Lakewood apartments sell for $107 million – Colorado News

Lakewood apartments sell for $107 million – Colorado News

Jefferson County

Address or Location: 255-315-409 Zang St. & 13015 W. Second Place, Lakewood, “Ascend at Red Rocks” & 351 Zang St. Lakewood, “Elevate at Red Rocks.”

Improvements: 580-unit apartment complex, 535,012 sf, YOC 1981 & 2001.

Land Size: 26 acres

Date of Recording: 6/30

Reception No. 2017068577

Price: $107M, or $ 184,483 per unit

Grantor: FPA4 Red Rocks I LLC, Michael B. Earl, VP

Grantee: Gelt Ascend LLC, Steven K Wassermann, c/o Wasserman & Associate & Samuel Freshman. Tarzana, CA 91356

Financing: Assumption of $42.84M note dated 10-23-14, payable to JPMorgan Chase Commercial Mortgage Securities. The second assumption was $22.42M (balance as of May 31) payable to Citibank, NA, due 10-24-24

Comments: 13105 W. Second Place contains 408 units and is situated on 16.54 acres and was built in 1980-1981. This property sold for $71.75M June 30, and the prior sale was Oct. 20, 2014, for $53.55M and is known as “Ascend at Red Rocks.” See APN: 49-082-02-005, 49-082-02-003, 49-083-04-002. “Elevate at Red Rocks” sold for $35.25M and contains 172 units, with 132,283 sf on 9.57 acres. This property is located at 351 Zang St., in Lakewood This apartment complex was built in 2001. Listing brokers are David Martin & Pamela Koster of Moran and Company. The Ascend property increased in value by 32.91%, or 11.19% per annum, while the Elevate property increased by 21.76%, or 7.63%. The total aggregate increase in value of the two properties was 29.7% since October 2014, or 10.19% per annum.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be…

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