DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.
DENVER — CBRE has negotiated the sale of The Grammercy Apartment Homes, a multifamily property located at 9600 E. Girard Ave. in southeast Denver. Carmel, Ind.-based BH Acquisitions acquired the asset from San Francisco-based FPA The Glen, an affiliate of FPA Multifamily, for $25.8 million. David Potarf, Dan Woodward, Matthew Barnett and Jake Young of CBRE represented the seller. Built in 1974, The Grammercy features 156 studio, one- and two-bedroom units across 13 buildings on 5.3 acres. The community offers an outdoor pool and deck, laundry facilities, reserved parking and a parcel packaging system. Approximately two-thirds of the apartments were recently upgraded with new appliances, flooring, fixtures, hardware, interior paint and resurfaced countertops.
DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.
DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
DENVER — Etkin Johnson Real Estate Partners has purchased a 28.3-acre land parcel at the southwest corner of South Chambers Road and Compark Boulevard within Compark Business Park in Southeast Denver. The buyer plans to develop EDGE 470 on the site. Construction of the 334,000-square-foot, Class A industrial/flex campus will take place in two phases. Slated for delivery in first-quarter 2020, Phase I will include two approximately 80,000-square-foot buildings on 12.8 acres. Each building will feature prominent E-470 tenant signage opportunities, 24-foot clear ceilings, 10-foot glass lines, ESFR sprinklers, multiple loading capabilities, car charging stations and an environmentally responsible design.
DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs. Located at 1691 Franklin St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013. Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St. At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.
DENVER — Oak Coast Properties and BMC Investments have purchased a three-property multifamily portfolio in Denver from an undisclosed seller for $177 million. The buyers plan to renovate and rebrand the existing properties — Timberline Apartments, Woodhaven Apartments and Westwood Apartments — as one large community named Ivy Crossing. Originally built between 1974 and 1977 and situated on 45 acres, the properties offer a combined total of 1,023 units. The buyers plan to improve and centralize the combined community leasing center, renovate a formerly shuttered, 5,000-square-foot clubhouse and amenity center, and enhance landscaping and property exteriors, as well as handle deferred maintenance issues. Charles Halladay, Brock Yaffe and Rick Salinas of HFF arranged 15-year, full-term, interest-only $120 million loan through Freddie Mac’s Optigo Social Impact initiative for the acquisition. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the transaction. The acquisition marks the ninth and largest investment partnership between Oak Coast Properties and BMC, as well as the 11th Oak Coast Properties assignment for BLDG Management, the property management affiliate of BMC.
DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.
GOLDEN, COLO. — Los Angeles-based Karlin Golden has completed the disposition of Clear Creek Square, a mixed-use building located at 600-650 12th St. in downtown Golden. Colorado State Land Board acquired the asset for $15.9 million in an off-market transaction. Built in 2002, the building features 78,647 square feet of office space, with approximately 11 percent of the square footage dedicated to ground-floor retail space, free covered parking, on-site showers and lockers. The multi-tenant building is home to five office users. Tenants include Equian, The Regis Co., Institutional Cash Distributor, Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles. At the time of sale, the property was 95 percent occupied. Campbell Davis, James Brody and Blake Harris of CBRE represented the seller in the deal.