Colorado

Dwight Capital Provides $38.4M Loan for Volta at Voyager Apartments in Colorado Springs

by Amy Works October 11, 2024

COLORADO SPRINGS, COLO. — Dwight Capital has closed a $38.4 million HUD 223(f) loan for the refinancing of Volta at Voyager, a multifamily property in Colorado Springs. Brandon Baksh and Brian Yee of Dwight Capital originated the financing on behalf of the borrower, Boulder-based Mountain View Capital LLC. The refinancing benefited from a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points, enhancing the financial terms. Comprising 10 three-story residential buildings, Volta at Voyager offers 200 one-, two- and three-bedroom apartments, a fitness center, Amazon lockers, a dog spa and park, swimming pool and spa and a resort-style clubhouse.

October 11, 2024

Colorado Development Loans Multifamily Western

JLL Secures $73M in Construction Financing for Traer Creek Apartments in Avon, Colorado

by Amy Works October 8, 2024

AVON, COLO. — JLL Capital Markets has secured $73 million in construction financing from Bank OZK for Traer Creek Apartments, a Class A multifamily development at 5471 E. Beaver Creek Blvd. in Avon. The borrowers are Prime West and Columnar Investments. Slated for completion in 2026, Traer Creek Apartments will feature 242 studio, one-, two- and three-bedroom floor plans with upmarket finishes, central conditioning and mountain views. Community amenities will include a fitness center, movement center and outdoor spa. The property’s four-story, three-building layout allows for open green areas and 9,200 square feet of communal facilities. Leon McBroom and Will Haass of JLL’s Debt Advisory team represented the borrower in the financing.

October 8, 2024

Acquisitions Colorado Multifamily Western

Green Leaf Partners Buys 280-Unit Alvista Harmony Apartments in Fort Collins, Colorado

by Amy Works October 4, 2024

FORT COLLINS, COLO. — Green Leaf Partners Management has purchased Alvista Harmony, a garden-style multifamily community in Fort Collins, from an affiliate of Phoenix Realty Group and its joint venture partner. Located at 2002 Battlecreek Drive, the property comprises 16 two- and three-story buildings offering 280 one- and two-bedroom units with an average size of 924 square feet. All units feature walk-in closets, private balconies or patios and a washer and dryer. Community amenities include a clubhouse, business center, fitness center, swimming pool, hot tub, grill station, playground, pet park, dog wash, onsite bike storage, 380 surface parking spaces and 96 detached garages. Phoenix Realty Group has completed renovations to the clubhouse and common areas and has fully renovated 116 units. Previous ownership upgraded 52 of the units, with 42 additional units including finish levels comparable to the classic interior scope. Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal.

October 4, 2024

Colorado Company News

Lee & Associates Denver Celebrates 10 Years

by Amy Works October 4, 2024

DENVER — Lee & Associates Denver is celebrating 10 years of success, excellence, innovation and client satisfaction. Since its inception in 2014, the company has closed more than 1,000 commercial real estate transactions producing $1 billion in transaction volume. “We are incredibly grateful to our loyal clients, dedicated employees and supportive principals who have been integral to our success throughout this remarkable journey,” says JR Bitzer, managing principal. “This anniversary signifies not only our years of hard work and determination, but also the immense potential that lies ahead as we continue to expand in Colorado.” Lee & Associates Denver is committed to consistently growing, meeting challenges and elevating its standards. Looking ahead, the company aims to enhance its offerings, explore new market opportunities and continue to deliver exceptional value to its clients.

October 4, 2024

Colorado Company News Western

Banner Real Estate Group Launches Denver-Based Banner Industrial Properties

by Amy Works October 3, 2024

DENVER — Chicago-based Banner Real Estate Group has launched Banner Industrial Properties, a new platform dedicated to industrial real estate investments. The platform will initially focus on value-add properties in key logistics markets throughout the Western United States. Based in Denver, Banner Industrial Properties is led by Mark Bowen as president, Dan Morrison as chief financial officer and Scott Blanding as chief operating officer. With more than 30 years of experience, Bowen’s role will encompass executive leadership, investment sourcing, operations and overall strategy. Bowen most recently served as chief investment officer at Dalfen Industrial. As chief financial officer, Morrison will oversee fundraising and capital markets activities. Previously, he helped launch three U.S.-focused, value-add funds with TradeLane Properties. Blanding will manage asset management, leasing and operations as chief operating officer at Banner Industrial Properties. Previously, he had stints with Viking Partners and DCT Industrial Trust.

