New York City-based Sterling American Properties III, with a partner, has paid $28.5 million for the 464-unit Brittany Downs apartment in Thornton, a city north of Denver.Sterling is the real estate investment arm of Sterling Equities Inc. In turn, Sterling Equities Inc.'s chairman and co-founder is Fred Wilpon, president and CEO of the Mets.
"This is our first purchase in Colorado, but we're looking to do more deals in the area," says Holly Denton, marketing manager for Sterling American Properties III. Sterling has purchased Brittany Downs with New Jersey-based Falkin Platnick Realty Group.
Denton says Sterling could possibly make future real estate purchases with partners such as Falkin or by itself. She says Jeff Smith, who heads investing for Sterling and was unavailable for an interview, is in charge of acquisitions.
The 17-year-old Brittany Downs has 272 one-bedroom units and 192 two-bedroom units. Apartments range in size from 504 sf to 908 sf. "The convenience of this location is proved by the occupancy of Brittany Downs, which has consistently been in the 98% to 100% range," says Jeff Hawks, who has handled the transaction with fellow Grubb & Ellis broker Doug Andrews. He says the area has benefited from the growth in the high-tech corridor between Boulder and Denver.
"The property is very accessible and is along the Boulder corridor, where a lot of industries have located," Denton explains. "There are a lot of reasons why people would want to live there. It was an attractive purchase."
Andrews says Sterling and Falkin pride themselves on offering quality living at an affordable price. And, says Hawks, Brittany Downs is a great alternative for renters who can't afford the newer, more expensive projects along the northwest corridor. The trade off is that units at Brittany Downs are smaller than in many of the newer projects, he says. "They will make significant improvements to this property," Hawks says. "They are the perfect owners for this location."
Since 1972, Sterling Equities has developed and acquired more than 14,000 apartment units and seven million square feet of commercial and retail space. Sterling American Property has purchased more than $3 billion in real estate, notes and mortgages. Over the next three years, it plans to invest more than $1 billion in residential, commercial and retail projects.
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