NORTHGLENN, COLO. — Hutensky Capital Partners has purchased Marketplace at Northglenn, a 439,000-square-foot shopping center in Northglenn, a northern suburb of Denver, for $48 million. The center is shadow-anchored by Lowe’s Home Improvement, and is also home to Ross Dress for Less, Bed Bath & Beyond, Office Depot, PetSmart and JoAnn Fabrics. The seller was not disclosed.
THORNTON, COLO. — Simon has broken ground on Denver Premium Outlets, a 330,000-square-foot open-air outlet center located 12 miles outside Denver in Thornton. The mall will be home to 80 outlet stores offering discount, name-brand merchandise. The location marks the first and only Premium Outlets development in the state of Colorado. It is scheduled to open in fall 2018.
DENVER — Griffis Residential has closed Griffis Premium Apartment Fund IV, a $407 million fund that was used to acquired four apartment communities throughout the West and Texas. The communities contain a total of 1,475 units. They are situated in the metro areas of Seattle, Denver, Los Angeles and Austin, Texas. Fund IV iss targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California. Griffis’ fourth private equity real estate investment fund pursued the same investment strategy as its predecessor funds: acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain more than 200 units and have a total project cost ranging from $50 million to $150 million. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry. Shelter Rock Capital Advisors acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.
AURORA, COLO. — Doster Construction Co. is set to start construction of the 280-unit Springs at Eagle Bend apartment complex in Aurora. The 283,084-square-foot development includes 14 buildings with their own private, ground-level entrance. Amenities will include a resort-style pool, fitness center, two pet playgrounds, clubhouse and 12 parking garage buildings. The apartment community is scheduled for completion in winter 2019. Continental Properties is developing the property, which Phillips Partnership designed.
DENVER — ARA Newmark has brokered the $141.5 million sale of Steele Creek, a 218-unit luxury multifamily community located in the Cherry Creek neighborhood of Denver. The community offers studio, one- and two-bedroom units. Shared amenities include a rooftop deck with an infinity pool, spa, fireplace, cabanas, daybeds, high-end grills and dining areas; a clubroom with billiards and a virtual golf/sports simulator; and a business lounge. The property also features ground-floor retail space leased to Matsuhisa Restaurant, AT&T and Drybar. The 12-story development is located across the street from Cherry Creek Shopping Center, home to over 160 retailers including Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the transaction. The buyer was not disclosed. — Katie Sloan
CASTLE ROCK, COLO. — Development firm P3 Advisors has acquired a 65-acre tract of land in Castle Rock, roughly midway between Denver and Colorado Springs, for the development of Miller’s Landing, a mixed-use project that is expected to generate between $350 million and $500 million in private investment. Miller’s Landing will feature a full-service resort and conference center, retail pad sites, office space and restaurants. Developers estimate that the property will span approximately 900,000 square feet upon completion. The property will also include an undetermined amount of public parking space. The hotel will offer 250 rooms, while the retail and office components could total as much as 250,000 square feet and 480,000 square feet, respectively, according to the Denver Post. Under the terms of the development agreement, the amount of retail development will be limited to 100,000 square feet until the hotel is complete and operating. The full 250,000 square feet of retail space may not be developed until 150,000 square feet of office space has been built. The development site, located at the northwest corner of Interstate 25 and Plum Creek Parkway, is a former landfill situated within Philip S. Miller Park, a 300-acre swath that attracts about 1.5 …
LONGVIEW, COLO. — A regional private investor has acquired the 130-unit Mountain View Apartments in Longview for $10.5 million. The community is located at 2185 38th Ave. The asset has received recent capital upgrades. Major employers in the area include PeaceHealth St. John Medical Center, Winco Holdings Inc., Lower Columbia College, Pacific Lumber & Shipping Co. and Solvay Chemicals Inc. George Miller of Marcus & Millichap represented the buyer. The firm’s Joel Deis represented the seller, a regional private investment partnership, in this transaction.
DENVER — A private capital firm has acquired the 53-unit Dwell Apartments in Denver for $12.8 million. The community is located at 600 – 624 N. Pennsylvania St. in the Capitol Hill neighborhood. The unit mix includes studios, one- and two-bedroom apartments that range from 505 to 829 square feet. Community amenities include a swimming pool, gym and off-street parking. Jacob and Nick Steele of Marcus & Millichap represented both the buyer and seller, another locally based private capital client, in this transaction.
LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.
LAKEWOOD, COLO. — Castle Lanterra Properties (CLP) has purchased the 257-unit Mountain Vista Apartments in the Denver suburb of Lakewood for an undisclosed sum. The community is located at 474 S. Wright St. Amenities include a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbecue grills, dog park, parking and laundry rooms.
