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DENVER-The Bascom Group LLC, based in Irvine, CA, recently paid $17 million, or $49,275 per unit, for the 345-unit Highline Terrace apartment community at 1090 S. Parker Rd. The sales price is close to the assessed valuation of the property, according to public documents obtained by GlobeSt.com. For tax purposes, the value of the property is assessed at approximately $16.7 million, records show.
The seller was Rockborough Apartments, LLC, a Colorado limited liability company. Debt financing was provided by Wells Fargo Bank and was arranged by Troy Tegler of CBRE LJ Melody. Omni Apartments Communities Inc. will be providing property management services. The acquisition for Bascom was overseen by Scott McClave, principal of acquisitions and finance.
The asking rents for Highline Terrace range from $405 to $569 depending upon unit type: studio units at 465 sf; one-bedroom/one-bath units from 572 sf to 705 sf; and two-bedroom/one-bath units from 766 sf to 900 sf.. Highline Terrace consists of 16 two- and three-story residential buildings. Completed in 1972, Highline Terrace covers 17.24 acres, which is dotted with trees and amenities including a large clubhouse, an indoor/outdoor heated swimming pool with sun deck area, playground, a fully equipped fitness center with sauna and laundry facilities.
Highline Terrace is at the intersection of Quebec Street and South Parker Road. It has access to Denver's major roadways including Colorado Boulevard, Parker Road, and Interstates 225 and 70. The University of Colorado at Denver, Community College of Denver and Metropolitan State College are within 10 miles of Highline Terrace. Retail and dining opportunities include Monaco Square, Market Square, Leetsdale Shopping Center and Willow Grove, providing a large grocery store, banks, coffee houses, restaurants, dry cleaners and numerous other shops and services. Also, located just a few blocks south is the popular Cherry Creek Bike and Pedestrian Trail, which stretches for approximately 15 miles throughout Denver, including popular neighborhoods such as LoDo and Capitol Hill.
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