GOLDEN, 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 Table Mountain Townhomes in Golden, CO. ARA Denver associate, Justin Hunt, represented the seller, 17250 W. Colfax Holdings, LLC., in the disposition. The property was purchased by a private group that intends to make needed capital improvements.
Constructed in 2006, Table Mountain Townhomes enjoys convenient access to a wide variety of employment and retail facilities, as well as several institutions of higher education, including the renowned Colorado School of Mines. The entire Denver metro area is easily accessible via 6th Avenue, I-70, and C-470, which are located within a two to four minute drive of the property. Additionally, Table Mountain Townhomes offers a wide variety of spacious floor plans, with the average square footage of the units exceeding 1,000 square feet.
The buyer, a private Denver, CO-based firm, purchased the property for $2,115,750, representing a price per unit of $72,957 and a price per square foot of $70.59.
“This community is a great example of the turnaround we’ve seen in the multifamily market over the past 12-18 months. Since the special servicer had taken ownership in September 2010 the property transitioned from a destabilized asset with 37% vacancy, concessions, and collection issues, to a 97% occupied property with growing rents. From an occupancy standpoint this property is now in line with other West Metro and Golden apartments. I anticipate continued success and additional NOI growth for the new ownership as they make improvements to the property,” said Justin Hunt
The property manager who oversaw the turnaround of this community was Ascent Asset Management, based in Denver, CO. Mike Murray of Ascent is anticipating an additional 10% rent growth upon renewals.
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, Justin Hunt at jhunt@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