DENVER AND WESTMINSTER, COLO. — Legacy Partners has completed the sales of two apartment communities located in Denver and Westminster. In the first transaction, Avanath Affordable Housing IV LLC acquired Fox Crossing Apartments, a 220-unit affordable housing community in Denver. Built in 1997, the property features one-, two- and three-bedroom floor plans with an average unit size of 941 square feet. Community amenities include a basketball court, business center, outdoor picnic area, outdoor swimming pool and community garden. Legacy will remain the property management firm of record. The property operates under the Section 42 Low Income Housing Tax Credit program. Dan Woodward, David Potard and Matt Barnett of CBRE’s Denver office, along with Spencer Hurst, Tim Flint and Taylor Froland of CBRE Affordable Housing in Seattle, represented the seller in the deal. In the second transaction, The Praedium Group purchased Legacy on the Promenade, a 300-unit apartment community that was delivered in fall 2018. Located in Westminster, the community features 24 three-story townhomes and 12 live-work residences. David Martin and Pam Koster of JLL brokered the sale.
GREELEY, Colo. — OZ Architecture has completed design work on WellAge Greeley, a 71,000-square-foot senior living community in Greeley, approximately 55 miles north of Denver. Rocky Mountain Senior Housing is developing the 92-unit community, which WellAge will operate. The property sits on 3.5 acres and will offer independent living, assisted living and memory care. The community is scheduled to open in second-quarter 2020.
AURORA, COLO. — Newmark Knight Frank (NKF) Colorado has arranged the sale of Majestic Commercenter, an industrial property in Aurora. Delco Properties-Colorado acquired the building from Majestic Lisbon Buildings LLC for $5.9 million. Located at 3350 N. Lisbon St., the building features 46,612 square feet of industrial space. Chris Nordling of Newmark Knight Frank represented the buyer in the transaction.
LAKEWOOD, COLO. — Wood Partners has opened Alta Green Mountain, an apartment community in Lakewood. Situated on 12.6 acres at 13055 W. Mississippi Court, the 10-building Alta Green Mountain features 260 units in a mix of one-, two- and three-bedroom floor plans, each with a private balcony. The units offer granite countertops, wood-plank flooring, 42-inch kitchen cabinets, stainless steel appliances and in-unit washers/dryers. Community amenities include keyless entry, a double-height fitness space, co-working spaces, community game room and an outdoor kitchen with a dining area. Additionally, the pet-friendly property features a dog walk and on-site dog run.
DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.
COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) Multifamily has arranged the sale of Advenir at Spring Canyon, a multifamily asset located at 4510 Spring Canyon Heights in Colorado Springs. Aventura, Fla.-based Advenir LLC sold the asset to an undisclosed buyer. The acquisition price was not released. Kevin McKenna and Saul Levy of NKF provided strategic consulting services for the seller. Mitch Clarfield of NKF’s Multifamily Capital Markets Debt & Structured Finance also assisted on the transaction. Built in 1997, the 19-building, two- and three-story multifamily property features 292 apartments, a resort-style swimming pool with a deck, clubhouse, fitness center, hot tub, business center, dog park, detached garages and carports. Units offer nine-foot ceilings, full-size washers/dryers, private balconies/patios and fireplaces in select units.
DENVER — Step Denver LLC has completed the disposition of an industrial building located at 2600 W. 62nd Ave. in Denver. ATR Holdings LLC acquired the asset for $2.4 million. The property features 12,860 square feet of industrial space. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the seller, while Chris Ball of Cushman & Wakefield represented the buyer in the deal.
AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union Pacific; and fenced outside storage. Constructed in 1982 on 4.23 acres, the property was fully leased at the time of sale. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal.
WESTMINSTER, COLO. — A fund sponsored by CBRE Global Investors has purchased The Tenzing, a 297,615-square-foot apartment property located in Westminster, approximately 25 minutes north of downtown Denver. Terms of the transaction were not released. Located at 11674 N. Pecos St., The Tenzing features 320 apartments in a mix of one-, two- and three-bedroom floor plans. Community amenities include a fitness center, yoga studio, saltwater pool, outdoor barbecue grills, dog wash station, outdoor dog park, bike repair shop and business center. At the time of sale, the property was 90 percent occupied.
DENVER — SunCap Property Group, in partnership with Colony Industrial, a subsidiary of Colony Capital, has closed on the land for the development of North Central Logistics Center, a speculative industrial project in Denver. Formerly known as Welby Gardens, the three-building speculative development will offer tenants the opportunity to occupy space ranging from 25,000 square feet to 641,000 square feet. Situated on 33 acres, the project will feature two single-loaded buildings with trucks entering in the rear and a central cross-docked facility. All buildings will feature 32-foot clear heights and ample employee parking. Murray & Stafford will manage construction, which is slated to begin by the end of the year with completion scheduled for early spring 2021. Mitch Zatz, Jason White and Carmon Hicks of JLL represented the land sellers in the transaction and will be handling leasing for the development.