BROOMFIELD, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the 82-unit Courtyard Apartments in Broomfield, CO. ARA Colorado principals, Terrance Hunt and Shane Ozment represented the seller in the transaction.
Courtyard Apartments was purchased by a private individual for $5,400,000, representing a price per unit of $65,854 and a price per square foot of $76.88.
According to ARA’s Terrance Hunt, “This was one of the last REO apartment properties in our market. We had been consulting with the bank for over two years. With the continued strength in the apartment market the bank was able to achieve a price that exceeded the list price.”
Shane Ozment added, “The great price was achieved due to an incredible amount of interest in the property and historically low interest rates.”
Broomfield is located in the heart of the US-36 corridor which has the largest per-capita job growth in the region and is home to the Interlocken Business Park, ConocoPhillips redevelopment, the new 1stBank event center, and a regional airport.
Located within minutes of Courtyard Apartments are the corporate headquarters for Ball Aerospace, Hunter Douglas, Level3 Communications, Vail Resorts, and Web Root. Courtyard Apartments is also located just minutes from a new commuter rail line that will be built as part of Denver’s FasTracks system connecting the area with Boulder and downtown Denver. The property offers residents an outdoor swimming pool/lounge area, onsite laundry facilities, extra storage, ample parking and is within walking distance to restaurants, grocery stores, the Broomfield Recreation Center, RTD Park-n-Ride and schools.
The property was 91% 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, or Shane Ozment at ozment@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