Colorado

Love Funding Secures $5.2M Refinancing for Affordable Seniors Housing Community Near Denver

by Nellie Day August 15, 2017

BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.

August 15, 2017

Colorado Industrial Western

CBRE Brokers Sale of 166,000 SF Manufacturing Facility in Johnstown, Colorado

by Nellie Day August 14, 2017

JOHNSTOWN, COLO. — A 166,000-square-foot industrial facility in Johnstown has sold to a new user for an undisclosed sum. The Class A facility is located at 3600 Ronald Reagan Blvd., just outside Loveland. The asset was custom built in 2012 for manufacturing. It features modern finishes, including a 45-foot ceiling clear height. The existing tenant’s eight-year lease was bought out prior to closing. CBRE’s Andrew Sandquist, JC Asensio and Briggs Goldberg represented the seller, Broadstone Net Lease, in this transaction.

August 14, 2017

Colorado Multifamily Western

Jackson Square Properties Purchases Gateway Park Apartments for $75.2M

by Nellie Day August 8, 2017

DENVER — Jackson Square Properties has acquired the 328-unit Gateway Park Apartments in Denver for $75.2 million. The community is located at 4255 Kittredge St., near Interstate 70 and Pena Boulevard in northeast Denver. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, a joint venture between Griffis Residential and PCCP, in this transaction.

August 8, 2017

Colorado Retail Western

Otter Products to Open Its First Retail Store in Fort Collins

by Nellie Day August 7, 2017

FORT COLLINS, COLO. — Otter Products, the company behind OtterBox phone cases, will soon open Otter Shop, a retail store in its hometown of Fort Collins. The first OtterBox was created in a Fort Collins garage in the mid-1990s. This first and only standalone retail location allows the company to showcase its line of products, beyond phone cases. In addition to OtterBox cases, mobile accessories, coolers and tumblers, the store will feature products from sister brand LifeProof, including the recently released AQUAPHONICS line of Bluetooth speakers. Visitors will also be able to print custom cases with their own images or select from dozens of patterns. Otter Shop will be located at 151 W. Mountain Ave. in downtown Fort Collins.

August 7, 2017

Colorado Multifamily Western

CBRE Global Investors Fund Purchases 227-Unit Apartment Community Near Denver

by Nellie Day July 26, 2017

DENVER — A fund advised by CBRE Global Investors has acquired Viridian at the Gardens on Havana near Denver for an undisclosed sum. The 227-unit garden-style community is located at 10901 E. Garden Drive in Aurora. Viridian is two miles from a light rail station that is scheduled to open later this year. It sits adjacent to the 500,000-square-foot Gardens on Havana Shopping Center. The Class A community is nearly 95 percent occupied. ARA represented the seller.

July 26, 2017

Colorado Multifamily Western

Granite Capital Group Acquires Brooklyn Park Rowhouses in Fort Collins for $27.8M

by Nellie Day July 24, 2017

FORT COLLINS, COLO. — Granite Capital Group has acquired the 105-unit Brooklyn Park Rowhouses in Fort Collins for $27.8 million. The community is located at 2758 Iowa Drive. Brooklyn Park was built between 2007 and 2008. It is fully leased and is located near Harmony Technology Park. Nick and Jacob Steele of Marcus & Millichap represented the seller in this transaction.

July 24, 2017

Colorado Multifamily Western

Kent Place Residences in Colorado Sells for $127.4M

by Nellie Day July 20, 2017

ENGLEWOOD, COLO. — Institutional investors have acquired the 300-unit Kent Place Residences in Englewood for $127.4 million. The community is located at 3465 S. Gaylord Court in the Cherry Hills Village area. Kent Place Residences was built in 2015. Outdoor amenities include a rooftop lounge with views of the Rocky Mountains and downtown Denver, as well as outdoor televisions and barbeque grills, outdoor kitchens, a walking trail, pool with two spas, community garden, pet play area, bocce ball court and complimentary bike rentals. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, Forum Real Estate Group, in this transaction. J.P. Morgan Asset Management advised the undisclosed buyers.

July 20, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day July 18, 2017

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

July 18, 2017

Colorado Loans Multifamily Seniors Housing Western

Walker & Dunlop Arranges $28.2M Construction Loan for 137-Unit Assisted Living Community in Monument

by Nellie Day July 17, 2017

MONUMENT, COLO. — Walker & Dunlop Inc. has structured a $28.2 million construction loan for Jackson Creek Senior Living, a 137-unit assisted living facility in Monument, located between Denver and Colorado Springs. The borrower is the project’s developer, an affiliate of CSI Construction. Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care and 27 independent living units. The asset is located on 6.4 acres of land. Ralph Lowen arranged the HUD loan at 90 percent of total replacement cost. The financing features 18 months of interest-only payments during the construction period, followed by a 40-year, fully amortizing permanent loan.

July 17, 2017

Colorado Multifamily Western

Inland Real Estate Group Acquires Conifer Creek Apartments in Aurora for $95M

by Nellie Day July 13, 2017

AURORA, COLO. — Inland Real Estate Group has purchased the 480-unit Conifer Creek Apartments in Aurora for $95 million. The community is located on two parcels at 2205 S. Racine Way and 12775 E. Pacific Drive. Conifer Creek contains 53 buildings with one- and two-bedroom units. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities, including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities. The apartment complex is 96 percent occupied. Matt Tice and Brett Smith of Inland Real Estate Acquisitions executed the transaction.

July 13, 2017

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