Newmark Multifamily announces the sale of Timber Lodge apartments, a 390-unit, multifamily community located at 1769 Coronado Parkway in Thornton, CO. Vice Chairmen Terrance Hunt and Shane Ozment provided strategic services to the seller, Denver-based investment company BMC Investments. Comprised of 15 two and a half-story buildings, Timber Lodge Apartments sold to Los Angeles-based investment firm, Gelt, Inc.
“With the market unable to add new units that can charge rental rates at an affordable price point, older properties like Timber Lodge fill the affordable void. This has created strong rental demand and high occupancy for an asset of this vintage. These strong fundamentals combined with very attractive available debt has led to tremendous buyer demand,” stated Hunt.
With a 1972 year of construction, Timber Lodge boasts a mix of studios, one-bedroom, and two-bedroom units that are prime for renovation. Located in Thornton, recently named by Apartment List as the Safest City in the US and the Best Place to Live in Adams County by Niche, Timber Lodge is also close to the future Thornton and 88th RTD Commuter Rail Line Station and minutes from major employment centers.
“Timber Lodge’s strategic location within the Thornton/Northglenn Apartment submarket further enhances its desirability,” added Ozment. “The northern markets have high barriers to entry, making it difficult to build new apartment complexes. Additionally, vacancy within the submarket has compressed 3.1% year-over-year. As a result of tight vacancies, effective rents grew 4.0% over the past year to $1.57 per square foot.”
With unit sizes averaging 709 square feet, Timber Lodge is situated on 12.59 acres, offering a low configuration density of 30.98 units per acre. Timber Lodge’s robust amenity package provides residents with two functional swimming pools, a fitness center, business center, playground, barbeque area, soccer field, dog park, carports and convenient on-site laundry facilities. The property also features a recently renovated clubhouse as well as easy access to Rotella Park, providing quick admittance to the Colorado Front Range Trail for an abundance of outdoor recreation options.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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