CBRE Closes $82M Sale of CO Community
- Sep 20, 2018
Hamilton Zanze has acquired Environs, a community in Westminster, Colo., for $82 million. CBRE’s Executive Vice Presidents Dan Woodward and David Potarf, along with Senior Vice President Matthew Barnett, represented the seller, Seagate Properties. According to Yardi Matrix, the sale was subject to a $12.2 million loan held by Freddie Mac.
Located at 3323 W. 96th Circle, Environs was originally built in 1984 as a master-planned, for-sale community. Today, the asset offers 318 rental units comprising 110 condos, 94 townhomes, 71 patio homes and 43 single-family homes.
“Environs was built originally as for-sale product on individual tax parcels in the mid-1980s, but was never sold individually and has always operated as a for-rent community,” Barnett told Multi-Housing News. “Home prices in the area have appreciated to a level that could support a conversion for individual sale. The optionality that route provides is a plus, but the highest and best use of Environs is to continue to operate as a differentiated rental community.”
Floorplans are offered on one-, two- and three-bedrooms ranging from 970 to 1,384 square feet. As of August, Environs was at a 95 percent occupancy, according to Yardi Matrix. Interior features include washer/dryers, fireplaces, vaulted ceilings, private balcony/patios and ceramic tile bathrooms. Common area amenities include:
- a fitness center
- a clubhouse
- a business center
- a tennis, volleyball and basketball court
- a playground
- two swimming pools
- a spa
- outside storage
- 600 parking spaces
“Investor demand for the property was strong as the Denver MSA continues to show growth. The northwest Denver submarkets are becoming more supply constrained as the development pipeline eases and population/job growth continue,” added Barnett.
Image courtesy of CBRE
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