Denver High-Rise Sale Commands Record Price per Unit

Zocalo Community Development sells a 120-unit LEED Gold community for $37 million; Jones Lang LaSalle announced the firm's Mid-Atlantic multifamily team has closed a sale on behalf of an affiliate of Florida-based Priderock Capital Partners; and Johnson Capital arranges an acquisition loan for a luxury community in Texas.

Solera

Denver—Zocalo Community Development has sold Solera, its 120-unit LEED Gold certified high-rise, for $37 million. The sales price represents $308,333 per unit, a record for the state of Colorado. The property, which also features 5,200 square feet of commercial space, was picked up by The Connell Company of Berkeley Height, N.J.

“We’ve experienced high demand for our units since we opened our doors thanks to the upscale, environmentally-friendly lifestyle we offer,” says David Zucker, principal at Zocalo. “The sale shows that Solera has built a very attractive and valuable nice in the marketplace.”

The 11-story community received its certificate of occupancy in October 2010. Units have loft-style ceilings, large windows, and open kitchen layouts. Sustainable features include high-performance windows, Energy Star-rated appliances, high-efficiency lighting and occupant sensors, dual flush toilets and programmable thermostats. Units also come equipped with a real time power usage display that tracks monthly energy usage. The one- and two-bedroom apartments rent from $1,185 to $3,090 per month—some of the highest prices in downtown Denver.

Community amenities include a bicycle maintenance room and bike parking, a rooftop observation deck, fitness center, demonstration kitchen, and gaming area.

Jones Lang LaSalle brokers $40M sale to AREA in suburban Washington, D.C.

Washington, D.C.–Jones Lang LaSalle announced the firm’s Mid-Atlantic Multifamily team has closed the sale of Heritage at Old Town in suburban Washington, D.C. on behalf of an affiliate of Florida-based Priderock Capital Partners. AREA Property Partners purchased the 244-unit mid-rise and garden apartment community, located in Old Town Alexandria, for $40.9 million.

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Al Cissel and Scott Melnick, as well as Senior Vice President Christine Espenshade.

“Heritage at Old Town is well positioned in the market with a stellar location, rising rents and continued upside potential due to the strong demand and limited supply for close-in locations in Old Town Alexandria,” says Melnick. “We continue to see strong interest in the D.C. region as investors from all over the world seek value and growth-oriented assets in this thriving market.”

Built in 1978, Heritage at Old Town has undergone $1.5 million in renovations over the past 18 months. The six-building garden and one-building mid-rise complex is inside the Capital Beltway, directly off the US-1 exit and minutes from Ronald Reagan National Airport.

Johnson Capital arranges $21.7 for Texas community

Lakeside Villas

Grand Prairie, Texas—Johnson Capital’s Phoenix office has arranged a $21.7 million loan for Lakeside Villas, a 350-unit luxury community located in the Grand Prairie area of Dallas. The 10-year fixed-rate loan was provided by Fannie Mae and was used to acquire the property.

“I was pleased with my team’s ability to get this deal closed in a tight timeframe, especially considering the massive swings taking place in the capital markets at the time of rate-lock and closing,” says Dave Susank, senior vice president at Johnson Capital’s Phoenix office.

Lakeside Villas was completed in 2009. The community offers one-, two- and three-bedroom units available in 12 different floor plan styles. Community amenities include two swimming pools, an internet café, controlled access, a fitness center, business center, and pet park.