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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).