LITTLETON, COLO. — San Diego-based Pathfinder Partners has acquired The Station, a 97-unit multifamily community located at 2100 W. Berry Ave. in Littleton. An undisclosed seller sold the value-add asset for $20.7 million. Constructed in 1983, The Station features 17 studios, 44 one-bedroom and 36 two-bedroom apartments with well-equipped kitchens including over-the-range microwaves, dishwashers and garbage disposals. Additionally, the units feature walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units and fireplaces in nine units. On-site amenities include parking, laundry facilities and a leasing office.
Colorado
Origin Investments, Massimino Development Break Ground on 280-Unit Farm Haus Apartments in Colorado
by Amy Works
LONGMONT, COLO. — A joint venture partnership between Chicago-based Origin Investments and Boulder-based Massimino Development has started construction of Farm Haus Apartments, a $68.8 million multifamily property located in Longmont. Situated on 13.5 acres at Ken Pratt and East Third avenues, the eight-story Farm Haus Apartments will feature 280 units in a mix of one-, two- and three-bedroom apartments. Units will range in size from 761 square feet to 1,412 square feet. Additionally, 12 percent of the units, 34 apartments, will be set aside for residents making 60 percent or less of area median income for the region. Farm Haus Apartments will include fully equipped lifestyle spaces with exterior patios; resort-style swimming pool and spa; outdoor entertainment areas with built-in barbecues; farmhouse tables set amongst tree orchards; custom water features; and outdoor firepits. Exterior amenities will include a bouldering area, bocce call court, dog park, playground and active game areas. Additionally, Farm Haus will include a fitness center, outdoor yoga plaza, postal center, pet spa, bike wash and ski tuning rooms. The community is expected to be delivered in phases beginning in the fourth quarter of 2020. The partnership is also developing Connect at First Creek, a $35 million, 150-unit …
CBRE Brokers $21.8M Sale of Copperleaf Place Apartment Complex in Fort Collins, Colorado
by Amy Works
FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.
BRIGHTON, COLO. — A partnership between Littleton, Colo.-based C&A Cos. and Delaware-based Commonwealth Group has completed the disposition of Elements at Prairie Center, an apartment community in Brighton, a northeast suburb of Denver. Akron, Ohio-based Summit Management acquired the property for $72 million. Developed in 2018 by C&A Cos. and Commonwealth Group, Elements at Prairie Center is the second apartment community the partnership has developed in the Brighton area that are fully powered by geothermal energy. Situated on 15 acres, the property features 264,579 rentable square feet spread across 288 one-, two- and three-bedroom units. Community amenities include a resort-style outdoor swimming pool, off-leash dog park and fitness center. Dan Woodward, David Potarf and Matthew Barnett of CBRE represented the sellers in the deal. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.
BOULDER, COLO. — Newmark Knight Frank (NKF) has arranged the sale of View 57, an office building located at 1855 S. 57th Court in Boulder. McGarvey’s Shoal LLC acquired the property from 57th Element, an investment partnership led by Boulder-based Element Properties, for $9.9 million. John Jugl of NKF represented the seller in the deal. Originally built as a R&D lab facility, the 30,464-square-foot property was redesigned into a boutique creative office project that includes newly renovated lobby, an overhaul of the exterior, 11-foot to 12-foot exposed ceilings, updated HVAC systems and the addition of windows, showers and lockers on both floors.
DENVER AND NEW YORK CITY — UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, has struck an agreement with its joint venture partner MetLife Investment Management to swap their interests in a national multifamily portfolio in a deal valued at nearly $1.8 billion. As part of the agreement, UDR will buy out MetLife’s stake in 10 apartment communities, one property under construction and four development land sites that are collectively valued at $1.1 billion. The 10 properties total 3,321 units and include Strata in San Diego; Crescent Falls Church in Falls Church, Va.; Charles River Landing, Lodge at Ames Pond and Lenox Farms in metro Boston; Towson Promenade in Towson, Md.; and the 1,513-unit, four-property Vitruvian Park campus in Addison, Texas. The assets have an average age of eight years and 95.7 percent occupancy at the time of this announcement. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio,” says Tom Toomey, chairman and CEO of UDR. Also as part of the agreement, MetLife Investment Management will purchase UDR’s stake in five apartment communities valued at a combined $645 million. …
DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.
COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.
DENVER — Nexus Commercial Realty has arranged the sale of a multifamily property located at 2945 N. Irving St. in Denver. Irving Properties LLC sold the 4,794-square-foot asset to Irving 29 LLC for $1.3 million. Brandon Kaufman of Nexus represented the buyer, while Gunnar Wilson and Jason Koch of Nexus represented the seller in the transaction.
DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.