OFFERING MEMORANDUM€¦ · engineers, architects, contractors, other consultants and governmental...

A P A R T M E N T G R O U P

7495 Lowell Blvd, Westminster, CO 80030

24 UNITS | BUILT 1960

GREY POINT

OFFERING MEMORANDUM

PRICE: $4,500,000

PRICE / UNIT: $187,500

PRICE / SF: $256.81

OFFERED BY:PHILIP DANKNERDirector | Greystone UAG [email protected]

EARL DUFFYDirector Associate [email protected]

INVESTMENT SALES CONTACTS

PHILIP DANKNERDirector | Greystone UAG [email protected]


CONFIDENTIALITY & CONDITIONS

All materials and information received or derived from Greystone Unique Apartment Group its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Greystone Unique Apartment Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone Unique Apartment Group will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by

the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone Unique Apartment Group makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone Unique Apartment Group does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.

All properties and services are marketed by Greystone Unique Apartment Group in compliance with all applicable fair housing and equal opportunity laws.

GREYSTONE UNIQUE APARTMENT GROUP 400 South BroadwayDenver, CO 80209 www.uniqueprop.com



2 GREY POINT

TABLE OF CONTENTS

5 PROPERTY ANALYSIS 6 Property Summary 9 Renovations10 Building Details13 Recent Capital Expenditures

14 FINANCIAL ANALYSIS16 Unit Mix, Rent Schedule, and Pricing17 New Operating Income and Expenses18 Multifamily Small Balance Quote

20 COMPARABLE PROPERTIES22 Rent Comparables Unit Mix23 Comparable Rental Properties Map24 Comparable Sale Properties Summary25 Comparable Sale Properties Map26 Comparable Sale Properties

28 LOCATION OVERVIEW30 Westminster, CO Location Overview

GREY POINT 3

PROPERTY ANALYSIS

PROPERTY SUMMARY

Grey Point is a recently renovated 24-unit multifamily community located in the Arts District of the city of Westminster, CO in Adams County – part of the Denver-Aurora-Lakewood, CO metro area. Built in 1960 and situated on 0.61 acres, the property is comprised of a single, three-story low-rise building of wood-frame construction with a combination of brick and wood siding. Grey Point offers spacious floor plans with modern décor and a unit mix consisting of one- and two-bedroom units. Residents enjoy the property’s prime location near major highways and the light rail station at Hidden Lake.

Address: 7495 Lowell Blvd, Westminster, CO 80030

Number of Units: 24

Year Built: 1960

Buildings: 1

Stories: 3

Parcel Number: 1719-31-4-00-007

Building SF: 17,523

Acreage: 0.61

Parking: 27 Open Surface Spaces (1 Unreserved / Unit)

UTILITIESElectric (Xcel Energy): Individually Metered

Gas (Xcel Energy): Master / Owner Paid

Water / Sewer (City of Westminster): Master / Owner Paid

BILL BACK Water / Sewer / Trash / Gas

Flat Fee Per Unit:

1 BR 2 BR

$75 / Unit $100 / Unit

TRASH2 Dumpsters (Waste Connections)

LOCATION MAP

© Mapbox, © OpenStreetMap

© Mapbox, © OpenStreetMapGREY POINT7495 Lowell Blvd

Westminster, CO 80030

6 GREY POINT

GREY POINT 7


8 GREY POINT

GREY POINT 9

RENOVATIONS*

■ 19 Units FULLY Renovated

■ 5 Units Partial / Remaining

Renovations – Units 3, 10,

16, 17, and 18

■ New Designer Neutral Paint

■ New Air Conditioning

■ New Modern Kitchen

■ New Stainless-Steel Appliances

■ New Double Stainless-Steel Sink

■ New Upgraded White Cabinetry With

Nickel Hardware

■ New Countertops

■ New Tile Flooring in Bathroom

■ New Upgraded Toilets & Plumbing Fixtures

■ New Light Fixtures

■ New Flooring

* Photos Included fFom Unit 6 (Fully Renovated Unit)

10 GREY POINT

BUILDING DETAILS

■ Washer/Dryer (On-site): 2 “Speed Queen” washers and dryers leased through CSC. The laundry facilities, which were renovated, are located on lower level.