October 3, 2024

Acquisitions Colorado Retail Western

KPR Centers Enters Denver Retail Market, Buys 210,000 SF University Hills Shopping Center

by Amy Works October 3, 2024

DENVER — New York-based KPR Centers has acquired University Hills, a grocery-anchored retail center in Denver, for $56.5 million. The name of the seller was not released. Located at 2750 S. Colorado Blvd., the 210,000-square-foot University Hills was fully leased at the time of sale to tenants including King Soopers, Michaels, Marshalls, Office Depot, PetSmart, Five Below, Ulta Beauty and Starbucks Coffee. Tom Lagos of Institutional Property Advisors, a division of Marcus & Millichap, represented KPR in the off-market transaction. KPR Centers is now present in 18 states, with approximately 10 million square feet of owned and self-managed properties.

October 3, 2024

Acquisitions Colorado Multifamily Western

Laramar Group Acquires 135-Unit Southglenn Place Apartments in Centennial, Colorado

by Amy Works October 2, 2024

CENTENNIAL, COLO. — Laramar Group has purchased Southglenn Place, a multifamily community in Centennial, from a private investor for an undisclosed price. Located at 6541 S. Vine St., the 1970-vintage property offers 135, mostly one-bedroom, apartments. Laramar Group plans to renovate the property.

October 2, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $2.4M Sale of Apartment Building in Wheat Ridge, Colorado

by Amy Works October 2, 2024

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3730 Miller Court in Wheat Ridge. The building sold for $2.4 million, or $265,556 per unit. Built in 1960, the property offers nine apartments. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the deal.

October 2, 2024

Affordable Housing Colorado Development Multifamily Western

Evergreen Real Estate Breaks Ground on 60-Unit Affordable Housing Community in Rifle, Colorado

by Amy Works October 1, 2024

RIFLE, COLO. — Chicago-based Evergreen Real Estate Group has commenced construction on Rifle Apartments, an income-restricted apartment community in Rifle, a city in western Colorado along I-70. Filling a vacant 4.7-acre site at 115, 123 and 131 Park Ave., Rifle Apartments will be the first family-oriented Low-Income Housing Tax Credit (LIHTC) project built in Rifle over the past 20 years. Slated for completion for fall 2025, Rifle Apartments will offer 30 one-bedroom units, 20 two-bedroom units and 10 three-bedroom units spread across three three-story buildings. The apartments are reserved for households earning between 30 percent and 80 percent of the area median income (AMI). Of the 60 total apartments, 14 will be set aside as project-based voucher units for families who are at or below 30 percent AMI. Homes will feature open layouts with market-comparable finishes, including vinyl plank flooring, LED lighting, full kitchens with Energy Star-rate appliances, baths with step-in showers and low-flow plumbing fixtures and in-unit laundry. Onsite amenities will include a community room, fitness room, storage lockers and abundant green space that includes a playground. Additionally, the property will offer 115 free parking spaces, including electric vehicle charging stations. Designed by ej architecture, Rifle Apartments will be …

October 1, 2024

Acquisitions Colorado Office Western

Dunton Commercial Acquires 162,184 SF Prentice Plaza Office Building in Denver Tech Center

by Amy Works September 23, 2024

GREENWOOD VILLAGE, COLO. — Dunton Commercial has purchased Prentice Plaza, a Class A office building in Greenwood Village, a suburb 12 miles south of Denver. Granite Properties sold the asset for $14.3 million, or $88 per square foot. Located at 8101 E. Prentice Ave. within the Denver Tech Center, the 12-story, 162,184-square-foot building was 73 percent occupied at closing.

September 23, 2024

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