Income-restricted Northglenn apartments fetch $26M
By: Burl Rolett – BusinessDen
An Adams County mixed-income apartment complex has a new owner after an eight-figure sale last month.
An entity tied to Lakewood-based Hudson Grove Property Management bought Village by the Park, an income-restricted Northglenn apartment complex, from a pair of nonprofits last week for $26 million.
The building mixes units reserved for tenants making 30 percent, 50 percent, 65 percent and 120 percent of the median income for Adams County. Seller’s agent Joe Hornstein of Pinnacle Real Estate Advisors said it offered an opportunity to boost rents on its least restricted units.
“The maximum allowed rent would be much higher than you could actually get, so they’re effectively market rate apartments,” he said. “The buyer saw an opportunity to advantage of the 120 percent units to increase rents past where the seller had them.”
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