Eleven apartment communities with 50 or more units were recorded as having been sold during the 3rd Quarter of
2002:
·
Summitview Eagle Venture LLC bought The Parkway, a 666-unit complex at 1150 to 1250 Galapago Street
near downtown Denver. The Greenwood Village firm paid $77,500,000 for the property, or $116,366 per unit.
The seller was an entity sponsored by Archon Group of Dallas.
·
An affiliate of Red Peak Properties purchased Heritage Creek, a 324-unit community at 324 South Dahlia
Street in Glendale from an entity sponsored by L&B Multifamily Advisors of Denver. The purchase price was
$38,093,700, or $117,573 per unit.
·
Golub Company of Chicago bought Fallingwater Ranch, a new 317-unit property on Ken Caryl Avenue in
southern Jefferson County from Embrey Partners of San Antonio. Golub paid $37,000,000 for the property, or
$116,719 per unit.
·
Allied Realty sold The Retreat at The Heights on East Greenwood Circle in Aurora to Vista Real Estate of
Chicago. The sale price for the 394-unit community was $36,880,000, or $93,604 per unit.
·
Boulder Investment Properties purchased Tantra Lake, a 301-unit property on Moorhead Circle in south Boul-
der from a limited partnership sponsored by Sares-Regis Group of Irvine, California. The price was
$33,750,000, or $112,126 per unit.
·
As part of a package including The Parkway, Summitview Eagle Venture also acquired from Archon Group
the 230-unit Saddle Ridge property at 8707 East Dry Creek Road in Centennial. The sale price was
$25,255,000, or $109,804 per unit.
·
McDermott Properties bought the Maples at Crestwood from Partridge Properties of Chicago for
$19,400,000, or $64,667 per unit. The 301-unit community is located at 1327 West 84
th
Avenue in Federal
Heights.
·
Kinnickinnic Realty acquired The Colonnade, a 138-unit property at 15301 East Ford Circle in Aurora from
Archon Group for $9,000,000, or $65,217 per unit.
·
The Elke Heuer Trust bought Cherry Creek Abbey from Homburg Holdings of Colorado Springs for
$4,910,000, or $54,556 per unit. The 90-unit building is located at 911 South Dahlia Street in Glendale.
·
The 61-unit Cresthill Patio Plaza apartments at 1860-1910 Fenton Street in Lakewood were bought from
Hughes & Cawthra LP by Pamela Swanton and partners. The sales price was $3,711,500, or $60,844 per
unit.
·
Local Service Corporation purchased the Greenleaf apartments, a 55-unit building at 1571 Beeler Street in
Aurora. The seller was Northmark LLC. Purchase price was $3,647,000, or $66,309 per unit.
Conversion of existing apartment buildings to condominiums is becoming more active. During 2001 most conversions
occurred in the southern and southeastern suburbs and in central Denver, especially Capitol Hill. Lately, however,
more conversions have started to occur in the suburbs. Several major conversion announcements were made during
the 3
rd
quarter of 2002, including Fallingwater Ranch, Tantra Lake, Saddle Ridge and 206 units at The Park way.
(Continued on page 8)
Apartment Sales During 2nd Quarter 2002
Volume 1, 4
The Apartment Perspective
Page 7
James Real Estate Services, Inc.
