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11/17/17
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Two Colorado multifamily properties totaling 148 units sold in separate deals for a combined price of $23.2 mil. Tom Wanberg and John Blackshire with Transwestern represented the sellers in both transactions.
In one of the transactions, Warm Springs Holdings LLC paid $10.82 mil for Village West Apartments, a 58-unit apartment complex at 12155 W. 58th Place in Arvada. Built in 1972, the property has a mix of one- and two-bedroom units ranging in size from 725 sf to 975 sf. The complex amenities include an indoor swimming pool, laundry room, sauna, and newly added fitness center. It was sold by 29th Street Management LLC.
“Village West is in an amazing location in Arvada, near the intersection of West 58th Place and Ward Road and down the street from the recently renovated Stenger Soccer Complex,” said Wanberg. “Investors are flocking to this area, but it’s extremely difficult to find multifamily properties to purchase. The top-flight location combined with the quality renovation should produce a stable investment for this buyer for years to come.”
In the other deal, 29th Management was the buyer, paying $12.4 mil for The Village Apartments, a 90-unit apartment complex at 10250 W. Mississippi Ave in Lakewood. The property was built in 1973 and has a mix of one- and two-bedroom units ranging in size from 715 sf to 915 sf. The complex amenities include a swimming pool, clubhouse with BBQ pits, and carports. The seller was Bayo Vista LP.
“This property is one of the rare Denver communities to be right next door to a water feature – in this case the Main Reservoir – with an accessible walking path for residents,” said Blackshire. “The buyer has invested in a fantastic value-add opportunity, with upside for improvements, spacious units and a terrific location.”
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