Colorado Real Estate Journal - August 16, 2017
A Santa Barbara, California based buyer made its first foray into the metro Denver apartment market with a record-setting acquisition. The private buyer paid $38.6 million for Amberley Heights, a 96-unit, “condo-quality” asset in Englewood. The two-building property in Inverness Business Park sold for more than $402,000 per unit and $267 per square foot, making it the highest-ever sale price per unit at the time of sale for a suburban Denver property, excluding Boulder, according to ARA Newmark. The price per unit subsequently was eclipsed by the $424,667-per-unit sale of Kent Place, also in Englewood. “The record-per-unit price of Amberley Heights reinforces the strong value of the property, as seen through the affluent resident demographics, proximity to the Denver Tech Center and light rail, and remarkably large floor plans – almost all of which are two bedrooms averaging more than 1,500 square feet,” said ARA’s Terrance Hunt. “The esteem and uniqueness of the asset, as well as the desirability of the Inverness market, attracted competition from investors on this one-of-a-kind deal, and condo-quality finishes of this grade are unmatched in the Denver market.” Hunt, along with ARA Newmark’s Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan, represented the seller, Colorado-based developer Peter Kudla of Metropolitan Residential Advisors. The seller also recently completed the 62-acre transit-oriented development, Vallagio at Inverness, which encompasses the property. The buyer was represented by Granite Peak Partners, a California-based real estate advisory firm. The exchange buyer was looking for a more long-term, quality asset in a solid location, Hunt said of the buyer, who was attracted to the Denver market’s job growth and the pricing, which might seem high in Colorado terms but seems very affordable for Southern California. Constructed in 2015, Amberley Heights features a mix of one-, two- and three-bedroom apartments. Units include granite countertops, stainless steel appliances, soft-close cabinets, gas fireplaces, oversized patios and balconies, 10-foot ceilings and walk-in closets. The gated, controlled-access community also features a heated parking garage, two cardio fitness centers, and a clubhouse with full kitchen and outdoor grill and patio. Located at 10450 Spring Green Drive, Amberley Heights is adjacent to the Inverness Hotel and Conference Center and its 18-hole championship golf course, minutes from the Dry Creek and County Line light-rail stations, south of the Denver Tech Center, 2 miles from Park Meadows and just east of Interstate 25 and C-470.