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PAT HENRY PrincipalO: 303.327.9752 | M: [email protected]
BOSTON WEIR PrincipalO: 303.327.9753 | M: [email protected]
FOSTER GILLIS Associate BrokerO: 303.625.7444 | M: [email protected]
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 2TABLE OF CONTENTS
Investment Summary
03Executive Summary Investment OpportunityProperty Description Investment Highlights Investment Details
Property Overview
Area OverviewComparables
07
2619
Property DetailsProperty PhotosLocation MapAerial/Parcel MapNeighborhood Maps Planned and Active Multi-Family Development
Location Overview/Demographics City of Lakewood Defining Features Sloan’s Lake Defining Features Shopping and Dining
Rent ComparablesRent Comparables Map Sales ComparablesSales Comparables Map
Financial Analysis
16Unit Mix & Other Income Details AssumptionsNOI Details
TABLE OF CONTENTS
Investment Contact
32Contact Information Confidentiality Agreement & Disclaimer
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
1 | INVESTMENT SUMMARY
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 4INVESTMENT SUMMARY
INVESTMENT SUMMARY
EXECUTIVE SUMMARYLime Apartments located at 1220 Wadsworth Boulevard in Lakewood, CO is a 50-unit, fully-renovated multifamily complex featuring modern, on-site amenities just a 1 minute walk from the W-Line’s Wadsworth Station light rail stop. Residents can commute to Downtown Denver, the Federal Center and Jefferson County Government Center in less than 15 minutes. The property was completely renovated in 2016, including new roofs, exterior paint and signage, doors, hardware, new unit interiors including new wood laminate flooring, kitchen and bathroom tile, windows, doors, dishwashers and in-unit washers/dryers. Tenants have access to the on-site fitness studio, lounge, outdoor patio and grill area or bocce ball court completely free of charge.
The property is also conveniently located within one block of both Jefferson County Open Enrollment High School and Saint Bernadette’s Catholic School. Lime is walking distance to retail services and restaurants on West Colfax Ave including Walmart, The Home Depot, Chipotle, Qdoba, Jersey Mike’s Subs, Panda Express and more. The immediate neighborhood has a number of sites slated for redevelopment along Wadsworth Blvd, as evidenced by the 300+ unit planned mixed-use multifamily and retail project being proposed directly across Wadsworth Blvd from the subject property. Lime Apartments is located in a Federal Opportunity Zone.
INVESTMENT OPPORTUNITYThe Seller is offering a Buyer the opportunity to purchase the fee simple interest in this fully-renovated, TOD oriented, stabilized multifamily asset in one of Lakewood’s most urban-centric rental districts. A Buyer will benefit from the low maintenance nature of this asset due to the recent renovation completed by the Seller, as well as the current owner’s meticulous care. A Buyer will also benefit from the short and long-term rental rate growth, as current rents are pushed closer to market rents upon expiration without having to spend any additional funds on renovations. As the area experiences additional development of service and neighborhood retail amenities, rates should continue to rise while still staying well below new construction pricing. Finally, an experienced multi-family operator should be able to increase efficiency and reduce expenses from the current rate of over $7,100/unit to a market standard closer to $4,500/unit.
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 5INVESTMENT SUMMARY
INVESTMENT SUMMARY
PROPERTY DESCRIPTIONLime Apartments is a recently renovated 50-unit apartment community located in an Opportunity Zone in the Two Creeks – St. Bernadette neighborhood of the city of Lakewood in Jefferson County, CO. Built in 1962 and renovated in 2016, the property is comprised of two, two-story buildings of mid-century modern architecture and constructed of masonry brick with a flat composition roof and is situated on an area of 1.77 acres. The exterior consists of brick and wood batten siding. The unit mix consists of 26-two-bedroom / one-bathroom units of 882 square feet each, 12-two-bedroom / two-bathroom units of 1,006
square feet each, and 12-three-bedroom / two-bathroom units of 1,187 feet each for an overall community average of 985 square feet per unit.
