Colorado

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

Acquisitions Colorado Multifamily Western

Legacy Partners Divests of Two Denver-Area Multifamily Communities

by Amy Works December 16, 2019

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.

December 16, 2019

Colorado Development Multifamily Seniors Housing Western

OZ Architecture Designs WellAge Greeley Seniors Housing Community in Colorado

by Jeff Shaw December 16, 2019

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.

December 16, 2019

Acquisitions Colorado Industrial Western

NKF Arranges $5.9M Purchase of 46,612 SF Industrial Asset in Aurora, Colorado

by Amy Works December 13, 2019

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.

December 13, 2019

Colorado Development Multifamily Western

Wood Partners Opens 260-Unit Alta Green Mountain Multifamily Asset in Colorado

by Amy Works December 12, 2019

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.

December 12, 2019

Acquisitions Colorado Multifamily Western

Castle Lanterra Acquires 84-Unit RiDE at RiNo Apartment Complex in Downtown Denver

by Amy Works December 12, 2019

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.

December 12, 2019

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