DENVER, CO - CBRE announced the $37.5 million sale of Outlook Biscay, a 96-unit multifamily property located at 3382 South Biscay Way in Aurora, Colo. Jake Young, Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, Evergreen Development of Denver, Colo. CentrePoint and CentreSquare purchased the property in a sale that closed Oct. 22.
“Outlook Biscay is a unique asset offering high-quality, newly built townhomes. We saw incredible interest in this opportunity, setting one of the highest price-per-unit trades for a suburban metro Denver apartment property over the past several years. This property is well positioned for this new environment and next stage of the cycle,” said Mr. Young, First Vice President, CBRE.
Based on preliminary data, CBRE Econometric Advisors estimates a Q3 2020 vacancy rate of 4.4% for professionally managed multifamily properties, up 80 bps year-over-year. Though the national multifamily vacancy rate is rising, it is still at a historically low level, 70 bps below the average national vacancy rate over the past 15 years (5.1%).
“Colorado is experiencing one of tightest real estate markets the region has recently seen, and the demand for single family homes is expected to grow,” said Jeff Wilkstrom, Principal and Regional President of Evergreen Devco. “The sale of Outlook Biscay affirms that the single family leasing lifestyle is very desirable. Many people are looking for the flexibility to live in a great neighborhood with great schools, without the burden of ownership. We feel that Biscay fills this demand."
Built in 2019, Outlook Biscay is a Class A, for-rent townhome community located in the Seven Hills neighborhood of Aurora. The property encompasses 20 two-story buildings offering two- and three-bedroom floor plans with an average unit size of 1,210 sq. ft. Each unit includes a two-car, direct-access garage, a private entrance, and Class A finishes like quartz countertops, stainless steel appliances and laundry rooms with a full-size washer and dryer.
The Outlook Biscay community amenities include a central leasing center, a year-round swimming pool, a dog wash and green belts. The property shares a road with Seven Hills Plaza, providing residents access to over 600,000 sq. ft. of retail within a 1-mile radius, including Natural Grocers, King Soopers, Walgreens, Safeway, Movie Tavern Aurora, and a variety of banks, restaurants and automotive services.