Colorado

NewMark Merrill Secures $62M Refinancing, Delivers 442,000 SF Retail Center in Longmont

by Nellie Day September 28, 2017

LONGMONT, COLO. — NewMark Merrill Mountain States has secured $62 million in refinancing and completed construction on Village at the Peaks, a 442,000-square-foot shopping center in Longmont. Village at the Peaks is over 90 percent leased to nearly 40 tenants including Whole Foods Market, Sam’s Club, Regal Cinemas, Gold’s Gym, Party City, Tuesday Morning, Bad Daddy’s Burger Bar, Ozo Coffee Co. and Fuzzy’s Taco Shop. The five-year development process involved a public/private partnership with the City of Longmont, and represents over $100 million in investment. Bank of the Ozarks provided original construction financing for the project. Joe Monteleone of Triad Capital Advisors arranged the refinancing on behalf of NewMark Merrill through Allianz Real Estate of America. Sandy Sigal, Sandra Kist and Allen Ginsborg of NewMarket Merrill oversaw the refinancing.

September 28, 2017

Colorado Multifamily Western

Stoneleigh Cos., Realty Capital Management to Develop 85-Unit Apartment Complex in Glenwood Springs

by Nellie Day September 28, 2017

GLENWOOD SPRINGS, COLO. — A joint venture between Stoneleigh Cos. and Realty Capital Management has acquired 3.8 acres of land to build The Lofts at Red Mountain Apartments, an 85-unit apartment community with ground-floor retail in Glenwood Springs. The land is situated at south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center. The Lofts at Red Mountain has an on-site RFTA bus stop, situated next to the Glenwood Springs Community and Recreation Center. It is also adjacent to the Glenwood Springs trail system. The developers have already broken ground on Phase I, with completion scheduled for early 2019. RVC Construction is building the project, which KCB Architecture designed. SunGate Capital Funding 7 LLC, Stoneleigh Cos. LLC and Realty Capital Partners provided equity financing.

September 28, 2017

Colorado Multifamily Western

Oak Coast Buys 384-Unit Apartment Community in Denver for $52.5M

by Nellie Day September 26, 2017

DENVER — Oak Coast Properties has purchased a majority interest in the 384-unit Villas on 76th apartment community in Denver for $52.5 million. The property is located at 2002 W. 76th Ave. Villas features a playground, pet park, swimming pool and newly renovated clubhouse. The seller, BMC Investments, will maintain a minority interest in the project. BLDG Management, an affiliate of BMC Investments, will continue to operate the property. BMC acquired Villas on 76th in 2013. At that time, the company made investments to complete deferred maintenance and update the look and feel of the community.

September 26, 2017

Colorado Multifamily Seniors Housing Western

OZ Architecture Redesign of Community in Brush, Colorado Progresses to Next Phases

by Nellie Day September 26, 2017

BRUSH, COLO. — OZ Architecture has launched its design plan for phases two through four of the Eben Ezer Lutheran Care Center in Brush, located approximately 90 miles northeast of Denver. The new phases are part of a 10-step master plan for redesigning the 100-year-old seniors housing community. Phase II involves designing the new short-term rehabilitation and long-term skilled nursing facility, with the addition of two wings of 14 beds each. There will also be a small amenity node with a living room, dining room, country serving kitchen and physical therapy gym. Phase III includes the addition of a commercial kitchen, receiving areas and staff areas for maintenance and management. Phase IV will add 28 memory care units, each with access to a shared living space. Here, residents with a higher level of acuity will have access to a courtyard wandering garden and spa, with a more robust nursing component. The designs have also eliminated dead-end corridors, and increased security elements throughout. Last year, Eben Ezer selected OZ Architecture to complete the design of its two-story building. Spanning 54,000 square feet, the goal is to increase the overall capacity and elevate the design of the existing campus. The new assisted living …

September 26, 2017

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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

by Taylor Williams September 25, 2017

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …

September 25, 2017

Colorado Multifamily Western

Continental Realty Advisors Buys 256-Unit Apartment Complex in Westminster

by Nellie Day September 18, 2017

WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

September 18, 2017

Colorado Restaurant Retail Western

Chipotle Reopens Flagship Location Following First Renovation in 24 Years

by Nellie Day September 18, 2017

DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer-long renovation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells prepared the food and served the very first Chipotle customers. Chipotle expanded the basement of the 850-square-foot restaurant to create additional storage and food prep space, allowing the small open kitchen — still a hallmark design element of all Chipotle locations — to be more efficient. Work in the dining room updated the style of the space, while preserving features of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 locations worldwide.

September 18, 2017

Colorado Multifamily Western

Griffs/Blessing, Freshwater Investment Acquire 280-Unit Apartment Complex in Colorado Springs for $41.1M

by Nellie Day September 11, 2017

COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.

September 11, 2017

Colorado Multifamily Western

AvalonBay Communities Buys 252-Unit Lodge Denver West Apartments for $76.8M

by Nellie Day September 5, 2017

DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West apartment complex for $76.8 million. The community is located at 14125 Denver W. Circle in the Denver submarket of Lakewood. The Lodge Denver West was built in 2016. The acquisition marks AvalonBay’s entry into the Denver metropolitan area.

September 5, 2017

Colorado Hospitality Western

MBC Partners, Corient Venture Partners Open WaterWalk Hotel in Centennial

by Nellie Day September 5, 2017

CENTNENIAL, COLO. — A joint venture between MBC Partners and Rob Mossburg, Bill Booth and Chris Copps of Corient Venture Partners has opened the 146-room WaterWalk hotel in Centennial. The 123,378-square-foot asset is located at 11400 E. Peakview Ave. The property is a hybrid hotel and apartment concept. It was originally planned as a corporate site but is now the company’s first franchise location to open. WaterWalk combines the space and comfort of apartment living with the services of an upscale hotel. Business travelers can stay for a few nights or several months during relocations, training or projects. Rooms feature fully equipped modern kitchens, full-size in-room washers and dryers, housekeeping and customized breakfast options. Other amenities include an on-site fitness center, 300 DirecTV channels, internet and 24/7 front desk service. WaterWalk was created by entrepreneur Jack DeBoer, founder of Residence Inn (now Marriott), Candlewood Suites, Value Place/WoodSpring Suites and Summerfield Suites (now Hyatt House). This is the second WaterWalk property. The first opened in Wichita, Kan., in November 2014.

September 5, 2017

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