DENVER, CO - ARA recently represented The Bascom Group, LLC in the sale of the 127-unit Regis Place apartments in Denver, CO. Regis Place Apartments was purchased by California based, Green Leaf Regis, LLC for $16,250,000, representing a price per unit of $127,953 and a price per square foot of $123.07. According to ARA’s Terrance Hunt, “The buyer plans to attract additional residents from Regis University and was motivated by the evolving submarket, as revitalization is pushing north of the Berkley Park neighborhood.”
Regis Place continues to benefit from being the only newer vintage property near Regis University. Residents of Regis Place enjoy state-of-the-art amenities including a heated swimming pool, year-round open-air hot tub, and a children’s playground, as well as convenient access to Regis University, Willis Case Golf Course, public transportation, and downtown Denver via Interstate 70.
Hunt further explained, “Regis Place is a rare asset, as construction was completed in 2002, but it was only 127 units, making it highly attractive to the mid-market investor. Additionally the property offered a highly desirable unit mix of two, three, and four-bedroom units.”
“The ARA team was successful at bringing a great deal of buyer attention to Regis in a submarket that is largely unknown to investors outside of the Denver market,” said Bascom Principal Scott McClave. “We were very pleased that the ARA guys were able to extend their reach nationally and find just the right investor for us.
The property was 97.4% occupied at the time of closing.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Terrance Hunt at hunt@ARAusa.com, Shane Ozment at ozment@ARAusa.com, Jeff Hawks at hawks@ARAusa.com, or Doug Andrews at andrews@ARAusa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com