Colorado

AMLI Buys Multifamily Development Site on South Broadway in Denver

by Amy Works April 7, 2020

DENVER — AMLI Residential, a multifamily developer and owner based in Chicago, has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. The property is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. The property will …

April 7, 2020

Colorado Development Loans Multifamily Western

JLL Arranges $18.8M Loan for Bloom at Cherry Creek Apartment Development in Denver

by Amy Works April 2, 2020

DENVER — JLL has arranged $18.8 million in financing for the development of Bloom at Cherry Creek, a multifamily property located at 4700 E. Kentucky Ave. in Denver. Kristian Lichtenfels and Matt Steffen of JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank. Situated on 1.1 acres within Denver’s Cherry Creek district, Bloom at Cherry Creek will feature 111 apartments in a mix of one- and two-bedroom layouts. Units feature white shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. The five-story, podium-style property is slated for completion in mid-2021. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

April 2, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of Lakewood Memory Care in Colorado for $8.5M

by Amy Works April 2, 2020

LAKEWOOD, COLO. — Evans Senior Investments (ESI) has arranged the sale of Lakewood Memory Care, a 46-unit memory care facility, for $8.5 million, or $185,000 per unit. Located 10 miles south of downtown Denver in Lakewood, the facility totals 52 beds. The property was built in 2016 and is 100 percent private pay. It was 75 percent occupied at the time of sale. ESI represented the seller in the transaction, an independent investor group that had partnered with a national operator. This was the investor group’s only seniors housing asset. The buyer was a nonprofit owner-operator with a regionally focused seniors housing portfolio in Colorado.

April 2, 2020

Acquisitions Colorado Multifamily Western

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

by Amy Works March 26, 2020

COLORADO SPRINGS, COLO. — Newport Beach, Calif.-based PLC Apartments has acquired The Centre Apartments, located at 1921 E. Van Buren St. in Colorado Springs. Locally based Skyline Real Estate Investments sold the community for $21.9 million. Built in 1952, The Centre Apartments features 168 units in a low-density, park-like setting. Community amenities include a clubhouse and fitness center. The buyer plans to continue ongoing interior unit renovations. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

March 26, 2020

Acquisitions Colorado Industrial Western

Gordon Development Divests of Fully Leased Industrial Property in Colorado for $10M

by Amy Works March 26, 2020

ENGLEWOOD, COLO. — Englewood-based Gordon Development has sold an industrial asset located at 8644 S. Peoria St. in Englewood. Chicago-based Columbia Industrial Acquisition Co. purchased the property for $10 million. Built in 2017, the multi-tenant building features 63,550 square feet of Class A industrial space. At the time of sale, the property was fully occupied by a manufacturing tenant and Ninja Nation, a provider of obstacle course arenas and mobile course experiences. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE’s Denver office represented the seller in the transaction.

March 26, 2020

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $7M Sale of Rosalie at Belmar Apartment Community in Lakewood, Colorado

by Amy Works March 23, 2020

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

March 23, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Acquisitions Colorado Office Western

Bancroft Capital Buys Union Terrace Office Building in Colorado for $11.3M

by Amy Works March 20, 2020

LAKEWOOD, COLO. — Manhattan Beach, Calif.-based Bancroft Capital Advisors has acquired Union Terrace, an office building located at 12596 W. Bayaud Ave. in Lakewood. San Diego-based Presidio Property Trust sold the asset for $11.3 million. Built in 1982 on 3.9 acres, the four-story Union Terrace features 84,145 square feet of office space. At the time of sale, the property was 86 percent occupied by 13 tenants. The buyer plans to add amenities and upgrade the property’s common area. Patrick Devereaux, James Brady and Campbell Davis of CBRE Capital Markets in Denver represented the seller in the transaction.

March 20, 2020

Acquisitions Colorado Office Western

TerraCap Acquires Cherry Creek Office Plaza in Glendale for $54M

by Amy Works March 19, 2020

GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.

March 19, 2020

Colorado Development Multifamily Western

Opus Group Acquires Land Parcel for 277-Unit Multifamily Development in Denver

by Amy Works March 17, 2020

DENVER — The Opus Group has purchased a 1.65-acre land parcel at 19th and Clay streets in Denver for the development of an apartment property. The Nichols Partnership sold the property for an undisclosed price. The vacant lot and parking garage are located adjacent to the Broncos stadium redevelopment in the city’s Jefferson Park neighborhood. The current plans for the multifamily property include a 12-story building offering 277 apartments in a mix of studio, one- and two-bedroom units, averaging 763 square feet, and three levels of structured parking with 288 parking spaces. Planned amenities include premium finishes and unobstructed mountain and city views. Newmark Knight Frank (NKF) Multifamily arranged the sale, construction financing and joint venture equity for the project’s development. Chris Cowan, Bryon Stevenson and Mackenzie Walker of NKF Multifamily handled the transaction.

March 17, 2020

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