Warm Springs Management Acquires Denver-Area Community
The 58-unit garden community traded for $10.8 million. The new owner financed the acquisition using a Freddie Mac conventional loan.
By Jeff Hamann
Investment firm 29th Street Capital has sold the Village West Apartments in Arvada, Colo., a northwest suburb of Denver, for $10.8 million. The buyer, Warm Springs Management Group, acquired the property benefiting from $5.9 million in acquisition financing, according to Yardi Matrix. The Freddie Mac loan was originated by Hunt Mortgage Group and is set to mature in November 2024.
Located at 12155 W. 58th Place, the three-story, 58-unit community sits at the edge of a predominantly residential area and is within half a mile of a number of small retail buildings with restaurants, a dental care center and several other small shops. Downtown Denver is approximately 10 miles away, accessible via Interstate 70, which runs 1.5 miles south of the property.
Constructed in 1972, the community features 114 grade-level parking spaces, an indoor swimming pool and two laundry facilities on-site. The property contains 10 one-bedroom and 48 two-bedroom apartments, ranging in size from 750 to 925 square feet. The building’s units are fully occupied, per Yardi Matrix data from December 2017.
“The previous owner invested approximately $1.2 million in improvements since 2015, including repairs to the exteriors, interiors, appliance replacement, flooring replacement, plumbing, windows and sliders, and general site work,” said Penny Bradbury, vice president at Hunt Mortgage Group, in a prepared statement. “We were pleased to deliver on this loan for a quality repeat client.”
Shortly following the sale of Village West Apartments, 29th Street Capital also acquired its 10th multifamily investment property in the Phoenix area.
Image courtesy of Yardi Matrix