Exterior enhancements to improve curb appeal included mulch flower beds, rock gardens, new young trees, new exterior lighting, fresh exterior paint, modern balcony fencing, and rails. Renovations also included the addition of a new clubhouse and fitness center. Additional community amenities include bocce ball court, lounge area with BBQ and fire pit, on-site laundry facilities,
and 68 on-site parking spaces. The community is also pet friendly with guidelines and fees per the property’s existing pet policy. The community also provides storage with a recurring fee. A management office is also on-site.
High-end amenities that appeal to the renter demographic were also added to the interior. The units offer spacious, open floor plans and are individually air conditioned and gas heated and were upgraded with new kitchens that include sleek white cabinetry, brushed nickel hardware throughout, glass tile backsplash with natural stone accents, new sinks, faucet, and appliances which include stainless-steel refrigerator, stove with oven, and dishwasher. Other design highlights include energy-efficient windows, garbage disposal, wood-style laminate flooring, carpeting, tile flooring, raised panel doors, new bathroom vanity, title tub surround rainfall shower heads, and new designer paint and lighting. Washer and dryer connections are installed in each unit, and and washers/dryers are available to rent for a fee.
Electricity is individually metered, and paid by the tenants. All other utilities are passed through to the tenant and billed-back through a RUBS program.
CLICK HERE TO TAKE A VIRTUAL TOUR
OF 2-BEDROOM UNIT
CLICK HERE TO TAKE A VIRTUAL TOUR
OF 3-BEDROOM UNIT
LAKEWOOD WADSWORTH LIGHT RAIL STATION
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 6INVESTMENT SUMMARY
INVESTMENT SUMMARY
INVESTMENT HIGHLIGHTS• One (1) minute walk from the Wadsworth Station W-Line LRT stop, allowing residents easy access to Downtown Denver (Union Station), Denver International
Airport, Jefferson County Government Center and much more.
• Rare opportunity to purchase a turn-key, fully-renovated multifamily asset in one of Lakewood’s top rental markets
• Immediate 10-15% loss-to-lease recapture potential without requiring additional improvements
• Easily attainable operating expense reduction by eliminating bloated administrative and maintenance payroll, as well as other general operations expenses
• Recently renovated on-site management office, tenant lounge area, 1,000+ SF fitness area with yoga studio
• Strong parking ratio of 1.36/parking spaces per unit
• Quality outdoor and indoor tenant amenities, including fitness center, community patios, grills, outdoor fireplace and bocce ball court
• Rare mix of high-end finish 2BD/2BA and 3BD/2BA units with in-unit washer/dryers, furnace/AC and dishwashers. Very rare find for this submarket.
• Located in a Federal Opportunity Zone
INVESTMENT DETAILS
Price $11,250,000
Unit Count 50
Price Per Unit $225,000
Price Per SF $228.44
CAP Rate *Current/Proforma 5.49% / 6.23%
*Current CAP rate is based on NOI of current income less Year 1 projected OpEx
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
2 | PROPERTY OVERVIEW
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 8PROPERTY OVERVIEW
PROPERTY DETAILS
PROPERTY AND LOCATION
Name Lime Apartments
Analysis Date 3/16/2020
Address1220 Wadsworth Boulevard Lakewood, Colorado 80214
County Jefferson
Type of Building Apartment Low Rise
Year Built/Renovated 1962 | 2016
Number of Buildings 2
Number of Stories 3
Exterior Construction Masonry Veneer & Wood Siding
Roof Type TPO (2017)
Gross Rentable Sq. Ft. 49,248
Lot Size 78,321
Zoning M-R-T (Mixed-Use Residential Transit)
Landscaping Mulch and Shrubbery, Shared Outdoor Courtyard
Topography Level
PARKING
Parking Type Surface Lot
# of Parking Spaces 68
UTILITIES
Air Conditioning PTAC
Heating Forced
Metering: Water/Sewer Master - RUBS
Electric Individually Metered
Gas Individually Metered
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 9PROPERTY OVERVIEW
PROPERTY PHOTOS
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 10PROPERTY OVERVIEW
PROPERTY PHOTOS
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 11PROPERTY OVERVIEW
LIME APARTMENTS1220 Wadsworth BoulevardLakewood, Colorado 80214
LOCATION MAP
WA
DSW
ORT
H B
LVD
.
