58-unit property for seniors in Lakewood sells for $ 8.3 million
The Homestead at Lakewood, a 58-unit senior citizen property in Lakewood, sold for $ 8.3 million.
Located at 2121 Wadsworth Blvd, the Homestead at Lakewood was built in 1999 as part of the Low Income Housing Tax Credit (LIHTC) program. The property consists of studios, one bedroom units, and two bedroom units and offers both assisted and independent living options. Facilities include housekeeping services, daily activities, a small library, outdoor area, beauty salon, and restaurant style dining.
Greg Parker and Greg Price, investment specialists at Marcus & Millichap’s Denver office, had the exclusive list to market the property on behalf of the seller, a private investor. The property was financed by Phillip Gause of Marcus & Millichap Capital Corporation, also located in Denver.
“The property’s strong performance over the past year, during the COVID-19 issues, has remained consistent, creating strong buyer interest throughout the process from market to closing,” Price said. .
“While the overall post-COVID financing environment for senior housing remains challenging, experienced sponsorship and strong ownership performance have helped secure attractive financing terms for the buyer on this transaction.” , said Gause.