 25. The local contact for Lennar Multifamily Communities is Lee Busse, while Tyler Carlson is the local contact for Evergreen Development. The 465 units will contain 421,960 sf of building area, which reflects 17.2 dwelling units per acre with a total of 937 parking spaces, of which 233 will be enclosed parking. There also will be 19 handicap parking spaces and 93 guest parking spaces. Two clubhouses containing 6,221 sf and 2,094 sf are proposed. The site coverage includes 5.2 acres allowed for buildings, 8.71 acres for landscaping and 10.31 acres allowed for parking/driveway. According to Pat Stucker, senior apartment broker with JLL, “The growth of the apartment market has accelerated in Westminster, Thornton, Northglenn and Broomfield." And Douglas County, being one of the wealthiest counties in the U.S., has recently announced several proposed apartment complexes in Parker, Lone Tree and Castle Rock. A.G. Spanos, one of the top multifamily developers and the owner of the San Diego Chargers, just purchased 37 acres of multifamily land on the north side of Pine Lane, approximately an eighth of a mile east of Jordan Road, for $6.05 million, or $3.75 per sf. According to recent Parker City Planning hearings, the land has been approved for 12 dwelling units per acre.