CBRE Brokers $83 Million Sale of Stone Mountain Apartment Homes Adjacent to the City of Northglenn’s Civic Center Redevelopment Site
07 May 2020
CBRE announced the $83 million sale of Stone Mountain Apartment Homes, a 320-unit, 15-building multifamily property located at 11625 Community Center Drive in Northglenn, Colo. Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, Valhalla Holdings, LLC from Boulder, Colo. Capital Partners from West Palm Beach, Fla., purchased the property in a sale that closed May 6.
“The sale of Stone Mountain was truly a collaborative effort between buyer and seller. Both parties worked extremely well together to find solutions that worked for everyone involved,” said David Potarf, Executive Vice President, CBRE. “Stone Mountain is a rare value-add opportunity, with virtually untouched units that are still in great shape. Renovation scope can range from light, moderate to full redo, depending on market conditions going forward.”
Stone Mountain is a 282,948-rentable-sq.-ft. property with a mix of one- and two-bedroom units. Built in 2001, the property includes a clubhouse, year-round heated pool and spa with a poolside kitchen, a 24/7 fitness center, pet wash stations, a bicycle repair station, community garden with free individual plots, electric vehicle charging stations, lit private garages with workshop space available, and a nine-hole putting green.
The property is located directly adjacent the City of Northglenn’s Civic Center redevelopment site, in which the city is investing $53 million. In addition, residents of Stone Mountain have access to nearly four million sq. ft. of retailers within a 15-minute drive, as well as multiple grocery options and daily-needs retailers located just to the north at the intersection of 120th Avenue and Washington Street.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.