TODAY’S DEALS: Forum Sells Denver Apartment, Achieves Record Price Per Square Foot
ARA brokers Forum Real Estate Sale of a 57-unit apartment in Denver; Titan SenQuest grabs a seniors housing community in Grand Rapids; and Meridian Capital Group arranges a $2.3 million loan with a below-market interest rate.
Denver—Forum Real Estate Group has sold The Logan, a 2012-built 57-unit apartment community located in Denver’s trendy Governor’s Park neighborhood at East 6th Avenue and Logan Street. According to ARA, who represented Forum in the sale, the transaction achieved the highest price per square foot ever for an apartment community in Colorado. A local real estate developer bought The Logan for $15.5 million, representing $271,929 per unit and $443.44 per square foot. The asset was 98.3 percent leased at closing.
ARA Colorado’s Terrance Hunt, Shane Ozment, Justin Hunt and Andy Hellman represented Forum in the sale.
“High demand really pushed the price and illustrated that new high-end boutique-style apartments generate demand not only from investors but residents as well,” says Hunt. “Although the average unit size within the property is small at 613 square feet, the developer effectively utilized space to make it very functional for residents.”
Ozment adds: “This is hands down the best location in Capitol Hill. The property is adjacent to the new Trader Joe’s, which just opened on September 5th, it’s walking distance to fantastic restaurants, bars & coffee shops and Governor’s Park is just around the corner. This hip urban development really caters to the demographic that calls this submarket home.”
Titan SenQuest acquires Michigan seniors housing
Grand Rapids, Mich.—Titan SenQuest Senior Housing, the seniors housing company of Los Angeles-based Titan Real Estate Investment Group Inc., has announced the acquisition of Sentinel Pointe, a 152-unit retirement community on an 18-acre campus. The $10.3 million, off-market transaction represents Titan SenQuest’s first purchase in Michigan, a new market for the company where it plans further expansion.
The community—located at 2900 Thornhills Ave. SE in Grand Rapids, Mich.—was owned by a private family partnership that had built and owned Sentinel Pointe for generations. Amenities include fitness room with spa, sauna and group exercise space. There is also a bank and sundries/gift shop. Common areas, a greenhouse and garden with space for concerts and outdoor entertainment are also on campus.
“The Sentinel Pointe acquisition is a critical component of Titan SenQuest’s national growth strategy, and we are actively focusing on Grand Rapids and other attractive communities in western Michigan,” says Kevin Kaseff, the group’s chairman. “We’re excited about our opportunities to expand this community with more services to meet our residents’ diverse need.”
Meridian arranges $2.3M loan with below-market interest rate
New York—Meridian Capital Group LLC arranged a $2.3 million mortgage for the refinance of a mixed-use property located in New York.
The seven-year loan features a competitive fixed-rate of 3.50 percent and was provided by a regional balance sheet lender. This transaction was negotiated by Meridian Capital Group Associate, David Oheb, who is based in the company’s New York City headquarters.
The mixed-use property totals three residential units and 1,140 square feet of retail space. The property, located at 526 Ninth Avenue, is in the Hell’s Kitchen submarket of Manhattan across from the newly developed Hell’s Kitchen Cassa Hotel.
“Given the property’s location in the heart of the Hell’s Kitchen renaissance, Meridian was able to negotiate a below-market interest rate with multiple extension options,” says Oheb. “This transaction is illustrative of attractive market conditions in which lenders have a positive outlook on the growth potential of property values in the area,” he adds.