■ Heating: Baseboard heat

■ Boiler: There are two boilers – Laars Mighty Therm (model # HH0600IN09K1ACEX); 600K BTU; Expansion tank is a 2005 Extrol. Boilers located on lower level.

■ Hot Water Heater: Located in boiler room. The manufacturer is Rheem (model #: G65-360A-1); 62 gallon; 80% efficiency; 2008 make and install date.

■ Roof – Pitched/Shingle: Installed in 1999 by Arapahoe Roofing (Broomfield, CO)

■ Air Conditioning: Individual wall-mounted on upper floor only (8 units)

■ Landscaping: Grass, mulch, tree, shrubs (all irrigated)

■ Foundation: Slab on grade

■ Fire Protection: Smoke alarms and carbon monoxide detectors

GREY POINT 11

12 GREY POINT

GREY POINT 13

RECENT CAPITAL EXPENDITURES

■ 19 Unit Interiors: Fully Renovated

■ New Wood Façade: Installed And Stained in 2018 and 2019

■ New Exterior Paint: 2018

■ New Fencing: Installed in 2018

■ New Guardrail: Installed in 2018

■ Driveway / Parking Area: Crackfilled, Sealcoated, And Restriped in 2018

■ Insulation: Attic Was Insulated in 2018 (Report Available)

■ 27 New Zone Valves: Installed And Zone Valve Transformers Moved From Attic To Upper Storage Room in 2018

■ New Front Entry Signage: Installed in 2019

■ Landscape Renovation Projects: Completed 2018 and 2019

■ Laundry Room: Renovated in 2019

■ Ac Covers: Installed in 2019

■ Heating: Replaced Pressure Relief Valve On Boiler in 2019

■ Concrete: Improved in 2019

■ Heat Controls: Moved To 3rd Floor To Improve Accessibility in 2018

■ Bath Vents: Extended Through The Roof Area in 2018

■ Tree Pruning / Removal Work: Completed in 2019

■ Cedar Blind: Installed Around Dumpster in 2018

FINANCIAL ANALYSIS

PRICING

PRICING

Price: $4,500,000 Down Payment: $900,000 (20%)Loan Amount: $3,600,000Interest Rate / Amortization: 3.28% / 30 yearsCurrent NOI / Pro Forma NOI: $246,205 / $263,476

CURRENT / PRO FORMA ANALYSISDebt Service: ($188,721)Net Cash Flow After Debt Service: $57,484 / $74,755

6.39% / 8.31%

Principal Reduction: $71,713 Total Return: $129,197 / $146,468

14.36% / 16.27%

Cap Rate: 5.47% / 5.86%GRM: 13.69 / 12.97Price / Unit: $187,500 Price / SF: $256.81

UNIT MIX AND RENT SCHEDULE

TYPE# OF

UNITS UNIT SF

AVERAGE RENT / UNIT

ACTUAL

MONTHLY RENT / SF ACTUAL

AVERAGE RENT / UNIT PRO FORMA

MONTHLY RENT / SF

PRO FORMA

SCHEDULED RENTS- ACTUAL

SCHEDULED RENTS-

PRO FORMA

1x1 15 650 $1,079 $1.66 $1,150 $1.77 $16,180 $17,250

2x1 9 750 $1,243 $1.66 $1,295 $1.73 $11,190 $11,655

TOTAL / AVG 24 WEIGHTED AVERAGES: $1,140 $1.66 $1,204 $1.75 $27,370 $28,905

16 GREY POINT

OTHER INCOME DETAIL

Laundry $2,517

Utility Chargeback $22,500

Pet Rent $2,450

Pet Fee $1,000

Resident Liability Coverage $4,421

Reimbursed Turnover $4,787

Total $37,675

NOTES ON FINANCIAL INFORMATION

■ Expenses are based on full 2019 P&L

■ Income is based on actual June 2020 Rent Roll

■ Interest Rate used in underwriting provided via quote from Greystone on June 19, 2020

