GYPSUM, COLO. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has closed a $20.6 Fannie Mae loan. The funds will be used for Phase I of Spring Creek Apartments, an affordable multifamily development in Gypsum, 25 miles west of Vail, Colo. Located at 750 Sunny Ave., the first phase of Spring Creek Apartments will include 150 garden-style apartments in a mix of one-, two- and three-bedroom layouts available to residents making between 30 percent and 60 percent of the area median income. Construction is currently underway with completed slated for summer 2020. Once fully developed, Spring Creek Apartments will offer 461 apartments, townhomes, duplexes and single-family homes, as well as a clubhouse and park facility including a leasing office, community room, business center and fitness center. Additionally, the complex will feature community gardens and walking trails to connect residents to the Eagle County, Colo., multi-use trail system. Anthea Martin of Bellwether Enterprise’s Denver office arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of co-developers Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction. Additional funding for Spring …
FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.
GRAND JUNCTION, COLO. — Christian Living Communities (CLC), a Denver-based nonprofit owner-operator, has purchased Cappella of Grand Junction, an assisted living and memory care community in Grand Junction. Located just east of the Utah border, the community features 66 units in a 52,000-square-foot building. Cappella Living Solutions, the management and consulting division of Christian Living Communities, has operated the community since construction began in 2016 through a development partnership with Confluent Senior Living. CLC financed the acquisition with owner equity and tax-exempt bond financing. CLC now owns six senior living communities in Colorado and is responsible for the management of 20 additional communities across Colorado, Utah, Texas, Oklahoma, Ohio, Indiana and Missouri.
GOLDEN, COLO. — Scottsdale, Ariz.-based The Wolff Cos. has completed the disposition of Clear Creek Commons, an active adult apartment community located at 1027 Washington Ave. in downtown Golden. Colorado Springs-based Griffis/Blessing acquired the 55-plus active seniors housing property for $18.7 million. Built in 2003, Clear Creek Commons features 45 apartments in a mix of one- and two-bedroom layouts, averaging 821 square feet. Each apartment offers a washer/dryer, spacious closets and secured off-street parking, while select units feature a private balcony or patio and a wood-burning fireplace. Community amenities include a gourmet entertainment kitchen and dining room, a cardio/fitness center, media room and business center, a community gardening space, scheduled transportation, concierge services and bi-weekly housekeeping. Additionally, the property is home to Sassafras Restaurant and offers direct access to the Clear Creek hiking trails and Parfet Park. Dan Woodward, David Potarf, Matt Barnett and Jack Young of CBRE’s Denver office represented the seller and arranged acquisition financing for the buyer.
DENVER — Lowe has acquired Stanford Place II, an office tower located at 7979 E. Tufts Ave. in southeast Denver, for an undisclosed price. Built in 1982 and situated in the Denver Tech Center, the 18-story building features 366,184 square feet of Class A office space. The property offers 21,000-square-foot floorplates, nine-foot finished ceilings and abundant windows. Hospitality at Work, Lowe’s workplace experience and property management platform, has operated the property on behalf the prior owner since 2014 and oversaw a comprehensive building improvement and upgrade program at the property. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal provide in-house representation for Lowe, while Mike Winn and Tim Richey of CBRE represented the undisclosed seller in the deal.
DENVER — Vukota Capital Management has completed the disposition of Stratford at Lowry, an apartment property located at 425 S. Gelana Way in Denver. Marble Partners and Lion Real Estate Group acquired the asset for an undisclosed price. The buyers plan to rename the property Cleo Apartments. Constructed in 1979, the property features 142 units in a mix of studio, one- and two-bedroom layouts averaging 823 square feet. Situated on 5.5 acres, the community features six two-story and two three-story buildings plus a new clubhouse. All units offer air conditioning and ceiling fans, while select units feature wood-style plank flooring, stainless steel appliances, a fireplace, private balconies/patios, vaulted ceilings, walk-in closets and private entries. Community amenities include a heated swimming pool, fitness center, business center, playground, dog park, picnic and barbecue areas, and laundry rooms. Terrance Hunt and Shane Ozment of Newmark Knight Frank Multifamily represented the seller in the deal.
AURORA AND COMMERCE CITY, COLO. — CBRE has arranged the sale of the Denver Distribution Portfolio, a three-building industrial portfolio located in Denver’s Airport submarket. A confidential investment firm sold the asset to Bethesda, Md.-based ASB Investment Management for an undisclosed price. The portfolio includes a 406,959-square-foot facility at 22100 E. 26th Ave. in Aurora, an 85,604-square-foot building at 18300 E. 28th Ave. in Aurora and a 140,630-square-foot property at 9410 Heinz Way in Commerce City. The 633,193-square-foot portfolio is fully leased to Subaru of America, Old West Mattress Co. and a national retailer. Constructed between 2000 and 2007, the three buildings feature dock-high and drive-in loading, ESFR sprinklers and 28-foot to 32-foot clear heights. Additionally the portfolio includes trailer parking, outdoor storage, covered loading and BNSF rail service. Jim Bolt, Tyler Carner and Jeremy Ballenger of CBRE represented the seller in the transaction.
DENVER — Denver-based Stonebridge Cos., as owner and manager, has opened a 22-story, dual-branded hotel in downtown Denver. Located at 801 15th St., the 382-room asset features the 176-key Tru by Hilton Denver Downtown Convention Center and the 206-suite Home2 Suites by Hilton Denver Downtown Convention Center. Property amenities include 3,300 square feet of flexible meeting space with views of the Rocky Mountains, the street-level Tempo Bar, a shared lobby, grab-and-go market, complimentary breakfast bar, fitness center, guest laundry, valet parking and a five-story garage. The dual-branded hotel marks Stonebridge’s 23rd metro Denver property within its portfolio.
LAKEWOOD, COLO. — Los Angeles-based Gelt Inc. has completed the sale of Westhills Apartment Homes, a multifamily property located at 453 Van Gordon St. in Lakewood, a submarket of Denver. An undisclosed buyer acquired the community for $92 million. Built in 1972 and situated on 16.2 acres, the 27-building property features 400 units in a mix of two studios, 108 one-bedroom layouts and 290 two-bedroom units. Community amenities include two outdoor swimming pools, a fitness center, basketball court, dog park, playground and a clubhouse with kitchen and lounge area featuring WiFi. The garden-style community is within walking distance to the Federal Center Light Rail Station, which allows a convenient commute to downtown Denver.
DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.