DENVER, CO—Capstone Apartment Partners announces the $30 million sale of a 184-unit LIHTC apartment portfolio in the Denver MSA. The portfolio is comprised of three Section 8 senior housing assets—Aurora Village, Kings Point, and University Plaza—which are located in Aurora, Denver, and Greeley, respectively.
Capstone’s Sean Holamon, Nik MacCarter, and Adam Riddle sold the portfolio on behalf of a legacy seller who had owned the assets for over 20 years. The brokerage team generated multiple competitive offers throughout the marketing process and ultimately closed at a 3.5% trailing cap rate.
“With a lot of interest in our premarketing to buyers, we ended up with good activity and a strong offer that preempted the full blown marketing process from a local buyer that has great knowledge of the assets and submarkets,” said Capstone partner Adam Riddle.
“With a long-term legacy owner and properties with multiple deed restrictions, the transaction was complicated and took skillful negotiation to get to the finish line. We are very excited to get the seller a 3.5% cap rate price and the buyer is expecting to hit their return expectations in a shorter amount of time than initially anticipated,” Capstone senior advisor Sean Holamon added.
Capstone was grateful for the opportunity to service this portfolio sale and arrive at a mutually beneficial closing that hopefully supports the continued success of both ownership groups as well as the satisfaction of the communities’ residents for years to come.