COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.
DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly constructed infill apartment community located in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit. Built in 2017, the property features 275 Class A apartment units. Mill Creek Residential will manage the property. Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in acquisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition. Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units.
FORT COLLINS, COLO. — Confluent Senior Living has sold MorningStar of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undisclosed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as operator following the transaction. The 79-unit, 69,000-square-foot community opened in December 2015.
WESTMINSTER, COLO. — Legacy Partners has delivered the first apartments in the second phase of Legacy on the Promenade in Westminster Promenade. This phase features 37 of the planned 276 apartment homes, averaging 923 square feet. Additionally, this the second phase includes the opening of a permanent leasing office and the completion of the clubhouse amenities, including a two-story fitness center, yoga studio, game room with billiards table, and two conference rooms with laptop television displays. The first phase, which began preleasing last year, includes 24 live/work residences and townhomes starting at more than 1,500 square feet with four distinct floor plans. Each of the two- and three-bedroom apartments consist of three floors and an attached two-car garage. Additional amenities at Legacy on the Promenade will include a garden courtyard, a pool with an outdoor kitchen, resident lounge areas and a business center. Humphreys & Partners Architects provided architectural services for the project.
DENVER — Los Angeles-based CIM Group has purchased LoDo Towers, an office campus located in Lower Downtown (LoDo) Denver. According to the Denver Business Journal, Chicago-based Zeller Realty Group sold the property at 1331 17th St. for $103 million and the building at 1401 17th St. for $86 million, or a combined $189 million. The campus includes a 13-story, 220,000-square-foot building with 17,000-square-foot floorplates, and a 16-story, 190,000-square-foot property with 13,000-square-foot floorplates. This is CIM Group’s first acquisition in Denver.
CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Horizon Real Estate Development – Colorado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF represented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction.
WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …
THORNTON, COLO. — Newmark Knight Frank (NKF) has arranged the sale of an office building located at 9351 Grant St. in Thornton. Horizon Terrace sold the property to 1641 California LLC for $9.1 million. The property features 90,094 square feet of office space. Riki Hashimoto and Daniel Grooters of NKF represented the seller in the transaction.
GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.
PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.