Hamilton Zanze Sells Denver-Area Property for $54M
- Aug 26, 2020
Highpointe Park Apartments, an apartment community in the Denver suburb of Thornton, Colo., has sold for $53.6 million. CBRE represented seller Hamilton Zanze in the disposition of the property at 9701 Pearl St. to an undisclosed buyer.
Constructed in 2013 and featuring a current occupancy of 95.5 percent, the 220-unit Highpointe Park Apartments is comprised of eight two- and three-story buildings of frame construction. The community features one-, two- and three-bedroom residences measuring from 775 to 1,250 square feet in size. Apartment features include above-standard ceiling heights, in-unit washers and dryers, private balconies or patios, microwave ovens and high-speed Internet access. A fitness center tops its roster of common-area amenities.
Earlier this week, CBRE Capital Markets arranged financing for the acquisition of a townhome-style Salt Lake City apartment community.
“The main challenge in brokering this deal was related to COVID and having to limit tours,” David Potarf, CBRE executive vice president, told Multi-Housing News.
“We began by asking for indicative values prior to having anyone on site. We were able to run a regular process with 15-plus offers, but we limited tours only to finalists after several rounds of offers. Actual rent inspections were limited to vacant units in order to not disturb any tenants. The end result was a positive outcome for all parties, including on-site management.”
Situated 10 miles north of downtown Denver in a thriving submarket near the intersection of Thornton Pwy. and Washington St., Highpointe Park Apartments is steps from dining options, supermarkets, fitness centers, theaters and health care establishments.
It is also located near Interstate 25, and close to multiple stations on the N-Line commuter rail system currently nearing completion. Front Range Community College, Red Rocks Community College and Regis University are all within 22 minutes of the community.
A number of parks and recreational venues are situated within 11 miles. They include Butterfly Pavilion, Two Ponds National Wildlife Refuge, Majestic View Nature Center, and Rocky Mountain Arsenal National Wildlife Refuge.
The COVID-19 pandemic has resulted in a slowing of commercial real estate activity across the U.S. However, CBRE research indicates the highest share of total investment in the second quarter was garnered by the multifamily sector. Across the nation, that sector earned $12.9 billion in sales volume.
In addition to Potarf, Dan Woodward, Matt Barnett and Jake Young from CBRE’s Denver office represented Hamilton Zanze in the transaction.