Monarch Investment & Management Group sold Fox Hill Apartments, a 153-unit garden-style community in Golden, Colorado for $32 million. Monarch Investment & Management Group owned Fox Hill for nearly 30 years. Sierra Parkway Communities was the buyer.
JLL represented Monarch in the sale of the property. JLL Capital Market’s Sales and Advisory team was led by Jordan Robbins, Wick Kirby, Alex Possick and Seth Gallman.
JLL asserts that the 1972-built property at 17611 W. 16th Ave. presents a value-add opportunity, with the ability to renovate 100% of its unit interiors to a standardized scope while enhancing outdoor amenity spaces. The average in-place rent of $1,645 sits significantly below the area’s $908,000 median home price, creating a 3.30-times premium to own versus rent within a one-mile radius. Current rent levels represent just 15% of average household incomes exceeding $128,000 in the immediate area.
The property maintains 95% occupancy and has averaged 96% occupancy since 2021.
The post After 30-Year Hold, Monarch Offloads Golden Apartment Community appeared first on Connect CRE.
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