NorCal Investor Spends Record Amount On Littleton Apartments
Evergreen Development sold Outlook Littleton at 4560 W Mineral Ave in Littleton, which it recently completed, to Braddock and Logan for over $72M, a record for a garden-style complex outside the Denver core, according to ARA, A Newmark Company, which repped the seller. The property generated a lot of interest, ARA vice chairman Jeff Hawks explains, because of the lack of apartments in the entire Southwest submarket. "Our records show only six new properties in this sector in 25 years and only three other trades," he says.
NorCal-based Braddock and Logan is in it for the long haul, director of investment real estate David Lee says. "Our objective in entering the market has been to purchase new, well-located multifamily assets that will endure both economic and construction cyclicality," he says. The property has long-term appeal because it's in a place with high-wage earners, expensive single-family housing and mature neighborhoods.
