Colorado

HFF Secures $75M in Financing for 287-Unit Residential Tower in Downtown Denver

by Amy Works March 22, 2019

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.

March 22, 2019

Acquisitions Colorado Development Industrial Western

Etkin Johnson Buys 28 Acres in Southeast Denver for 334,000 SF Industrial/Flex Development

by Amy Works March 21, 2019

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.

March 21, 2019

Acquisitions Colorado Multifamily Western

Inland Private Capital Completes Sale of Two Multifamily Assets in Denver for $21.8M

by Amy Works March 19, 2019

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.

March 19, 2019

Acquisitions Colorado Multifamily Western

Oak Coast, BMC Investments Buy 1,023-Unit Multifamily Portfolio in Denver for $177M

by Amy Works March 18, 2019

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.

March 18, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Negotiates $4.7M Sale of 38-Unit Apartment Building in Denver

by Amy Works March 18, 2019

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.

March 18, 2019

Acquisitions Colorado Mixed-Use Office Retail Western

Karlin Golden Sells Office, Retail Building for $15.9M in Downtown Golden, Colorado

by Amy Works March 14, 2019

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.

March 14, 2019

Colorado Development Multifamily Western

Shea Apartments Opens 140-Unit Tangent Apartments in Denver Tech Center

by Amy Works March 12, 2019

DENVER — Shea Apartments, a division of Shea Properties, has opened Tangent Apartments, an apartment community located along Interstate 25 in Denver Tech Center. Located at 4300 S. Monaco St. in Denver, Tangent Apartments features 140 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 566 square feet to 1,150 square feet. Interiors feature a modern design with granite countertops, wood-style flooring, stainless appliances and high-end finishes. On-site amenities includes a 24-hour fitness center, resort-style pool and spa, grilling stations, fire pits, resident lounge with pool table, and business center.

March 12, 2019

Acquisitions Colorado Retail Western

Lone Star Partners Sells The Shops at Green Valley Ranch in Denver for $8.6M

by Amy Works March 12, 2019

DENVER — Houston-based Lone Star Partners has completed the disposition of The Shops at Green Valley Ranch, a newly constructed retail center located at 4906-4998 N. Tower Road in Denver. A California-based investment partnership acquired the property for $8.6 million. Matthew Henrichs and Brad Lyons of CBRE represented the seller, while Seshu Velpuri of The AMR Group represented the buyer in the transaction. Built in 2017, The Shops at Green Valley Ranch includes two Class A, freestanding retail buildings, totaling 19,840 square feet on 2.8 acres. The property is fully leased to a mix of 11 national and local retailers, including Burger King, Sport Clips, Pizza Hut, Jimmy John’s Gourmet Sandwiches, Cold Stone Creamery, David Nails & Spa and GVR Dental and Orthodontics.

March 12, 2019

Acquisitions Colorado Office Western

Graham Street Realty Buys Three-Building Office Portfolio in Boulder

by Amy Works March 6, 2019

BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.

March 6, 2019

Colorado Loans Multifamily Western

Hunt Real Estate Capital Provides $5.2M Refinancing for Dillon Ridge Apartments in Colorado

by Amy Works March 6, 2019

DILLON, COLO. — Hunt Real Estate Capital has provided a $5.2 million conventional Freddie Mac multifamily loan for the refinancing of Dillon Ridge Apartments, a multifamily property in Dillon. The borrower is Dillon Ridge Apartments LLC. The loan features a 10-year term that will amortize over 30 years. Built in 2018, the three-building community features 36 two-bedroom apartments, 30 of which are area median income controlled, and 73 parking spots.

March 6, 2019

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