Colorado

Cushman & Wakefield Brokers $4M Sale of Flex Development in Thornton, Colorado

by Amy Works May 1, 2019

THORNTON, COLO. — Cushman & Wakefield has arranged the sale of 67 acres of industrial-zoned land that will be developed into 25 North, a master-planned flex development in Thornton. A newly formed joint venture between RMS Properties Co. and Bow River Capital acquired the site for $4 million. Located at Washington Street and 148th Avenue in Thornton, 25 North will feature approximately 900,000 square feet of Class A industrial space. Construction of the first phase is underway and will include two speculative buildings totaling approximately 220,000 square feet. The site is zoned to allow for a variety of uses, including office, flex, industrial, warehousing, manufacturing and outdoor storage uses. Additionally, the development will offer new speculative development and land for build-to-suits, with buildings ranging in size from 50,000 square feet to 250,000 square feet. Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield Denver represented the seller, Regal Properties, in the transaction.

May 1, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $3.8M Sale of Colony House Multifamily Property in Aurora, Colorado

by Amy Works April 30, 2019

AURORA, COLO. — Nexus Commercial Realty has negotiated the sale of Colony House, an apartment building located at 152 Del Mar Circle in Aurora. Colony House Denver LLC sold the property to an undisclosed buyer for $3.8 million. Developed in 1967, the building features 34 one-bedroom units and two two-bedroom units, as well as 36 parking spaces. The buyer plans to take over the operations of the property and make upgrades, while increasing rents to market value. Sean Holamon of Nexus represented the seller in the transaction.

April 30, 2019

Colorado Development Mixed-Use Office Restaurant Retail Western

Confluent, Kelmore Break Ground on 140,000 SF Boulevard at Lowry Mixed-Use Project in Denver

by Amy Works April 26, 2019

DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.

April 26, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $3.3M Sale of West Hill Apartments in Colorado

by Amy Works April 25, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of The West Hill Apartments, a multifamily property located in Pueblo. An undisclosed buyer acquired the 36-unit property for $3.3 million, or $91,388 per unit. The six-building asset features 32 two-bedroom/two-bath units and four two-bedroom/one-bath units. All units are individually metered for gas and electric, while 32 of the units are individually metered for water. Chris Knowlton of Pinnacle Real Estate Advisors represented both parties in the deal.

April 25, 2019

Apartment Stock Growth and Forecast - Intermountain States 2019

Arizona Colorado Features Lument Nevada RED Capital Group Utah Western

RED Mortgage Capital: Intermountain Region Generates Strong Apartment Performance and Value Creation

by Jaime Lackey April 25, 2019

West Coast markets garner more press clippings and public attention. But the Intermountain States — Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming — are posting impressive numbers that belie their station in the American consciousness. Offering Americans the sunshine and outdoor recreational opportunities they crave and the lower operating costs businesses seek, the region is in the nation’s sweet spot and taking full advantage of its position. Population, income and employment growth lead the nation. Indeed, the region claims the four fastest growing states in America — Nevada, Idaho, Utah and Arizona — and its seventh, Colorado. Meanwhile, Nevada, Utah and Arizona recorded the fastest rates of payroll job creation last year, and Colorado and Idaho figured in the top six nationally. Apartment rents increased accordingly. Late-cycle bloomers Las Vegas and Phoenix posted the fastest rent growth last year among larger markets and Salt Lake wasn’t far behind. Emerging markets like Boise, Bozeman and Reno were in the same league, chalking down high single-digit increases. Investors competed fiercely for opportunities in the region. Apartment sales volume in the five Intermountain metros (the “Intermountain 5”) covered by RED Capital Research (“RCR”) — Colorado Springs, Denver, Las Vegas, Phoenix …

April 25, 2019

Colorado Development Multifamily Western

Partnership to Develop 133-Unit Affordable Apartment Community on Denver’s W Line

by Amy Works April 24, 2019

DENVER — Urban Land Conservancy (ULC) has partnered with Mile High Development and Brinshore Development to develop Sheridan Station Apartments, an affordable rental housing community at Sheridan Station on the Regional Transportation District’s W Line. Located at 5330 W. 11th Ave., the 133-unit property is currently under construction with completion slated for fall 2020. All units will be designated for households earning between 30 percent and 60 percent of area median income. Silva Markham Partners will handle the management and leasing of the property. The project was made financially feasible through use of a 99-year renewable ground lease, which will result in the apartment complex joining ULC’s growing Community Land Trust to ensure permanent affordability.

April 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $7.5M Sale of The Applewoods Apartment Community Near Denver

by Amy Works April 24, 2019

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.

April 24, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Arranges $11M Sale of 81-Unit Amherst Apartments in Denver

by Amy Works April 23, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Amherst Apartments, a multifamily building located at 2775 S. Federal Blvd. in Denver. Vukota Amherst Apartments LP sold the property to PARS LLC for $11 million. Totaling 58,003 square feet, Amherst Apartments features 81 units in a mix of one- and two-bedroom layouts. On-site amenities include a leasing office, playground, clubhouse and laundry facilities. Adam Riddle of Nexus Commercial represented the seller, while Jason Koch, also of Nexus Commercial, represented the buyer in transaction.

April 23, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Directs $9.1M Sale of Office Building in Colorado Springs

by Amy Works April 22, 2019

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office building, located at 745 Space Center Drive in Colorado Springs. A private individual sold the property for $9.1 million, or $177 per square foot. Booz Allen Hamilton fully occupies the two-story, 51,700-square-foot office building, which features covered parking. The property was constructed in 2006. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield’s Denver-based Capital Markets Group facilitated the transaction. The buyer was not disclosed.

April 22, 2019

Acquisitions Colorado Multifamily Western

Phoenix Realty Group Acquires 280-Unit Multifamily Asset in Fort Collins, Colorado

by Amy Works April 18, 2019

FORT COLLINS, COLO. — Phoenix Realty Group (PRG), through an affiliated entity and with a third-party partner, has expanded its presence in Colorado with the purchase of Argyle at Willow Springs, a Class B apartment community in Fort Collins, approximately 65 miles north of Denver. Terms of the acquisition were not released. PRG will operate the community and plans to renovate, upgrade and modernize the property. Argyle at Willow Springs will be rebranded as Alvista Harmony. Built in 1999 on 18.7 acres, the asset comprises 16 three-story buildings offers a total of 280 apartment units. Units feature one-, two- and three-bedroom floorplans with washers/dryers and fully-equipped kitchens. On-site community amenities include a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking.

April 18, 2019

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