Colorado

MidCap Financial, Ashley Creek Village II Sell Two Multifamily Assets in Vernal, Utah

by Amy Works January 17, 2020

VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.

January 17, 2020

Acquisitions Colorado Multifamily Student Housing Western

Griffis/Blessing Purchases Lion Village Student Housing in Colorado Springs for $34M

by Amy Works January 10, 2020

COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.

January 10, 2020

Acquisitions Colorado Hospitality Western

Noble Investment Group Buys 302-Room, Dual-Branded Hotel Asset in Downtown Denver

by Amy Works January 7, 2020

DENVER — Noble Investment Group has purchased a dual-branded hotel property in downtown Denver for an undisclosed price. The asset includes Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. The name of the seller was not released. The hotels feature a combined 302 guest rooms; health and fitness facilities; an indoor pool and whirlpool; 7,000 square feet of meeting and boardroom space; and a restaurant, 550 Bar and Patio. The properties are located in Denver’s downtown district that is walkable to more than 25 million square feet of office space, over 300 restaurants, three major sports stadiums, the Pepsi Center and Denver Performing Arts Center.

January 7, 2020

Colorado Development Multifamily Seniors Housing Western

Resort Lifestyle Communities Opens Sky Pointe Independent Living Community in Colorado

by Amy Works January 7, 2020

LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.

January 7, 2020

Acquisitions Colorado Multifamily Student Housing Western

Nelson Partners Sells 438-Bed Student Housing Community in Denver

by Amy Works December 23, 2019

DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.

December 23, 2019

Acquisitions Colorado Multifamily Western

The Praedium Groups Purchases 300-Unit Legacy on the Promenade in Colorado

by Amy Works December 23, 2019

WESTMINSTER, COLO. — New York-based The Praedium Group purchased Legacy on the Promenade, an apartment community located in Westminster, for an undisclosed price. Additional terms of the transaction were not released. The buyer plans to rebrand the property and make several enhancements to the amenity areas. Constructed in 2018, the 300-unit Legacy on the Promenade comprises an elevated four-story building with interior conditioned hallways and a six-level central parking garage. Additionally, the property features 24 townhome units with attached two-car garages. In a mix of one-, two- and three-bedroom layouts, the units range in size from 641 square feet to 1,888 square feet and feature nine- to 20-foot ceilings, lakefront views, granite countertops and stainless steel appliances. Community amenities include an outdoor lounge, pool and spa; outdoor grill and fire pit station; a two-story fitness center with a spin and yoga studio; and resident clubhouse and game room.

December 23, 2019

Tuscany-Village-Center-Greenwood-Village-CO

Acquisitions Colorado Office Western

PCCP Provides $51M Acquisition Loan for Tuscany Village Center Office Asset in Metro Denver

by Amy Works December 19, 2019

GREENWOOD VILLAGE, COLO. — PCCP has provided a $51 million senior loan to America’s Capital Partners for the acquisition of Tuscany Village Center, an office property located at 6312 S. Fiddlers Green Circle in Greenwood Village within Denver’s Fiddler’s Green submarket. The seller, a local real estate investment firm, acquired the asset in 2016 and invested more than $6 million in renovations, including improvements to the atrium and common areas. At the time of sale, the property was 97 percent leased with stable cash flow from a rent roll of high-quality tenants with staggered lease expirations. Built in 1989 on 8.6 acres, the 257,875-square-foot Tuscany Village consists of two six-story towers connected by an open-space atrium lobby. Additionally, the property includes a three-level structured parking garage, an outdoor seating area with public Wi-Fi, a fitness center with locker rooms and showers, and a conference room facility.

December 19, 2019

Retail-Strip-Portfolio-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Pinnacle Real Estate Arranges $13.1M Sale of Three-Asset Retail Portfolio in Colorado Springs

by Amy Works December 18, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.

December 18, 2019

Acquisitions Colorado Healthcare Office Western

NavPoint Real Estate Group Negotiates $3.9M Sale of Multi-Tenant Medical Office Asset in Colorado

by Amy Works December 18, 2019

CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a medical office asset located at 8100 E. Arapahoe Road in Centennial. Hilltop Partnership acquired the property from Mililani Investments Arapahoe for $3.9 million. Situated within Denver Tech Center, the value-add property features 28,700 square feet of medical office and office space. Compass Bank occupied the garden level and first floors of building since it was built in 1986. At the time of sale, the building was 57.3 percent occupied by three tenants. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, while Matt Kulbe, also of NavPoint, represented the buyer in the deal.

December 18, 2019

Colorado Development Loans Multifamily Western

Saunders Commercial Receives $43.2M in Construction Financing for Ten West Greeley Apartments in Colorado

by Amy Works December 17, 2019

GREELEY, COLO. — Saunders Commercial Development has received $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a Class A multifamily property being developed at 6600 Eighth St. in Greeley. JLL worked on behalf of the developer to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group. Leon McBroom and Eric Tupler of JLL Capital Markets debt placement team secured the financing for the developer. Situated on 10.15 acres, the three-story Ten West Greeley will feature 264 garden-style apartments averaging 882 square feet. Units will include stainless steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. Slated for completion in 2021, the property will feature 64 garages as well as 408 surface parking spaces. Community amenities will include a resort-style pool, outdoor fire pit, lounge area, clubhouse, entertainment area, fitness center, wet bar and dog wash.

December 17, 2019

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