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Multifamily

Bradburn Garden Apartments

7545 Bradburn Boulevard, Westminster, CO 80030

Listing Price: $7,100,000

Cap Rate
4.11%
Number of Units
44
Price/Unit
$161,364

Investment Overview

Bradburn Garden Apartments is a 44-unit affordable housing community located in a quiet neighborhood of Westminster, Colorado. Nearby Sheridan Boulevard and Highway 36 make downtown Denver a convenient 15 minute drive to the southeast and Boulder only 20 minutes to the northwest. This apartment community has a great unit mix with 12 one-bedroom units, 31 two-bedroom units, and one three-bedroom unit. Community amenities include a large income-producing laundry facility and a playground. Built in 1973, there are four buildings on the property, all two-story exterior walk-ups with double-pane vinyl windows, pitched roof, newer gutters, and a central boiler that provides heat to the units. All units are individually metered for electricity and master metered for gas. Most of the plumbing was replaced in 2021 to make the building water consumption more efficient. Most of the units have been ungraded with low-maintenance hard surface flooring. There is a separate maintenance room, large storage shed, and a dedicated on-site management office with private restroom. There are 56 off-street parking spaces with the south side of the parking lot heated to allow for quicker snow and ice melt. Bradburn Garden Apartments operates under a Land Use Restriction Agreement (LURA) with the Colorado Finance and Housing Authority to provide a low-income housing credit to qualified tenants. All units at the property are under this agreement. Tenants must qualify with a total household income at sixty-percent (60%) or lower of the area median income (AMI). Their rental amount is then set accordingly per county guidelines and unit type. The current Agreement expires December 31, 2031.

Investment Highlights

  • Value-Add Affordable Housing; Room to Increase Rent $200+ Per Unit
  • All Units at 60% AMI; LURA Expires Dec. 2031
  • Great Unit Mix with Mainly Two-Bedroom Units
  • Hard Surface Flooring; Double Pane Vinyl Windows; Updated Plumbing
  • On-Site Laundry Room, Management Office, and Maintenance Shop
  • Large Off-Street Parking Lot with Portion Heated
  • Two-Story Exterior Walk-Up; Pitched Roof with Newer Gutters
  • Quite Residential Neighborhood Setting Close to Light Rail and Freeways

Exclusively Listed By

Multifamily

Bradburn Garden Apartments

Listing Price: $7,100,000

Cap Rate
4.11%
Number of Units
44
Price/Unit
$161,364

Investment Highlights

  • Value-Add Affordable Housing; Room to Increase Rent $200+ Per Unit
  • All Units at 60% AMI; LURA Expires Dec. 2031
  • Great Unit Mix with Mainly Two-Bedroom Units
  • Hard Surface Flooring; Double Pane Vinyl Windows; Updated Plumbing
  • On-Site Laundry Room, Management Office, and Maintenance Shop
  • Large Off-Street Parking Lot with Portion Heated
  • Two-Story Exterior Walk-Up; Pitched Roof with Newer Gutters
  • Quite Residential Neighborhood Setting Close to Light Rail and Freeways

Investment Overview

Bradburn Garden Apartments is a 44-unit affordable housing community located in a quiet neighborhood of Westminster, Colorado. Nearby Sheridan Boulevard and Highway 36 make downtown Denver a convenient 15 minute drive to the southeast and Boulder only 20 minutes to the northwest. This apartment community has a great unit mix with 12 one-bedroom units, 31 two-bedroom units, and one three-bedroom unit. Community amenities include a large income-producing laundry facility and a playground. Built in 1973, there are four buildings on the property, all two-story exterior walk-ups with double-pane vinyl windows, pitched roof, newer gutters, and a central boiler that provides heat to the units. All units are individually metered for electricity and master metered for gas. Most of the plumbing was replaced in 2021 to make the building water consumption more efficient. Most of the units have been ungraded with low-maintenance hard surface flooring. There is a separate maintenance room, large storage shed, and a dedicated on-site management office with private restroom. There are 56 off-street parking spaces with the south side of the parking lot heated to allow for quicker snow and ice melt. Bradburn Garden Apartments operates under a Land Use Restriction Agreement (LURA) with the Colorado Finance and Housing Authority to provide a low-income housing credit to qualified tenants. All units at the property are under this agreement. Tenants must qualify with a total household income at sixty-percent (60%) or lower of the area median income (AMI). Their rental amount is then set accordingly per county guidelines and unit type. The current Agreement expires December 31, 2031.

Exclusively Listed By

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