LITTLETON, 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 Columbine West Apartments and South Creek Apartments, both located in Littleton, CO. ARA Denver-based Principal, Terrance Hunt and Senior Vice President, Shane Ozment represented the seller, Colorado-based Hendricks Communities, in these transactions.
The buyer of both communities is an un-named private syndicator from Los Angeles, CA.
Occupancies at the two communities at the time of sale were 95% and 96% respectively.
Columbine West Apartments, an affordable housing community, was acquired at a purchase price of $3,150,000, representing a price per unit of $65,625 and a price per square foot of $85.23 and is comprised of 48-units in a six building community.
Constructed in 1996, floor plans consist of 16 one-bedroom units, 16 two-bedroom/two-bathroom units, and 16 three-bedroom/three-bathroom units. The community is located in the southwest area of Littleton in a strong stabilized neighborhood. Additionally, the property enjoys excellent visibility and is situated on a large lot. The location of Columbine West, less than five minutes from the Southwest Plaza Mall, allows residents easy access to shopping, restaurants, entertainment, and recreation.
Built in 1996, South Creek Apartments was acquired at a purchase price of $2,150,000, representing a price per unit of $59,722 and a price per square foot of $75.30. The seniors housing community is comprised of 36-units in two buildings and floor plans are comprised of 12 one-bedroom units, 13 two-bedroom /two-bathroom units, and 11 three-bedroom /two-bathroom units.
South Creek is located just south of Main Street in downtown Littleton on Nevada Street. This location is one block from the Littleton Light Rail Station and across the street from Arapahoe Community College. The property offers residents controlled access buildings, covered parking, central air-conditioning, balconies, and amazing access to transportation, retail, and entertainment.
ARA principal Hunt commented, “These are tax credit properties coming off their compliance period and are encumbered by a LURA that limits rental rates to 45%, 50%, and 60% of the area medium income. These properties are both well built and well located. The buyer will look to cut operating expenses and raise all rents to the allowable level which represents around a 10% increase in net operating income. ”
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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com