Items removed from P&L and explanation

■ $1,010 removed for non-recurring permits

■ $78 removed for non-recurring office supplies

■ $453 removed for non-recurring inspections

■ $3,400 removed for non-recurring pest control

■ $1,600 removed for leasing fees (most likely will not apply to new buyer)

■ $1,044 removed for non-recurring legal expenses

■ $3,010 removed for non-recurring tree removal

NET OPERATING INCOME

INCOME CURRENTPER UNIT

PRO FORMA

PER UNIT

PERCENT OF SGI

Scheduled Rent Income 328,440 346,860 Other Income 37,675 37,675

Scheduled Gross Income 366,115 15,255 384,535 100% Vacancy Allowance (5%) (16,434) (685) (17,343) -5%

Effective Gross Income: 349,921 14,580 367,192 15,300 95%

EXPENSES CURRENTPER UNIT PRO FORMA

PER UNIT

PERCENT OF SGI

Taxes, Property: Real 23,428 23,428 976 23,428 23,428 976 6.4%

Insurance: Property 6,440 6,440 268 6,440 6,440 268 1.3%

Management: Off-Site 22,637 22,637 943 22,637 22,637 943 6.2%

Utilities: Gas & Electric 8,143 8,143 2.2% Trash Collection 3,325 3,325 0.9% Water & Sewer 7,055 18,523 772 7,055 18,523 772 1.9% Repairs & Maintenance: Appliances 666 666 0.2% Doors/Locks/Glass 95 95 0.0% Electrical 340 340 0.1% Exterminating 1,075 1,075 0.3% HVAC 2,316 2,316 0.6% Lawn & Landscaping 1,752 1,752 0.5% Plumbing 1,342 1,342 0.4% Snow Removal 1,840 1,840 0.5% Supplies: Cleaning 2,240 2,240 0.6% General 8,793 8,793 2.4% Turnover 9,209 29,668 1,236 9,209 29,668 1,236 2.5% Marketing & Promotion: Advertising 1,850 1,850 77 1,850 1,850 77 0.5%General & Administrative:

Renters Legal Liability 1,170 1,170 49 1,170 1,170 49 0.3%Total Expenses 103,716 4,322 103,716 4,322 27.9%NET OPERATING INCOME 246,205 10,259 263,476 10,978 67.6%

Disclaimer: The pro forma is delivered only as an accommodation and neither Seller, Greystone Unique Apartment Group, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such valuation. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in this valuation.

GREY POINT 17

MULTIFAMILY SMALL BALANCE QUOTEFreddie Mac Freddie Mac Freddie Mac

Pricing as of 06/19/20 SBL Hybrid 5/15 SBL Hybrid 7/13 SBL Hybrid 10/10

Maximum Loan Amount $3,600,000 $3,600,000 $3,600,000

Loan Proceed Constraint Max LTV Max LTV Max LTV

Minimum DCR 1.20x 1.20x 1.20x

Maximum LTV 80% 80% 80%

Underwriting Floor / Stress Rate Yes Yes Yes

Non Recourse & Assumable Yes Yes Yes

Fixed / Initial Interest Rate 3.28% 3.52% 3.47%

Index Rate (for Floating) 6 mo LIBOR 6 mo LIBOR 6 mo LIBOR

Spread (for Floating) 3.25% 3.25% 3.25%

Floating Rate Period (Yrs) 15 13 10

Initial Interest Rate Adjustment 1% Max 1% Max 1% Max

Bi-Annual Interest Rate Adjustment 1% Max 1% Max 1% Max

Prepay Type YM YM YM

Prepay Terms YM, 1% YM, 1% YM, 1%

Amortization (Years) 30 30 30

Loan Period (Years) 20 20 20

Lifetime Interest Rate Ceiling 8.28% 8.52% 8.47%

PR

OD

UC

T ST

RU

CTU

RE

RA

TEP

RE

PAY

ME

NT

18 GREY POINT

Estimated NOI $239,761 $239,761 $239,761

Preliminary Value $4,500,000 $4,500,000 $4,500,000

Loan to Value 80.0% 80.0% 80.0%

Amortizing Debt Service (Annual) $188,721 $194,470 $193,265

DCR at Note Rate 1.27x 1.23x 1.24x

Greystone Origination Fee 1.00% 1.00% 1.00%

Agency Review Fee 0.00% 0.10% 0.10%

3rd Party Expense Fee $5,000 $5,000 $5,000

Processing Fee (due at closing) $3,000 $3,000 $3,000

Total Due at Application $5,000 $5,000 $5,000

Good Faith Deposit (refunded at close) 1.00% 1.00% 1.00%

Principal and Interest Reserves 12 Months at Close 12 Months at Close 12 Months at Close