PIER
CE S
T.
CARR
ST.
W. COLFAX AVE.
W. 17TH AVE.
W. 14TH AVE.
W. 10TH AVE.
W. 9TH AVE.
W. 13TH AVE.
LIME APARTMENTS
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 12PROPERTY OVERVIEW
AERIAL/PARCEL MAP
WA
DSW
ORT
H B
LVD
.W. 13TH AVE.
LAKEWOOD WADSWORTH STATION
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 13PROPERTY OVERVIEW
NEIGHBORHOOD MAP RETAIL AMENITIES
LIME APARTMENTS
Jefferson County Open School
25INTERSTATE
25INTERSTATE
Walmart Supercenter
Wadsworth Light Rail Station
Walmart Supercenter
Planet Fitness
King Soopers
PetSmart
TJ Maxx
Dick’s Sporting Goods
Whole Foods Market
Belmar Commercial
District
Hobby Lobby
Target
Lakewood Country Club
Sloan’s Lake
Edgewater Public Market
Home Depot
WA
DSW
ORT
H B
LVD
.
W. 6TH AVE.W. 6TH AVE.
W. ALAMEDA AVE. W. ALAMEDA AVE.
W. COLFAX AVE.
W. 20TH AVE.
W. COLFAX AVE.
W. 13TH AVE.
W. 26TH AVE.
FED
ERA
L BL
VD
.
KIPL
ING
ST.
Denver
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 14PROPERTY OVERVIEW
NEIGHBORHOOD MAP SUBMARKETS
Google Maps https://www.google.com/maps/@39.725174,-105.121666,12.5z
1 of 1 3/24/2020, 9:38 AM
HIGHLANDS
DENVER
APPLEWOOD
DENVER WEST
EDGEWATER
WEST COLFAX
SLOAN’S LAKE
25INTERSTATE
LIME APARTMENTS
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 15PROPERTY OVERVIEW
PLANNED AND ACTIVE MULTI-FAMILY DEVELOPMENT
Carr Street Apartments 1091 Carr St.
19-Unit Apartments Complex
Lamar Station Townhomes 1322 Marshall St.
6-Townhome Units
Brickhouse at Lamar Station 6300 W. 13th Ave.
4-Story, 293-Unit Apartment Building
Hoyt 16 1600 Hoyt St.
64-Unit Apartments Completed and sold
Vacant in 2019
Indy Flats 1430 Independence St.
160-Unit Affordable Housing Project
Lakewood Suites Multifamily Project
1215-1225 Wadsworth Blvd. 300+ Multifamily Units
Source: Lakewood.co.maps.arcgis.com
LIME APARTMENTS
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
3 | FINANCIAL ANALYSIS
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 17FINANCIAL ANALYSIS
UNIT MIX & OTHER INCOME DETAILS
Bed Bath Square
Foot # of Units
Current Total Mo.
Rent Current
Avg. Rent
Current Avg. Rent
PSF
Proforma Total Mo.
