Northmarq completes $15.1 million sale of Lime Apartment Homes in Lakewood, Colorado
DENVER, COLORADO (September 28, 2022) – Northmarq’s Colorado Multifamily Investment Sales team of Alex Possick and Seth Gallman listed and completed the $15,050,000 sale of Lime Apartment Homes, a 50-unit, 1962-vintage multifamily property located at 1220 Wadsworth Boulevard in Lakewood, Colorado. Northmarq represented the seller, Notch Mountain Properties. The property was acquired by Turnstone Capital.
“The Lime Apartment Homes offering, presented the unique opportunity to acquire a 50-unit, stabilized, well-built community located on the highly desirable, employment and amenity rich north side of Lakewood. The property boasts top-of-the-line finishes at a dynamic, well-connected and high-growth location. Furthermore, the submarket in which Lime Apartment Homes sits, was the top-ranking market in the Denver Metro for Year-over-Year rental growth of 24.5 percent (per Apartment Insights),” said Possick. “The combination of the market fundamentals and investor demand for well-located, high-quality multifamily investment opportunities, enabled the team to achieve a record-setting price per unit watermark, for this vintage product in the market.”
Lime Apartment Homes offers two and three-bedroom floorplans (ranging from 927 to 1,187 sq. ft.) featuring enhanced finishes within a serene, low-density environment. Situated less than a minute from the W-Line Lakewood-Wadsworth Station light rail stop and under ten minutes from I-25, the location provides residents excellent transportation linkages and convenient access to some of Denver’s largest employment centers.
The sale and financing was delivered in the context of increased activity in the second quarter in the Denver multifamily market, according to Northmarq’s recently released Q2 Denver Market Insights. Transaction activity gained momentum in the second quarter with more properties changing hands than in the first three months of the year, a trend that appears to be continuing into the third quarter.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