Tax and Insurance Reserves Required Collected Monthly Required Collected Monthly Required Collected Monthly

Replacement Reserves N/A N/A N/A

Notes: Covid-19 Reserves Required 181,721 Covid-19 Reserves Required $194,470 Covid-19 Reserves Required $193,265

PR

ELI

MIN

AR

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ND

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Freddie Mac Freddie Mac Freddie MacPricing as of 06/19/20 SBL Hybrid 5/15 SBL Hybrid 7/13 SBL Hybrid 10/10

FEE

SR

ESE

RV

ES

*This soft quote does not represent a legal and binding contract with the potential borrower.Indicative rates quoted used solely as an example of current pricing.Its sole purpose is to inform the borrower of current mortgage rates and fee information regarding the subject loan. An official letter of interest will follow if the borrower is interested in pursuing funding with Greystone Servicing Corp.

Subject to Conditions:

1) Assuming Monthly Net Rental Income Of $26,0542) Assuming 95% Or Better Occupancy; Currently 95.83%3) Assuming $46,563 Of Other Income4) Management Fee Of 6% And Insurance Of $282 / Unit; Taxes Of $1,005 / Unit5) Utilities Of $822 / Unit And Repair & Maintenance Of $1,338 / Unit 6) No Payroll And Administration Of $382 / Unit7) Replacement Reserves Of $250 / Unit8) Quotes Are Subject To Agency Review

