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Lime Apartments

PRICE $11,250,000
PRICE PER UNIT $225,000
PRICE PER SF $228.44
CAP RATE 5.49%/6.23%

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  • Lime Apartments is a recently renovated 50-unit apartment community located in an Opportunity Zone in the Two Creeks neighborhood of the city of Lakewood in Jefferson County, CO. Built-in 1962 and renovated in 2016, the property is comprised of two, two-story buildings of mid-century modern architecture and constructed of masonry brick with a flat composition roof and is situated on an area of 1.77 acres. The exterior consists of brick and wood batten siding. The unit mix consists of 26-two-bedroom / one-bathroom units of 882 square feet each, 12-two-bedroom / two-bathroom units of 1,006 square feet each, and 12-three-bedroom / two-bathroom units of 1,187 feet each for an overall community average of 985 square feet per unit.

    Exterior enhancements to improve curb appeal included mulch flower beds, rock gardens, new young trees, new exterior lighting, new exterior paint, modern balcony fencing, and rails.  Renovations also included the addition of a new clubhouse and fitness center. Additional community amenities include bocce ball court, lounge area with BBQ and fire pit, on-site laundry facilities, and 68 on-site parking spaces. The community is also pet friendly with guidelines and fees per the property‚Äôs existing pet policy. The community also provides storage with a recurring fee. A management office is also on-site.

    High-end amenities that appeal to the renter demographic were also added to the interior. The units offer spacious, open floor plans and are individually air-conditioned and gas heated and were upgraded with new kitchens that include sleek white cabinetry, brushed nickel hardware throughout, glass tile backsplash with natural stone accents, new sinks, faucet, and appliances which include stainless-steel refrigerator, stove with oven, and dishwasher. Other design highlights include energy-efficient windows, garbage disposal, wood-style laminate flooring, carpeting, tile flooring, raised panel doors, new bathroom vanity, tile tub surround rainfall showerheads, and new designer paint and lighting. Washer and dryer connections are installed in each unit, and washer and dryer appliances are available for a fee, or tenants may use their own.

    Electricity is individually metered, which is paid by the tenant. All other utilities are passed through to the tenant and billed-back through a RUBS program.

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