CBRE Purchases 350-Unit Asset in Colorado
- Jun 18, 2012
Littleton, Co.—CBRE Global Investors has acquired Alexan Downtown Littleton, a 350-unit Class A community located in Littleton, Co., from seller Trammel Crow Residential. ARA represented the seller in the transaction. The value of the sale was not disclosed.
“Barriers to entry in the Littleton submarket and multiple apartment communities converted to condominiums in the early 2000s has kept Littleton one of the tightest apartment submarkets in metro Denver,” says ARA’s Jeff Hawks.
The site was originally zoned for industrial purposes, but picked up by Trammel Crow Residential in 2008 with plans for a multifamily development. When Alexan Downtown Littleton was completed in 2009 it represented the first Class A luxury development to hit the market in over a decade, according to ARA.
Community amenities at the property include a pool with outdoor television lounge, a fitness center with yoga studio, and a solar-powered clubhouse. The community was 97.5 percent occupied at the time of closing.
Kennedy Wilson continues its buying spree
West Covina, Calif.—Kennedy Wilson just keeps on buying. The investment and services company just announced the $43.7 million purchase of Torrey Pines. The news comes just days after the company announced a 544-unit acquisition in the Bay Area and the purchase of an iconic 210-unit asset in Dublin, Ireland.
Torrey Pines is a 251-unit community located in West Covina, Calif. Kennedy Wilson acquired the property with its partners for $43.7 million, with $33 million in financing coming from Freddie Mac at 3.91 percent fixed for 10 years.
“This is an excellent investment for the company because the property is the newest market-rate apartment community in the city with no new projects in the pipeline,” says Robery Hart, president of Kennedy Wilson Multifamily Management Group. “Concessions and vacancy rates are perennially low due to a well-documented constrained supply, and demand is expected to remain high due to a strong segment of renter-type jobs, high home ownership costs and a growing population.”
Situated 20 miles east of downtown Los Angeles, Torrey Pines has an amenity package featuring five pools, two spas, a playground and a fitness center. Kennedy Wilson plans to begin a capital improvement play that will upgrade the fitness center, leasing office, landscaping and approximately half of the units.
Investors show high level of interest in Transwestern-brokered Dallas property sale
Dallas–Transwestern’s Dallas office today announced that is has completed the sale of Park Towne Villas, a 90-unit apartment community located at 7117 Holly Hill Drive in Dallas. The Transwestern Dallas Multifamily Group represented the seller, a private client based in California.
“Interest in the offering was significant and immediate. We received 65 registrants within the first five hours of our initial marketing blast. The buyer, JSK Business Service LLC, closed with a bank loan 25 days after contract execution,” said Taylor Snoddy, vice president at Transwestern. “We’ve sold three deals in the past 30 days with another four heading to escrow. The transaction market is very strong.”
Park Towne Villas was built in 1978 and is comprised of all two-story residential buildings. The property features pitched roofs and brick exteriors.
Snoddy, Mark Freeman and Philip Wiegand of Transwestern negotiated the transaction.