GREY POINT 19

COMPARABLE PROPERTIES

UNIT MIX | 1-BEDROOM

# PROPERTY BED BATHYR BUILT /

RENOVATEDTOTAL UNITS

SQUARE FOOTAGE

AVG. MARKET

RENT

AVG. MARKET RENT

/ SF

UTILITIES ADJUSTED

RENT / UNIT

UTILITIES ADJUSTED RENT / SF

GREY POINT-A7495 Lowell Blvd, Westminster, CO 80030

1 1 1960 / 2019 15 650 $1,150 $1.77 $1,150 $1.77

1HIDDEN LAKES APARTMENTS 3791 W 68th, Westminster, CO 80030

1 1 1973 / - 3 464 $924 $1.99 $1,064 $2.29

2HIDDEN LAKES APARTMENTS 3791 W 68th, Westminster, CO 80030

1 1 1973 / - 2 550 $1,114 $2.03 $1,254 $2.28

3FLATS ON 70TH 2801 W 70th Ave, Westminster, CO 80030

1 1 1962 / 2016 1 725 $1,100 $1.52 $1,240 $1.71

4THE VINTAGE AT HYLAND HILLS 4901 W 93rd Ave, Westminster, CO 80031

1 1 1994 / - 1 718 $1,096 $1.53 $1,226 $1.71

Avg / Total 562 $1,028 $1.72 $1,167 $1.95

High $1,114 $2.03 $1,254 $2.29

Low $924 $1.52 $1,064 $1.71

UNIT MIX | 2-BEDROOM

# PROPERTY BED BATHYR BUILT /

RENOVATEDTOTAL UNITS

SQUARE FOOTAGE

AVG. MARKET

RENT

AVG. MARKET RENT

/ SF

UTILITIES ADJUSTED

RENT / UNIT

UTILITIES ADJUSTED RENT / SF

GREY POINT-B7495 Lowell Blvd, Westminster, CO 80030

2 1 1960 / 2019 9 750 $1,150 $1.53 $1,150 $1.53

1 HIDDEN LAKES APARTMENTS 3791 W 68th, Westminster, CO 80030

2 1 1973 / - 3 650 $1,135 $1.75 $1,275 $1.96

2 VERL-DON APARTMENTS 7461 Quitman St, Westminster, CO 80030

2 1 1975 / - 1 800 $1,250 $1.56 $1,340 $1.68

3 7759 KING 7759 King St, Westminster, CO 80030

2 1 1952 / - 1 740 $1,375 $1.86 $1,505 $2.03

4 7120 HOOKER ST 7120 Hooker St, Westminster, CO 80030

2 1 1961 / 2018 1 740 $1,375 $1.86 $1,505 $2.03

Avg / Total 705 $1,234 $1.75 $1,363 $1.92

High $1,375 $1.86 $1,505 $2.03

Low $1,135 $1.56 $1,275 $1.68

RENT COMPARABLES

22 GREY POINT

COMPARABLE RENTAL PROPERTIES MAP

3

GREY POINT

HIDDEN LAKES

FLATS ON 70TH

7759 KING

5

7120 HOOKER ST

VERL-DON APARTMENTS 4

THE VINTAGE AT HYLAND HILLS

6

21


GREY POINT 23

COMPARABLE SALE PROPERTIES SUMMARY

PROPERTY ADDRESSYEAR BUILT

# OF UNITS

TOTAL SF

CLOSED DATE

SALE PRICE

SALE PRICE / UNIT

SALE PRICE / SF

CAP RATE

GREY POINT7495 Lowell Blvd 1960 24 16,500 On Market $4,500,000 $187,500 $256.81 5.5%Westminster, CO 80030

1. LLOYD'S APARTMENTS7250-7270 Newton St 1961 33 23,400 7/16/2019 $6,200,000 $187,879 $264.96 N/AWestminster, CO 80030

2. VERL-DON APARTMENTS7461 Quitman St 1975 16 14,112 6/21/2019 $2,415,000 $150,938 $171.13 6.4%Westminster, CO 80030

3. 7120 HOOKER ST7120 Hooker St 1961 16 11,888 6/28/2019 $2,550,000 $159,375 $214.50 7.5%Westminster, CO 80030

4. SAINT CLAIR APARTMENTS4510 W Saint Clair Pl 1973 42 28,728 7/1/2019 $6,900,000 $164,286 $240.18 5.0%Denver, CO 80212

TOTAL / AVG 21 15,626 $3,613,000 $168,832 $231.22 6.3%

24 GREY POINT

LLOYD'S APARTMENTS

SAINT CLAIR APARTMENTS

4

7120 HOOKER ST

VERL-DON APARTMENTS

2

3

1

GREY POINT

COMPARABLE SALE PROPERTIES MAP


GREY POINT 25



GREY POINT

COMPARABLE SALE PROPERTIES

GREY POINT

7495 Lowell Blvd


Year Built: 1960

Units: 24

Total SF: 16,500

Closed Date: On Market

Sale Price: $4,500,000

Sale Price / Unit: $187,500

Sale Price / SF: $272.73

Cap Rate: 5.5%

LLOYD'S APARTMENTS

7250-7270 Newton St


Year Built: 1961

Units: 33

Total SF: 23,400

Closed Date: 7/16/2019




Cap Rate: N/A

1

26 GREY POINT

VERL-DON APARTMENTS

7461 Quitman St


Year Built: 1975

Units: 16

Total SF: 14,112





Cap Rate: 6.4%

2

7120 HOOKER ST

7120 Hooker St


Year Built: 1961

Units: 16

Total SF: 11,888





Cap Rate: 7.5%

3

SAINT CLAIR APARTMENTS

4510 W Saint Clair Pl

Denver, CO 80212

Year Built: 1973

Units: 42

Total SF: 28,728





Cap Rate: 5.0%

4

GREY POINT 27

LOCATION OVERVIEW

DEMOGRAPHICS

147,794Residents3-Mile Radius

364,107Residents5-Mile Radius

36Avg Age of Residents3-Mile Radius

$58,053 Median Household Income3-Mile Radius

2.6Avg Persons / Household3-Mile Radius

2.3%Unemployment RateDenver MSA, December 2019

$390,000Median Sale Price, Adams CountyUp 5.3% Y-o-Y

COMMUNITY PROFILE

The Westminster Arts District, where Grey Point Apartments is located, is a two-square-mile area situated in the southern portion of historic Westminster – a vibrant community rich with history and character that is home to thriving businesses and a growing arts scene. Grey Point is located at 7495 Lowell Boulevard, a quiet, tree-lined street within a few blocks of the Denver / Boulder Turnpike (US-36), as well as being just a short bike ride from the new light rail station at Hidden Lake. The turnpike provides easy access to major employment and entertainment hubs such as downtown Denver, just 9.6 miles away via US-36 to I-25. The turnpike also connects to I-270, leading to the Denver International Airport. The quickly evolving downtown Westminster area is 3.0 miles north of Grey Point.

