Denver – Transwestern Real Estate Services (TRS) announces it has sold two multifamily properties, The Avalon at 645 Wolff St., and Estrella at 7030-7070 Pecos St. The apartment communities offer a combined 356,000 square feet and 427 units. Transwestern’s Tom Wanberg and John Blackshire represented Mountain View Capital in the disposition to Oak Coast Properties, which purchased the assets for $61 million, or $143,000 per unit.
"We acquired The Avalon and Estrella in 2017 and have since addressed deferred maintenance and much-needed upgrades for both properties," said Jeff Sanders, Owner and Principal at Mountain View Capital. "While we have achieved our value-add business plan, there is still quite a bit of upside. For the future, we plan on shifting our focus to newer product, and we already have several new multifamily developments in progress, including 276 units under construction in Broomfield."
Built in 1961, The Avalon is a 246,000-square-foot asset and is comprised of 235 studio, one-, two- and three-bedroom apartments. Upgrades to The Avalon include an artificial turf soccer field, reimagined clubhouse, laundry facility, workout room, leasing office and swimming pool. The units boast new air conditioning, cabinetry, appliances, flooring and bathroom and lighting fixtures.
Estrella, built in 1971, is a 110,500-square-foot asset and offers 192 one- and two-bedroom apartments. Two units were converted into a leasing office and 24-hour gym and the swimming pool has been modernized. Upgrades to the units include new cabinetry, appliances, flooring and bathroom and lighting fixtures.
"There is plenty of opportunity to add value to the properties over the next few years since over 80% of the units are still unrenovated," said Roy Kim, Principal at Oak Coast Properties. "These properties were a perfect addition to our portfolio of core plus, value-add, and opportunistic assets."
Mountain View Capital is a Colorado-based multifamily investment firm with over 1,700 units in seven communities across Colorado's Front Range. Oak Coast Properties is a California-based real estate firm with 4,287 units valued at over $1 billion.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 33 U.S. offices and global alliances with BNP Paribas Real Estate and ENCOR Advisors. Learn more at transwestern.com and @Transwestern.
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Danielle Badura
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danielle.badura@transwestern.com
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