DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1423 Race St. in Denver. George Wolf Memorial Trust purchased the property from Dave Chvosta for $1.7 million, or $323 per square foot. The property features 5,338 square feet of office space. Kevin Calame of Pinnacle Real Estate represented the buyer and seller in the deal.
DENVER, COLO. — Besyata Investment Group and The Scharf Group have acquired One Dartmouth Place, an apartment community located in Southeast Denver, for $65.5 million. The seller was not disclosed. BH Management will handle the day-to-day property management and leasing of the 418-unit property.
GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.
BOULDER, CO. — HFF has secured a $48 million refinancing for a three-property office portfolio along Walnut Street in downtown Boulder. Leon McBroom of HFF arranged the 12-year, fixed-rate loan through MetLife Real Estate Investments for the borrower, The W.W. Reynolds Cos. The portfolio comprises two historic buildings, Colorado (1919 14th St.) and James (1916-1922 16th St.), and the Wencel Building (1301 Walnut St.), which was completed in 2016. At the time of financing, the portfolio was 96 percent occupied to a variety of tenants, including companies in the technology, consulting, financial services and food and beverage industries.
THORNTON, COLO. — Inland Real Estate Acquisitions has purchased the 322-unit Ashford East 88 apartments in Thornton for an undisclosed sum. The community is located at 101 E. 88th Ave. A combined $11 million in capital improvements were completed by the two previous owners of Ashford East 88. The seller, Radco Cos., replaced the 1973-built property’s roofs, balconies and siding. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller in this transaction.
LONGMONT, COLO. — A limited liability company has acquired the 210-room Best Western Plus Plaza Hotel Longmont for $11.5 million. The hotel is located at 1900 Ken Pratt Blvd. It was opened in 1982. The buyer will retain the current operations and staff. The hotel and conference space will undergo a renovation. Gordon Allred, Brandon Kramer and Bob Kaplan of Marcus & Millichap represented the seller, also an LLC.
DENVER — Etkin Johnson Real Estate Partners has obtained a $75 million refinancing for the Colorado Technology Center (CTC) II Portfolio in Denver. The portfolio contains five properties inside the Colorado Technology Center, including 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd., totaling 535,787 square feet. A 109,386-square-foot, built-to-suit building at 2035 Taylor Ave. will be added to the loan once construction is completed this fall. HFF arranged the 10-year, fixed-rate loan with MetLife.
THORNTON, COLO. — Greystar Real Estate Partners has purchased the 336-unit Waterford Place apartment complex in Thornton for an undisclosed sum. The community is located at 2801 E. 120th Ave. Waterford Place was built in 1998. Greystar’s value-add strategy will focus on renovating all units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park and sport/tennis court.
AURORA, COLO. — BMC Investments has acquired the 282-unit Vista Park apartments in Aurora for $31.5 million. The community is located at 12707 E. Mississippi Ave. Vista Park was built in 1973. About 60 percent of the units have undergone light renovations, including vinyl plank flooring, new cabinets and new plumbing hardware. Select units feature walk-in closets and dishwashers. The property’s community amenities include a swimming pool, courtyard, fitness center, on-site laundry and business center. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Capital Real Estate, in this transaction.
LAKEWOOD, COLO. — Juniper Communities has acquired Applewood Place and Lakewood Reserve, two seniors housing communities in the Denver suburb of Lakewood. The seller and price were not disclosed. Built in 2008, Applewood Place is a 90,500-square-foot, two-story community featuring 65 assisted living units and 42 memory care units. Lakewood Reserve, built in 1999, is a 112,516-square-foot, two-story community featuring 118 assisted living units and 19 memory care units. The acquisitions bring Juniper’s total portfolio size to 1,862 units in 23 communities. Is also expands the company’s presence in the Denver area, where it already owns and operates three communities.