Westminster is characterized by authentic restaurants, specialty grocers, and long-established

family-run businesses that enrich the close-knit fabric of the community.

WESTMINSTER, CO

30 GREY POINT

A sampling of conveniences in close proximity to the property are:

DAILY CONVENIENCES SHOPPING AND DINING

Hair and beauty salons; gas stations; auto repair shops and parts supply stores; insurance services; and medical clinics are also nearby.

Shops at Walnut Creek ■ Newer, open-air shopping and dining plaza located in

Westminster off the Denver-Boulder Turnpike.

■ Super Target; TJ Maxx / Home Goods; Skechers; PetSmart; Old Navy; Michaels; Dollar Tree.

■ Bonefish Grill; Buffalo Wild Wings; Hacienda Colorado; East Moon Asian Bistro & Sushi.

16th Street Mall ■ Denver’s mile-long, outdoor pedestrian-friendly mall with

free shuttle service stops on every corner.

■ Continues as a pedestrian crossway over three bridges and connects to Commons Park and LoHi.

■ Stores include Ross Dress for Less, T.J. Maxx, and specialty shops.

■ Restaurants and entertainment venues round out the fare.

Denver Pavilions ■ Multi-level plaza with indoor parking located at the 16th

Street Mall.

■ Over 40 shops and eateries.

■ United Artists movie theater; Banana Republic; Express; H&M; Hard Rock Café; Maggiano’s Little Italy.

Eateries ■ Taqueria Las Palmas

■ The Original Chubby’s

■ Jackie Chan Chinese Kitchen

■ Woody’s Wings N Things

■ DAE GEE Korean BBQ

■ Thai House

■ Sheridan Café

■ Panda Express

■ Wendy’s

GREY POINT 31

HEALTH CARE

AIRPORT

HIGHER EDUCATIONRECREATION / ENTERTAINMENT

TOURISM

$6.5B Annual

Economic Impact

31M Visitors

$166 Per Day Leisure

Visitor Spending

4,650 New Hotel Rooms - 2018

57,000+ Jobs Supported

Westminster offers residents a variety of entertainment and recreational options, including parks and recreation centers; golfing venues; historic sites; and a vibrant and expanding downtown scene. The Westminster Promenade, a mixed-use outdoor pedestrian village, contains restaurants and cafes; a movie theater; art sculptures; interactive water features; walking trails; performance areas; and a three-rink ice arena. Metro Denver is a world-renowned outdoor recreational hub that also boasts a thriving arts and culture scene, from world-class museums to eclectic art districts.

■ Standley Lake Regional Park ■ Adventure Golf & Raceway ■ Butterfly Pavilion ■ Bluebird Theater ■ Museum of Contemporary Art ■ South of Colfax Nightlife

District (SoCo) ■ Legacy Ridge Golf Course

■ Chessman Park / Denver Botanic Gardens

■ Landry's Downtown Aquarium ■ Fillmore Auditorium

Music Venue ■ Echo Mountain ■ Loveland Ski Resort

The Auraria Campus in downtown Denver is a 15-minute commute from Grey Point and is home to The University of Colorado Denver, Metropolitan State University of Denver, and Community College of Denver. The campus has a total enrollment of 45,500 students.

The University of Colorado Denver (CU Denver) - This public research university is a part of the University of Colorado system. The university has two campuses - one in downtown Denver at the Auraria Campus, and the other at the Anschutz Medical Campus located in neighboring Aurora. CU Denver offers more than 140 degree programs in 13 schools and colleges and has an enrollment of approximately 19,500 students.

