FOR IMMEDIATE RELEASE
Westminster, Colorado Apartment Complex Sells for over $200 per square foot
Local and Out-of-State Investment Groups continue to compete for value-add multifamily assets
[Denver, CO, Saturday, February 22, 2020] – Colliers International Multifamily Advisory Group announced the sale of The Willowbrook Apartments for $11,750,000 ($123,684 per unit and $204 per square foot) – the fourth highest price per square foot sale in Westminster for pre-1980s constructed multifamily assets.
Willowbrook is a 95-unit apartment community built in 1973 and located at 7155 Raleigh Street in Westminster, Colorado. The property is directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line.
The seller, a Denver-based investment real estate company named Halaby Capital, was represented in the sale by Bill Morkes and Craig Stack of Colliers International. The buyer was Summit Communities of Denver and was self-represented.
“We received over ten offers from investment groups head-quartered across the U.S.” said Mr. Morkes. “The Denver suburban market has been extremely strong over the last ten years and national investors are aggressively competing to win value-add deals.”
“We are excited about the Willowbrook purchase,” said Jeff Young, Manager of Summit Communities. “This is our third acquisition in the Colorado market in 2020 and we plan to continue the pace.”
“This was an excellent transaction for our partners and everyone involved ensured a smooth transition. Our team looks forward to pursuing other investments in the community” said CEO of Halaby Capital, Ted Halaby, Jr.
“It’s a good transaction when both parties walk away satisfied” added Mr. Stack. “The seller successfully executed their business plan and the buyer bought a centrally located property, in a thriving Denver suburb, with the opportunity to execute a unit renovation program.”
For More Information
Bill Morkes
Vice President | Multifamily Investments
Dir +1 303 283 4583 | Mob +1 303 351 1371
bill.morkes@colliers.com
Craig Stack
Senior Vice President | Multifamily Investments
Dir +1 720 833 4602 | Mob +1 303 931 2274
craig.stack@colliers.com
About Colliers International
Colliers International Denver Multifamily Advisory group specializes in the disposition of multifamily assets in Colorado and the surrounding states – including market rate, affordable, senior, student, and mixed-use assets as well as land suitable for multifamily development.