Rent
Proforma Average
Rent
Proforma Avg. Rent
PSF Total Sq
Ft
Current Lowest Rent
Current Highest
Rent
2 1 882 26 $33,275 $1,280 $1.45 $37,050 $1,425 $1.62 22,932 $1,200 $1,425
2 2 1,006 12 $15,985 $1,332 $1.32 $18,000 $1,500 $1.49 12,072 $1,100 $1,425
3 2 1,187 12 $20,170 $1,681 $1.42 $21,600 $1,800 $1.52 14,244 $1,320 $1,800
TOTALS 50 $69,430 $76,650 49,248
x 12 x 12
ANNUALIZED TOTAL $833,160 $919,800
CURRENT, PROFORMA & DEBT ASSUMPTIONSCurrent Assumptions • All current expenses based on 2018 YE P&L (Less $12,011 in Cap Ex)• Scheduled Gross Rent assumes all vacant units are leased up at Proforma
Rates then 5% vacancy factor is applied• Current Property taxes of $55,600.70 based on 2019 Assessed Value of
$8,700,000 (Payable 2020) and Mill Levy of 89.3830Proforma Assumptions• Property insurance expense modeled at $500/unit• Projected Property Taxes expense of $63,941 assumes 15% increase from
Property Taxes Payable 2020 ($55,600.70)• Legal, Accounting & Consultants reduced to $200/unit ($10,000)• Mgmt Fee estimated at 5% of EGI• Eliminated Admin Wages, assumes costs are covered under 5% Mgmt Fee• Estimated Maint. Wages at $488/unit annually (estimated at 1.1 billable
hours/unit/month at $37/hour)• Eliminated uniform, travel and misc admin expenses of $2,990• Reduced Internet/Telecom bill to $300/monthDebt Assumptions• Assume debt at 70% LTV of $11,250,000 purchase price, 30yr Amort.,
3.75% Interest rate (CALL BROKER FOR ALT. DEBT OPTIONS)
CURRENT PROFORMA
OTHER INCOME DETAILS
2019 Actuals Per Unit Proforma Per Unit
Other Income:
Other Income/Utility Reimbursements
$31,933 $639 $31,933 $639
Storage $985 $20 $985 $20
Laundry Revenue $20,942 $419 $20,942 $419
Parking Income $1,776 $36 $1,776 $36
Application Fees $1,963 $39 $1,963 $39
Late Fees $7,685 $154 $7,685 $154
Deposits Forfeited $8,985 $180 $8,985 $180
Pet Income $9,254 $185 $9,254 $185
Month-to-Month Fee $2,820 $56 $2,820 $56
Totals $86,343 $1,727 $86,343 $1,727
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 18FINANCIAL ANALYSIS
NOI DETAILS
Current $ / Unit $ / SF Proforma $ / Unit $ / SF
INCOME
Scheduled Rent Income: $833,160.00 $16,663.20 $16.92 $919,800.00 $18,396.00 $18.68
Other Income: $86,343.00 $1,726.86 $1.75 $86,343.00 $1,726.86 $1.75
Scheduled Gross Income: $919,503.00 $18,390.06 $18.67 $1,006,143.00 $20,122.86 $20.43
Vacancy Allowance: -$41,658.00 -$833.16 -$0.85 -$45,990.00 -$919.80 -$0.93
Effective Gross Income: $877,845.00 $17,556.90 $17.82 $960,153.00 $19,203.06 $19.50
EXPENSES
Property Taxes $57,010.70 $1,140.21 $1.16 $65,350.81 $1,307.02 $1.33
Insurance $47,293.00 $945.86 $0.96 $25,000.00 $500.00 $0.51
Management $31,998.00 $639.96 $0.65 $45,000.00 $900.00 $0.91
Utilities $43,149.00 $862.98 $0.88 $35,855.00 $717.10 $0.73
Repairs & Maintenance $44,283.00 $885.66 $0.90 $44,283.00 $885.66 $0.90
Marketing & Promotion $2,228.00 $44.56 $0.05 $2,228.00 $44.56 $0.05
General & Administrative $127,292.00 $2,545.84 $2.58 $41,996.00 $839.92 $0.85
Misc. $2,990.00 $59.80 $0.06 $0.00 $0.00 $0.00
TOTAL EXPENSES $356,244 $7,125 $7.23 $259,713 $5,194 $5.27
NET OPERATING INCOME $521,601 $10,432 $10.59 $700,440 $14,009 $14.22
2019 Actuals 2020 Projected
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
4 | COMPARABLES
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 20COMPARABLES
2 BED RENT COMPARABLES SUMMARY
PROPERTY NAME LIME APARTMENTSTOWNHOMES AT TWO
CREEKSSTATION WEST APARTMENTS
CONCORDIA APARTMENTS
TERRA VILLAGE LAMAR STATION
Address 1220
Wadsworth Blvd.
Lakewood, CO 80214
7478
W. 10th Ave.
Lakewood, CO 80214
1205
Yukon St.
