REBusinessOnline

Phoenix Realty Group Acquires 280-Unit Multifamily Asset in Fort Collins, Colorado

FORT COLLINS, COLO. — Phoenix Realty Group (PRG), through an affiliated entity and with a third-party partner, has expanded its presence in Colorado with the purchase of Argyle at Willow Springs, a Class B apartment community in Fort Collins, approximately 65 miles north of Denver. Terms of the acquisition were not released. PRG will operate the community and plans to renovate, upgrade and modernize the property. Argyle at Willow Springs will be rebranded as Alvista Harmony. Built in 1999 …

Walker & Dunlop Arranges $52M Refinancing for Colorado Seniors Housing Portfolio

COLORADO SPRINGS AND CENTENNIAL, COLO. — Walker & Dunlop has structured $52 million in financing to refinance three seniors housing properties totaling 196 units in Colorado Springs and Centennial. The three properties are owned by a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. MorningStar Senior Living manages the properties. The financing includes: • $21 million for MorningStar at Jordan, a three-story, 84-unit …

Private Investor Sells 18,410 SF Shopping Center in Colorado Springs for $2.1M

COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, …

Pinnacle Real Estate Advisors Brokers $8.4M Sale of Multifamily Portfolio in Central Denver

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a two-property multifamily portfolio located in central Denver. An undisclosed seller sold the assets for $8.4 million. The 52-unit portfolio consists of 1339 Vine Street, which was built in 1957, and 1644 Pennsylvania Street, which was built in 1956. Jeff Johnson and Andrew Monette of Pinnacle’s Johnson|Ritter team represented the seller, while Mike Krebsbach of MitchellKrebsbach Investment Group represented the …

Schnitzer West to Develop Speculative Office Project in Denver’s River North Art District

DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking …

CBRE Brokers $25.8M Sale of The Grammercy Apartments in Southeast Denver

DENVER — CBRE has negotiated the sale of The Grammercy Apartment Homes, a multifamily property located at 9600 E. Girard Ave. in southeast Denver. Carmel, Ind.-based BH Acquisitions acquired the asset from San Francisco-based FPA The Glen, an affiliate of FPA Multifamily, for $25.8 million. David Potarf, Dan Woodward, Matthew Barnett and Jake Young of CBRE represented the seller. Built in 1974, The Grammercy features 156 studio, one- and two-bedroom units across 13 buildings on 5.3 …

HFF Secures $165M in Financing for Mixed-Use Dairy Block Portfolio in Downtown Denver

DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, …

Pinnacle Real Estate Negotiates $3M Sale of Apartment Building in Colorado

ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the

HFF Secures $75M in Financing for 287-Unit Residential Tower in Downtown Denver

DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction …

Etkin Johnson Buys 28 Acres in Southeast Denver for 334,000 SF Industrial/Flex Development

DENVER — Etkin Johnson Real Estate Partners has purchased a 28.3-acre land parcel at the southwest corner of South Chambers Road and Compark Boulevard within Compark Business Park in Southeast Denver. The buyer plans to develop EDGE 470 on the site. Construction of the 334,000-square-foot, Class A industrial/flex campus will take place in two phases. Slated for delivery in first-quarter 2020, Phase I will include two approximately 80,000-square-foot buildings on 12.8 acres. Each …

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