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Multifamily Fundamentals Still Seducing Buyers

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Colorado multifamily fundamentals are probably as strong as they've ever been—thus the extreme interest in the 1,206-unit Horizons at Rock Creek in Superior, which sold recently for about $250M. ARA Newmark executive managing director Shane Ozment tells us that no fewer than 20 competitive offers were made on the property, a strong showing considering that it was quietly marketed to a targeted group of qualified investors. NC-based Bell Partners prevailed, paying a record amount for a Colorado multifamily asset. Shane, along with colleague Terrance Hunt, repped seller Simpson Housing LLP.

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Located in the Interlocken submarket, which Shane calls one of the strongest multifamily areas in metro Denver, Horizons at Rock Creek was 96% occupied at the time of sale. The Q1 apartment vacancy rate in the submarket was 3.69%, down from just under 5% a year earlier. Overall, the submarket absorbed nearly 1,500 units over the last four quarters, more than any other in metro Denver, according to ARA Newmark. Average rent has increased 10% since Q1 '14 to $1.41/SF.

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