
Westminster Multifamily Fetches $465 Per Square Foot
CBRE closed the sale of a 30-unit multifamily community in Westminster to a private investor for $10 million. EVP Dan Blackwell and senior associate Andrew Boukather represented the buyer and seller.
Located at 13872 La Pat Pl., Courtyard Apartments at La Pat Place features a mix of studio, one-, two- and three-bedroom floor plans with private patios in select units. All 30 units were remodeled as part of the extensive renovations completed by the seller.
According to Blackwell, the property has an in-place Ratio Utility Billing System (RUBS), where tenants pay for water and trash, and the property is individually metered for electricity, reducing the landlord’s utility costs.
“Courtyard Apartments represented a rare opportunity for an investor to acquire a completely turnkey multifamily asset with RUBS in a dense, urban infill market with many great amenities nearby,” said Blackwell. “We generated six competitive offers and achieved a 4.85% in-place cap rate and $333,333 price per unit or $465 price per square foot.”
- ◦Sale/Acquisition