DENVER — New York Life Real Estate Investors has originated a $51.8 million loan for the 306-unit Alta Cherry Hills apartment complex in Denver. The community is located at 3650 S. Broadway. The mortgage has a seven-year term. The funds were used to purchase the property. Michael Ortlip of Grandbridge Real Estate Capital acted as the mortgage broker. The borrower was Bell Partners. The seller was not disclosed
ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.
THORNTON, COLO. — TruAmerica Multifamily and the Magnolia Real Estate Fund have acquired the 287-unit Fox Creek apartments in Thornton for $53 million. The community is located at 12220 Colorado Blvd. The property was built in two phases between 1984 and 1999. CBRE’s David Potarf and Dan Woodward represented the buyers and private seller. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program.
BOULDER, COLO. — Rivendell Global Real Estate has acquired a 26-unit apartment community in Boulder known as 17-Walnut for $15.6 million. The community is situated in the East End corridor of downtown. The sale closed at $654 per square foot, the highest price for a multifamily community within 750 miles of the property, according to ARA Newmark, which represented the seller, Element Properties, in this transaction. Nearby office activity includes Twitter moving into a new 60,000-square-foot space and Google building a $150 million campus set to house 1,500 employees. The community was built in 2015. Community amenities include heated underground parking, bike storage and repair shop, private courtyard with barbecue grills, dog wash, and lobby with Wi-Fi, coffee bar and breakfast service.
WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller
BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.
WESTMINSTER, COLO. — A private investor has acquired a 16-unit apartment community in Westminster for $2.3 million. The community is located at 7461 Quitman St. The property contains two buildings with two-bedroom residences. Sevak Keshishian and Lance Krachey of Marcus & Millichap represented the buyer.
BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan
DENVER — Tropical Smoothie Cafe plans for continued development in Colorado, targeting Denver, Colorado Springs and Centennial to expand its presence through franchise growth. Tropical Smoothie currently has three locations in Colorado. Spearheading Tropical Smoothie’s expansion throughout Colorado is husband-and-wife team Craig and Dianne LeMieux, area developers for the region. The LeMieuxs purchased area developer rights to the market in April 2016, along with two existing locations in Centennial. In addition to their development efforts in Colorado, the LeMieuxs are also Tropical Smoothie area developers in Michigan and Ohio. They currently have a total of 58 open locations throughout their markets, with an additional 39 cafes in development. Over the past three years, Tropical Smoothie Cafe has sold over 450 franchises nationwide. This year, the food and smoothie franchise plans to open 100 restaurants nationwide, focusing on franchise opportunities in markets such as Indianapolis, Nashville, Houston, Dallas, Cincinnati and Minneapolis, among others. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S.
DENVER — Pinnacle Real Estate Advisors LLC has arranged the $1.9 million sale of a 12-unit housing community located one block from the University of Denver campus. Jeff Johnson and Matt Ritter of Pinnacle represented the undisclosed seller, and Peter Sengelmann and Jeff Johnson of Pinnacle represented the undisclosed buyer in the transaction.