Westminster Apartment Complex Sells for Nearly $300 per Sq Ft
International Investment Groups Compete for Colorado Multifamily Assets
[Denver, CO, Monday, July 26, 2021] – Colliers Multifamily Advisory Group announced the sale of The Willowbrook Apartments for $16,550,000 ($174,211 per unit and $290 per square foot). Willowbrook is a 95-unit, four-building apartment community constructed in 1973. It’s located at 7155 Raleigh Street in Westminster, Colorado, directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk to the Westminster Light Rail Station B Line.
The seller, Summit Communities, a Denver-based investment real estate company was represented in the sale by Bill Morkes, Craig Stack, and Keegan Hofer of Colliers. The buyer, Epic Investment Services (Epic) of Toronto, Canada, was self-represented.
“Denver is getting a lot of attention from National and International investment groups” said Mr. Morkes. “It was a quick marketing process but we still received over ten offers from investment groups head-quartered across the U.S. and in Canada”
“We’re very happy with the Willowbrook purchase for our US Multifamily Fund I,” said Allan Okabe, Senior Vice President of Investments with Epic. “This is our first multifamily investment in Colorado and we’re excited to grow our portfolio.” Epic aims to continue to acquire garden-style properties with value-add characteristics in select markets targeting strong demographics and durable employment, such as Denver, for its US Multifamily Fund. Epic’s U.S. Multifamily Fund is also actively targeting other key markets in Arizona, Texas, North Carolina, Colorado, Tennessee, Nevada, Georgia, Utah and Florida.
“This was a great sale for our partners. We were able to execute our business plan and exit the asset in a smooth transaction.” said Jeff Young, Principal with Summit Communities.
“Strong apartment fundamentals, low borrowing interest rates and record demand from investors for multifamily investments continue to make this an attractive time to sell.” added Mr. Stack.
Epic Investment Services, which includes its wholly owned subsidiary MDC Realty Advisors in the United States, is a fully integrated North American real estate platform. Epic’s Canadian head office is located in Toronto, Ontario and its U.S. head office is located in Denver, Colorado. Epic’s portfolio comprises over 30 million square feet and $17.5 billion in assets under management in office, retail, industrial and multi-family residential properties. For more information on Epic Investment Services, visit epicinvestmentservices.com.