Lakewood, CO 80214
6777
W. 19th Pl.
Lakewood, CO 80214
6201
W. 26th Ave.
Wheat Ridge, CO 80214
1450
N. Lamar St.
Lakewood, CO 80214
Year Built | Ren. 1962 | 2016 1953 1961 | 2019 1985 1970 1974 | 2016
Units 50 21 34 168 402 138
Square Footage 882 952 700 744 860 880
Rent / Unit $1,425 $1,400 $1,350 $1,570 $1,350 $1,450
Rent / SF $1.61 $1.47 $1.93 $2.11 $1.57 $1.65
1 2 3 4 5
A V E R A G E SRENT / UNIT
$1,424SQUARE FOOTAGE
872RENT / SF
$1.75
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 21COMPARABLES
3 BED / 2 BATH RENT COMPARABLES SUMMARY
PROPERTY NAME LIME APARTMENTSTOWNHOMES AT TWO
CREEKSTERRA VILLAGE LAMAR STATION HOLIDAY GARDENS
Address 1220
Wadsworth Blvd.
Lakewood, CO 80214
7478
W. 10th Ave. Lakewood, CO
80214
6201
W. 26th Ave.
Wheat Ridge, CO 80214
1450
Lamar St.
Lakewood, CO 80214
1301-1315
Pierce St.
Lakewood, CO 80214
Year Built | Ren. 1962 | 2016 1953 1970 1974 | 2016 1959 | 2015
Units 50 21 402 138 78
Square Footage 1,167 1,100 1,100 1,000 1,510
Rent / Unit $1,800 $1,600 $1,850 $1,700 $1,950
Rent / SF $1.54 $1.45 $1.68 $1.70 $1.29
1
A V E R A G E SRENT / UNIT
$1,775SQUARE FOOTAGE
1,178RENT / SF
$1.53
2 3 4
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 22COMPARABLES
2 BED RENT COMPARABLES MAP
1 Lime Apartments
Townhomes at Two Creeks
Station West Apartments
Concordia Apartments
Terra Village
Lamar Station
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 23COMPARABLES
3 BED / 2 BATH RENT COMPARABLES MAP
Lime Apartments
Terra Village
Townhomes at Two Creeks
Lamar Station
Holiday Gardens
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 24COMPARABLES
SALES COMPARABLES SUMMARY
PROPERTY NAME LIME APARTMENTS THE EDGE APARTMENTS TRIVIUM APARTMENTS MAPLE LEAF APARTMENTS ESTATE PARK TOWNHOMES
Address 1220
Wadsworth Blvd.
Lakewood, CO 80214
4600 E. Kentucky Ave
Denver, CO 80246
2105-2125 Buchtel Blvd
Denver, CO 80210
7010-7110 Simms St
Arvada, CO 80004
2655 Depew St
Edgewater, CO 80214
Sales Price $11,250,000 $16,100,000 $18,400,000 $18,700,000 $6,900,000
Sales Date TBD 10/26/2018 2/28/2018 12/13/2019 4/8/2019
Year Built | Ren. 1962 | 2016 1965 | 2012 1961 | 2012 2007 1969
Units 50 80 100 71 36
Price / Unit $225,000 $201,250 $184,000 $263,380 $191,667
Price / SF $228.44 $170.33 $254.48 $218.93 $219.05
A V E R A G E SPRICE / SF
$215.70PRICE / UNIT
$210,074
1 2 3 4
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 25COMPARABLES
SALES COMPARABLES MAP
Lime Apartments
The Edge Apartments
Maple Leaf Apartments
Trivium Apartments
Estate Park Townhomes
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214
5 | AREA OVERVIEW
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 27AREA OVERVIEW
LOCATION OVERVIEW/DEMOGRAPHICS
POPULATION GROWTH In 2018, Colorado was the 7th fastest growing state adding 80,000 new residents with a population growth rate of 1.4% over last year. Lakewood, Colorado’s estimated population is 156,798 according to the most recent United States census estimates. Lakewood, Colorado is the 5th largest city in Colorado based on official 2017 estimates from the US Census Bureau.
DEMOGRAPHICS • Lime Apartments benefits from a
population of 156,798 and is located very close to Denver which has a population of 716,492
• The median age of residents in Lakewood is 38.8 years old
• The average household earnings in Lakewood is $61,058
• The population of the Denver metro region is estimated at more than 3.2 million residents for 2018, having added over 440,000 residents since 2010. The pace of annual growth, at 1.8% is well above the national average of 0.8% making the Denver region one of the fastest-growing metro areas in the country. Demographers predict the metro Denver population will exceed 4 million residents by 2035
Source: worldpopulationreview.com, CoStar.com, United States Census
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 28AREA OVERVIEW
CITY OF LAKEWOOD DEFINING FEATURES
1 2 3RECREATION Lakewood Recreation is home to four recreation center, two golf courses, a community center and hundreds of classes, programs and events.
