On July 10th, the Caliber at Cornerstar apartment development was sold for $40.75 million ($291,000/unit), generating a 49% IRR and an Equity Multiple of 2.2 to 1 over the two-year hold period. Construction of this 140 unit apartment development on 4.55 acres in Cherry Hills School District in suburban Denver began June 2017 and was completed January 2019. It consists of three 4-story apartment buildings that were 57% leased at the end of QI 2019. It was owned by a joint-venture partnership of Westminster Realty Partners II LP and The Garrett Companies.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.