Colorado

C&A, Commonwealth Group Sell 288-Unit Multifamily Community Near Denver for $72M

by Amy Works August 13, 2019

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.

August 13, 2019

Acquisitions Colorado Office Western

NKF Negotiates $9.9M Sale of View 57 Office Building in Boulder, Colorado

by Amy Works August 13, 2019

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.

August 13, 2019

Acquisitions Colorado Multifamily New York Northeast Top Stories Western

UDR, MetLife to Swap Stakes in Joint Venture Multifamily Portfolio Valued at $1.8B

by John Nelson August 13, 2019

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. …

August 13, 2019

Acquisitions Colorado Retail Western

Gart Properties Buys 155,000 SF Orchard Plaza Retail Center in Denver

by Amy Works August 9, 2019

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.

August 9, 2019

Acquisitions Colorado Multifamily Western

NKF Directs $54.5M Sale of 240-Unit Multifamily Property in Colorado Springs

by Amy Works August 8, 2019

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.

August 8, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $1.3M Sale of Multifamily Property in Denver

by Amy Works August 6, 2019

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.

August 6, 2019

Acquisitions Colorado Industrial Office Western

CBRE Arranges $22M Sale of 112,966 SF Industrial Flex Building in Denver

by Amy Works August 5, 2019

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.

August 5, 2019

Colorado Development Hospitality Western

Hyatt to Develop Colorado’s First Thompson Hotels Property in Denver

by Amy Works July 26, 2019

DENVER — Hyatt Hotels Corp. plans to develop Thompson Denver, the first Thompson Hotels property in the state of Colorado. Slated to open in 2021, Thompson Denver will be located at 1600 Market St. in Denver’s LoDo district. T2 Hospitality is developing the 11-story hotel as a modern-day chalet. Denver-based DLR Group is designing the property, with interiors by Parts + Labor, in collaboration with the Thompson Hotels design team. The hotel will features 216 guestrooms, including 15 luxury suites and the signature Thompson Suite on the seventh floor; a grab-and-go café, which converts to a bar and lounge in the evening; and a 90-seat, ground-floor restaurant. Additionally, the hotel will feature an indoor/outdoor terrace with a 140-person lounge and bar area, and function and meeting spaces.

July 26, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $45.5M Construction Loan for Affordable Housing Project in Aurora, Colorado

by Amy Works July 23, 2019

AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …

July 23, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Brokers $14.3M Office Asset Sale in Metro Denver

by Amy Works July 22, 2019

HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..

July 22, 2019

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