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Robert J. Francescon Of Century Communities Purchases Development Site In Denver For $9.5M
SOLD
$9,500,000
Colorado
See Similar DealsDevelopment Site
Sold
SOLD
Robert J. Francescon Of Century Communities Purchases Development Site In Denver For $9.5M
Mariposa Street
See Similar DealsDevelopment Site
Sold
Summary
COLORADO
Asset Type:Development Site
Transaction Type:Sale
The transaction involves a development site located in Denver, CO, sold for $9,500,000. The asset consists of 116 units at a price per unit of $81,897. Century Communities has commenced construction on a project known as The Stevie, which is a luxury apartment development under its multifamily division, Century Living.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,500,000
- Units: 116
- Buyer: Robert J. Francescon - Century Communities
- Seller: Elevation Development Group
- Market: Denver, CO
- Price Per Unit: $81,897
Robert J. Francescon represents Century Communities in the acquisition of the property, while Elevation Development Group is the seller in this transaction. The project aims to enhance the multifamily housing options in the Highland neighborhood of Denver, where the site is located.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$506,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,751.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,034.85
Annual Debt Service$540,418.16
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