PARKS, FORESTRY AND OPEN SPACE The city is proud to offer 110 parks and totaling more than 7,200 acres of open space. The city also has 107 miles of multi-use trails.
CRIME FREE MULTI-HOUSING The Lakewood Police Department’s Community Action Team has implemented the Crime-Free-Multi-Housing Program. Its goal is to train apartments owner, managers and residents about what they can do now to solve the problem of illegal and nuisance activity on the property.
Source: City of Lakewood.org
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 29AREA OVERVIEW
CITY OF LAKEWOOD DEFINING FEATURES
4 5 6CODE ENFORCEMENT Lakewood Code Enforcement officers work closely within the community to protect public health, safety and welfare, enforcing city codes related to nuisance and land use violation.
ARTS AND CULTURE The City of Lakewood is home to talented artists, thriving cultural organizations and diverse community celebrations. The city’s arts and culture facilities house classes, exhibits, tours and a myriad of special events.
OLDER ADULT SERVICES Provides programs and support services for those ages 55 and better. Classes and drop-in activities, day trips, outdoor recreation and special events, like the annual Older Adult Wellness Fair, are just some of the ways to get involved.
Source: City of Lakewood.org
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 30AREA OVERVIEW
SLOAN’S LAKE DEFINING FEATURES
Lime Apartments is located near Sloan’s Lake, Denver’s largest lake and the central feature of the 177-acre Sloan’s Lake Park. This is a highly desirable neighborhood due to its walkability, proximity to downtown Denver, and recreational opportunities. The established area has beautiful tree-lined streets, and there are pockets with great shops, restaurants, and amenities. New, modern townhomes are being built throughout the neighborhood, joining the traditional 1920s brick bungalows and ranches sitting on large lots. More than 66% of Sloan’s Lake residents own their home, an above average figure for Denver, but also creating a premium for rental properties. Both city and mountain views are commonplace. Lime Apartments are ideally located near the intersection of Wadsworth and West Colfax Avenue, providing residents with a broad spectrum of service businesses, restaurants, entertainment venues, and a vibrant nightlife scene. While facilitating an easy commute to downtown Denver, the region’s significant employment and cultural center, which is just 5 miles east along West Colfax Avenue. Also, the mile-long shopping, dining, and entertainment venue 16th Street Mall is only 5.7 miles away, the Denver Zoo within City Park is 9.5 miles east, Mile High Stadium is 3.9 miles east, and the Denver International Airport is less than 30 miles northeast from the subject. The W Line Wadsworth Transit Stop of the city’s light rail system is a 1-minute walk from the property.
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 31AREA OVERVIEW
SHOPPING AND DINING
Daily Conveniences Lime Apartment Homes couldn’t be more conveniently located with central access to US 6, I-70, and I-76. The Wadsworth Light Rail Station is less than 400 Feet from Lime Apartments in addition to RTD’s bus line.
Some of the popular conveniences are a short distance from the property including King Soopers, Walgreens Pharmacy, and Target, Planet Fitness, AutoZone, O’Reily Auto Parts, Edgewater Ace Hardware, Chase Bank are all extremely close and in some cases walking distance to Lime Apartments.
16th Street Mall and Denver Pavilions 16th Street Mall is a mile-long, outdoor, pedestrian-friendly mall with numerous shopping, restaurants, and entertainment venues, including 42 market cafes. The MallRide offers free shuttle services with stops on every corner. 16th Street continues as a pedestrian crossway over three bridges and connects to Commons Park and the popular LoHi community.
Denver Pavilions is located within 16th Street Mall near the south end and features 12 movie theaters, over 40 shops and restaurants, and indoor parking. Retailers include Banana Republic, Express, Forever 21, GNC, Rocky Mountain Chocolate Factory, Sephora, and much more. Dining options entail Hard Rock Cafe, Maggiano’s Little Italy, and 5280 Burger Bar & Creamery. Ross Dress for Less and T.J. Maxx are also within the immediate vicinity.
