Colorado

Avenida Partners Starts Construction of 230-Unit Active Adult Community Near Denver

by Nellie Day December 8, 2017

LAKEWOOD, COLO. — Avenida Partners has started the construction of Avenida Lakewood, a 230-unit age-restricted community in the Denver suburb of Lakewood. KTGY Architecture + Planning designed the project, which is located six miles from downtown Denver. The four-story community is located on 6.1 acres and is restricted to residents age 55 and older. Avenida Lakewood is part of the Oak Station Marketplace mixed-use development serving the newly-constructed W Light Rail Oak Station. The apartments at Avenida Lakewood range in size from 793 square feet to 1,238 square feet and include a mix of 92 one-bedroom apartments and 138 two-bedroom apartments. The presale office is slated to open in May 2018. The community grand opening is planned for spring 2019. Avenida Partners LLC is a real estate development, investment and property management firm focused solely on building active adult, market-rate rental communities. Headquartered in Newport Beach, Calif., the company has current developments in Oklahoma, Tennessee, Colorado and Illinois.

December 8, 2017

Colorado Loans Office Western

J.P. Morgan Asset Management Obtains $75.3M Loan to Buy Three-Building Office Portfolio in Boulder

by Nellie Day December 6, 2017

BOULDER, COLO. — J.P. Morgan Asset Management has obtained $75.3 million in acquisition financing to purchase a three-property office portfolio in Boulder. The portfolio includes 1050 Walnut Street, 1881 9th Street and 1900 15th Street. The Class A assets are situated just a few blocks from Boulder’s vibrant Pearl Street Mall. J.P. Morgan acted on behalf of institutional investors in this acquisition. Deutsche Bank provided the five-year, floating rate loan. JLL’s Capital Markets team secured the loan.

December 6, 2017

Colorado Retail Western

Altar’d State Opens Boutique in Lone Tree, Colorado

by Nellie Day December 4, 2017

LONE TREE, COLO. — A new 6,088-square-foot Altar’d State store has opened in Lone Tree at the Park Meadows Mall. St. Louis-based Knoebel Construction completed construction on the chain’s 50th store in five years, working with the retailer across 26 states. The new Lone Tree location features Colorado-inspired furnishings, a rotating display window platform with graphics of Aspen tree trunks, and Aspen leaf design accents. The store is also one of the first to integrate checkout video monitors that display messages about the charitable causes Altar’d State supports. Since its start in 2009, Altar’d State has expanded from 13 employees to nearly 1,500. Today, Altar’d State operates nearly 90 boutiques in 30 states. Knoebel Construction, Inc. is a national general contractor specializing in retail center, restaurant, grocery, healthcare and retail store construction.

December 4, 2017

Colorado Hospitality Western

Laurus Corp. Opens 285-Room Hotel in Vail, Colorado

by Nellie Day November 30, 2017

VAIL, COLO. — Laurus Corp. has opened the 285-room Hotel Talisa in Vail. The hotel, formerly known as Vail Cascade Resort and Spa, is located at 1300 Westhaven Drive along Gore Creek. The asset underwent a $60 million renovation and rebranding. Hotel Talisa is Vail’s only true ski-in/ski-out luxury resort, according to Laurus. The hotel will offer regular events, including a social hour, complimentary once-weekly beauty treatments, s’mores served creekside, and yoga classes followed by champagne. Hotel Talisa also offers three culinary venues, each sourcing ingredients from local Colorado ranchers and farmers. Two Roads Hospitality will continue to manage the property.

November 30, 2017

Colorado Loans Multifamily Western

Harborview Capital Partners Closes $30M HUD Refinancing for Denver-Area Multifamily Property

by Nellie Day November 30, 2017

DENVER — Harborview Capital Partners has closed a $30 million HUD refinancing for an undisclosed multifamily asset outside of Denver. The non-recourse loan came through HUD’s Section 223(f) program with a fixed interest rate for 35 years. The borrower is a local owner-operator. Harborview’s Avi Begun originated the loan.

November 30, 2017

Colorado Loans Multifamily Western

NE Development Obtains $32.8M Loan for Rocket Apartments in Colorado

by Nellie Day November 29, 2017

DURANGO, COLO. — NE Development has received $32.8 million in construction and permanent financing for the 194-unit Rocket Apartments in Durango. The community is located at 150 Confluence Ave. Rocket Apartments contains seven garden-style, walk-up buildings on eight acres. The property will also contain a clubhouse and other high-end community amenities. Love Funding Senior Director Leonard Lucas secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.

November 29, 2017

Colorado Multifamily Western

Quail Ridge Apartments in Thornton, Colorado, Sells for $22M

by Nellie Day November 28, 2017

THORNTON, COLO. — Pathfinder Partners has acquired the 140-unit Quail Ridge Apartments in Thornton for $22 million. The community is located at 501 E. 102nd Ave. Pathfinder plans to renovate and rebrand the community, as well as upgrade its amenity package. Built in 1985, Quail Ridge is situated on 6.2 acres. The community includes a one-story leasing office and clubhouse, along with a variety of amenities, including covered parking, swimming pool, spa, business center, basketball court and fitness center. Shane Ozment and Terrance Hunt of ARA Newmark brokered the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged debt financing.

November 28, 2017

Colorado Multifamily Western

Griffis/Blessing Acquires 152-Unit Apartment Complex in Colorado Springs for $21M

by Nellie Day November 28, 2017

COLORADO SPRINGS, COLO. — Griffis/Blessing has purchased the 152-unit Western Hills apartments in Colorado Springs for $21 million. The community is located at 810 Western Drive. The site is near the Colorado Springs Airport in an area seeing more than $100 million in new development. Community amenities include a clubhouse, business center, 24-hour fitness center, heated outdoor pool, playground, basketball court and café/lounge area. Prior to the sale, Western Hills had begun capital improvements, including replacement of windows, appliances, countertops, cabinets, flooring and landscaping. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young, along with Colorado Multifamily Investment Properties, represented the seller, Evergreen Real Estate, in this transaction. Brady O’Donnell of CBRE Capital Markets, Debt & Structured Finance arranged the FMAC financing.

November 28, 2017

Colorado Multifamily Western

Denver Apartment Community Sells for $6.6M

by Nellie Day November 27, 2017

DENVER — An unnamed buyer has purchased a 41-unit apartment community in Denver for $6.6 million. The community is located at 2920 W. 32nd Ave. in the Highlands neighborhood. The asset is fully occupied. Josh Newell of the Newell Team represented the buyer in a 1031 exchange that swapped a stabilized asset for this value-add opportunity. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the seller in this transaction.

November 27, 2017

Colorado Multifamily Western

Inland Affiliate Buys 200-Unit Arterra Place Apartments in Aurora, Colorado

by Nellie Day November 27, 2017

AURORA, COLO. — An Inland Real Estate Acquisitions affiliate has acquired the 200-unit Arterra Place Apartments in Aurora for an undisclosed sum. The community is located at 17036 E. Ohio Drive. Arterra Place was built in 2014. Each unit features nine-foot ceilings, granite countertops, a fireplace, walk-in closets, full-size washer and dryer, balcony and scenic mountain views. The property also features community amenities like a clubhouse with Wi-Fi, media room, heated swimming pool, outdoor fireplaces, 24-hour fitness center, bicycle/jogging path, barbecue grills, playground and heated pet wash station. Matthew Tice of Inland Real Estate Acquisitions executed the transaction.

November 27, 2017

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