Colorado Real Estate Journal - November 15, 2017
San Francisco-based Hamilton Zanze paid $60 million for a newly built Englewood apartment property. The real estate investment company paid $252,101 per unit for the Oxford Station Apartments, a 238-unit community located at 4101 S. Navajo St. Completed in late 2016, the community was leased up ahead of schedule – and was around 95 percent occupied at the time of closing, noted David Potarf of CBRE. Potarf, along with CBRE’s Dan Woodward and Matt Barnett, listed the property. The property was developed by a partnership between Littleton Capital Partners and Brue Baukol Capital Partners. Located immediately adjacent to the Oxford light-rail station, the community comprises a mix of studio, one- and two-bedroom apartments. The development included the renovation of a historic bowstring truss building on site that houses a two-story fitness facility and other apartment amenities adjacent to the outdoor pool area. “It’s a pioneering location; it’s located right in the middle of trendy areas,” Potarf said of the community along South Santa Fe Drive, which is close to both downtown Littleton and Englewood. The location, its age and amenities set it apart from the competition, he added. “There were a lot of offers – double-digit offers – on the asset. It was a competitive situation.” Oxford Station Apartments features an on-site dog park, social lounge, controlled access, business center, coffee bar, rooftop lounge, basketball court, bike storage, tennis court and game room. Apartments include 11-foot ceilings in some units, a breakfast bar with granite countertops, full-size washers and dryers, wood-plank style flooring and walk-in closets. Andrew Behrens of CBRE Capital Markets, Debt & Structured Fianance in San Francisco arranged the financing. The historic building on site also has commercial space, which was leased by Opera Colorado. It will relocate its administrative offices to the site, combining the company’s office space with rehearsal space as part of the new 7,000-square-foot Opera Colorado Opera Center. Opera Colorado inked a 10-year lease for the property in July and anticipates a move-in date later this month.