Eateries Some of the many coffee shops, brew pubs, and local dining establishments within close distance of Lime Apartments are Tap & Burger Sloan’s Lake, GB Fish and Chips, Swift’s Kitchen, Blackjack Pizza & Salad, Casa Bonita, Starbucks, Joyride Brewing Company, Happy Leaf Kombucha, Taqueria Mexico #1, Seedstock Brewery, McDonald’s, Chick-fil-A, and Burger King.
LIME APARTMENTS | 1220 WADSWORTH BLVD. LAKEWOOD, COLORADO 80214 32INVESTMENT CONTACT
CONFIDENTIALITY AGREEMENT & DISCLAIMERHRE Group, LLC has prepared the following Offering Memorandum, which contains select information pertaining to the business and financial operation of the Property and its Owner. This Offering Memorandum is not all-inclusive, nor does it contain all information that may be required by a prospective purchaser. Neither the Owner, HRE Group, nor Owner’s or HRE Group’s respective officers, employees, or agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, any information as defined below or the condition of the Property, and no legal liability is assumed or shall be implied with respect thereto. Purchaser(s) and / or Purchaser’s Agent(s) (“You”) will only be able to rely upon those representations and warranties contained in any final agreement entered into between You and Owner relating to the purchase and sale of the Property.
By acknowledging and accepting the receipt of this Offering Memorandum, You hereby agree:
1. The Offering Memorandum and its contents, and all other information supplied to you, in any manner, by Owner and/or HRE Group (collectively the “information”) are confidential;
2. You and your shareholders, members, directors, officers, employees, agents and representatives (collectively “Purchaser”) will keep the information confidential, and will not disclose or otherwise divulge or permit anyone else to disclose or otherwise divulge any of the information in any manner to any other individual, entity or party. Notwithstanding the foregoing, Purchaser may disclose such information to Purchaser’s shareholders, members, directors, officers, employees, agents and representatives who need to know such information in connection with the possible acquisition of the Property, provided that such shareholders, members, directors, officers, employees, agents and representatives agree to maintain the confidentiality of the Information in accordance with this Agreement;
INVESTMENT CONTACT
3. Purchaser will not use the Information for any purpose other than to evaluate Purchaser’s potential acquisition of the Property;
4. Purchaser shall not copy or otherwise duplicate any of the Information, and agrees to return upon demand of Owner or HRE Group all Information and destroy any extracts, analyses, summaries, or other documents prepared from or based upon the Information;
5. You and your agents are not entering into a co-broke agreement with HRE Group; and6. The Property and improvements described in this Offering Memorandum are being offered for sale on an “As
Is, Where Is” basis without representations or warranties.
The Owner and HRE Group reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any entity or person reviewing this Offering Memorandum or Information making an offer to the purchase the Property until a written agreement for the purchase of the Property has been fully executed.
If you do not wish to pursue negotiations leading to the potential acquisition of this Property, or if in the future you discontinue such negotiations, then you agree to return this Offering Memorandum to HRE Group This Offering Memorandum shall not be deemed to represent the state of the affairs of the Property or constitute an indication that there has been no change in the state of the affairs of the Property since the date this Offering Memorandum was prepared.
Pat HenryPrincipal | HRE Group, LLC [email protected]
Boston WeirPrincipal | HRE Group, LLC [email protected]
Foster GillisAssociate Broker | HRE Group, LLC [email protected]
303.625.7444 [email protected]
Mailing Address:303 South Broadway Suite 200-360Denver, Colorado 80209
Physical Address:55 Adams Street Suite 200Denver, Colorado 80206
PAT HENRY PrincipalO: 303.327.9752 | M: [email protected]
BOSTON WEIR PrincipalO: 303.327.9753 | M: [email protected]
FOSTER GILLIS Associate BrokerO: 303.625.7444 | M: [email protected]
LIME APARTMENTS 1220 WADSWORTH BOULEVARD LAKEWOOD, COLORADO 80214