Denver International Airport (DEN) – DEN facilitates non-stop service with all major carriers to over 200 destinations throughout North America; Latin America; Europe; and Asia. DEN is one of the world’s busiest hubs, serving nearly 70 million passengers in 2019.

Kaiser Permanente Hidden Lake Medical Center – This non-emergency medical center is situated 1.4 miles from the property and provides services in pharmacy; family medicine; internal medicine; laboratory; pediatrics; and medical imaging.

St. Anthony North Health Campus – Westminster’s St. Anthony North Health Campus is a Level III Trauma Center and features 92 inpatient beds. The campus includes 60,000 square feet of integrated physician clinics; an ambulatory surgery center; an emergency room; a birthing center; and an outpatient diagnostics center equipped with lab and imaging services.

PROFESSIONAL SPORTS

NFL Denver Broncos

NBA Denver Nuggets

MLB Colorado Rockies

NHL Colorado Avalanche

MLS Colorado RapidsCU DENVER

32 GREY POINT

DESTINATION WESTMINSTER, CO

The city of Westminster, home to approximately 114,000 residents, is a northwest suburb of Denver and the seventh most-populous city in Colorado. Westminster is quickly progressing into a pivotal destination for commerce, retail, and new housing given its proximity to Denver and recent travel commuting enhancements. Located just southeast of the historic core of the city near Grey Point, the Westminster Station Transit Oriented Development (TOD) area is set to become the next new mixed-use urban neighborhood and regional destination of Metro Denver. The station area is advantageously located near the US-36 and Federal Boulevard — two major regional corridors and home to a Denver Regional Transportation District (RTD) commuter rail station. With more than 75 acres of transit-oriented development in the core station area and anchored by a 600+ stall parking lot, Westminster Station is

poised for tremendous growth with emphasis on a mixed-use range of retail, residential, and office development.

Westminster comprises a portion of the 10-county Denver-Aurora-Lakewood, CO Metropolitan Statistical Area (MSA) – the 19th most-populous U.S. metro. The broader 12-county Denver-Aurora, CO Combined Statistical Area has an estimated population of more than 3.5 million residents and is the 16th most-populous MSA in the nation. This bustling metropolis, one of the fastest growing in the U.S., is widely recognized for its exceptional balance of a thriving economy, healthy lifestyle, and urban and natural amenities. The region’s

economy is centralized around nine major clusters: aerospace; aviation; beverage production; bioscience, broadcasting and telecommunications; financial services; energy; health care; and information technology.

Colorado’s economy is a national leader based on business, employment, and GDP Growth.

METRO DENVER LARGEST EMPLOYERS*

EMPLOYER EMPLOYEES

Denver International Airport 35,000

Lockheed Martin 14,000

HealthONE Corporation 11,050

City and County of Denver 10,781

State of Colorado Central Payroll 9,588

Centura Health 8,310

SCL Health Systems 8,270

Comcast Corporation 8,000

Denver Health & Hospital Authority 6,541

Century Link 6,500

*Source: Colorado Office of Economic Development

& International Trade; City and County of Denver.

Sources: Greystone Research; US Census Bureau; US Bureau of Labor; Wikipedia; CoStar Analytics; Google Maps; City of Westminster; Colorado Office of Economic Development & International Trade; Denver.org; Metro Denver Economic Development Corp.; City of Denver; Denver Metro Association of Realtors; Mile High CRE; The Denver Post.

WESTMINSTER CITY

7th Most-Populous City

In Colorado

114,019Residents

31.6Square Miles

3,608People / Square Mile

DENVER MSA

19thMost-Populous Metro

In U.S.

2,973,468People

8,345Square Miles

356People / Square Mile

GREY POINT 33

Copyright ©2020 Greystone & Co. II LLC. All rights Reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone Unique Apartment Group, Inc. makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone Unique Apartment Group, Inc. recommends that you conduct your own investigation of the property in order to reach your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone Unique Apartment Group, Inc. should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.

OFFERED BY:PHILIP DANKNERDirector | Greystone UAG [email protected]




GREY POINTA P A R T M E N T G R O U P

OFFERING MEMORANDUM€¦ · engineers, architects, contractors, other consultants and governmental...

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