DURANGO, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of Hillcrest Apartments, located at 1000 Goeglien Gulch Road in Durango. San Francisco-based Virtu Investments sold the property to Denver-based Blueline Equity Partner for an undisclosed price. Situated next to Fort Lewis College, Hillcrest Apartments features 112 units and was built in 2002. Craig Stack and Bill Morkes of Colliers International represented the seller in the deal.
DENVER, COLO. — Los Angeles-based Gelt Inc. has acquired Cedar Run Apartments, a 384-unit multifamily community located at 888 S. Oneida St. in Denver. Maxx Properties sold the asset for $62 million. Situated on 14 acres, Cedar Run features nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, with an average size of 846 square feet. On-site amenities include a 27,000-square-foot clubhouse building with two racquetball courts, an indoor pool, fitness center and conference room spaces. Additionally, the property features two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking. The property was built in 1970 and partially renovated between 2012 and 2017. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Newmark Knight Frank’s Mitch Clarfield and Ryan Greer secured a 10-year, full-term, interest-only loan at 70 percent loan-to-value and a 4.2 percent rate through Freddie Mac’s Green-Up program.
FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.
DENVER — Monfort Cos. and Denver-based Magnetic Capital have acquired a historic building located at 2100 Larimer St. in Denver’s Ballpark neighborhood. An undisclosed seller sold the property for $2.9 million. The buyers plan to redevelop the two-story, 11,600-square-foot property into a mix of retail and office space. Formerly the site of the bar El Charrito, the renovation will preserve the building’s historic character while repositioning the property for new tenants. The developers are targeting a restaurant tenant for the 5,830-square-foot first-floor space, while seeking office tenants for the upper floors. Completion is slated for the second half of 2020. Jamis Cos. represented the undisclosed seller in the transaction.
DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.
WESTMINSTER, COLO. — Marcus & Millichap has facilitated the purchase of Bradburn Gardens, a 44-unit apartment building located at 7545 Bradburn Blvd. in Westminster. A private investor acquired the property for $5.2 million. Clayton Primm of Marcus & Millichap’s Denver office represented the buyer in the deal. Built in 1973 and situated on 1.5 acres, the building features 12 one-bedroom units, 31 two-bedroom apartments and one three-bedroom unit.
LAKEWOOD, COLO. — Newmark Knight Frank Colorado has arranged the sale of a retail property located at 1460 S. Wadsworth Blvd. in Lakewood. Wild Diversified LLC acquired the property from John Schmalz for $1.3 million. The property features 9,600 square feet of retail space. Steven Fletcher of Newmark Knight Frank Colorado represented the seller. Land Title Guarantee Co. and Colliers Bennett & Kahnweiler also participated in the transaction.
BOULDER, COLO. — Etkin Johnson Real Estate Partners has completed the disposition of Lookout Business Center, an office building located at 6150 Lookout Road in Boulder. Greenwich, Conn.-based Ivy Equities acquired the property for $10.5 million. The newly renovated building features 50,472 square feet of office space, open flexible floor plans, glass overhead doors, exposed 16-foot ceilings and updated landscaping. FIRST RF Corp., a women-oriented advanced technologies company, is the sole tenant of the property and will remain so under Ivy Equities’ ownership. Riki Hashimoto and Dan Grooters of Newmark Knight Frank represented the seller in the transaction.
WESTMINSTER, COLO. — HFF has arranged the sale of Westmoor Place 8, 9 and 10, a three-building office campus. An undisclosed seller sold the property to CapRidge Partners for $71.1 million. Located at 11400, 11300 and 11000 Westmoor Circle in Westminster, a northwest suburb of Denver, the asset totals 428,029 square feet of Class A office space. The three- and four-story buildings are 79 percent leased to a variety of tenants, including CACI International, Kahuna Ventures, Coalfire Systems and General Dynamics. Amenities at the office campus include a full-service cafeteria, showers on every office floor, a fitness center and access to 3.5 miles of trails and open space, as well as an on-call shuttle. Mark Katz and Peter Merrion of HFF represented the seller and procured the buyer in the transaction.
DENVER — Amazon plans to expand its Denver Tech Hub and create 400 new high-tech jobs in a variety of fields, including software engineering, hardware engineering, cloud computing and advertising. To accommodate this growth, the company will open a 98,000-square-foot office at Invesco’s 1515 Wynkoop building in Denver’s Lower Downtown district. Currently, Amazon has more than 350 employees in the Denver area, building new products and services for the company’s retail, advertising and Amazon Web Services businesses. The company’s new office joins the company’s Boulder office, which opened last fall, and will allow Amazon to more than double its tech workforce in the Denver area. In total, Amazon has created more than 3,500 full-time jobs in Colorado. Over the last three years, Amazon has invested more than $1.5 billion in Colorado including infrastructure, compensation and Whole Foods Market.
