CBRE recently closed the sale of Courtyard Apartments at La Pat Place, a 30-unit multifamily community in Westminster, to a private investor for $10 million. EVP Dan Blackwell and senior associate Andrew Boukather represented both the buyer and seller during this transaction.
The property features an array of studio, one-, two- and three-bedroom floor plans with private patios in select units that have all been remodeled as part of extensive renovations completed by the seller. Additionally, it has an in-place Ratio Utility Billing System (RUBS) where tenants pay for water and trash while electricity is individually metered which reduces landlord utility costs.
Blackwell commented on this rare opportunity stating “We generated six competitive offers achieving a 4.85% cap rate along with $333,333 price per unit or $465 price per square foot” due to its dense urban infill market location with many great amenities nearby.
