PUEBLO, COLO. — A private individual has purchased the 236-unit Landings at Eagleridge Apartments in Pueblo for $28 million. The community is located at 4749 Eagleridge Circle. Landings at Eagleridge was built in two phases. Phase I was completed in 2002, while Phase II was finished in 2008. Ron, Shane and Ryan Spraggins of Commonwealth represented both the buyer and seller, H.E. Whitlock.
BOULDER, COLO. — Cardinal Group Management will manage 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across five four-story buildings. Beginning in November 2015, 9Seventy will offer studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chautauqua Park and the Flatirons, swimming pool, fitness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states.
GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.
AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.
DENVER — TruAmerica Multifamily and institutional capital partner Investcorp have acquired a 561-unit apartment home community in Denver for $71 million. The community is located in the Cherry Creek submarket. TruAmerica plans to complete improvements to the buildings’ exteriors and common areas. This plan was initially undertaken by the previous owner. The units will also receive multimillion-dollar renovations. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE Capital Markets arranged the financing. CBRE’s David Potarf, Dan Woodward and Matt Barnett represented the unnamed seller.
DENVER — A private investor has acquired a 20-unit apartment building in Denver for $2.1 million. The community is located at 2366 S. Linden Court and 2337, 2351, 2367, 2387 S. Locust St. It is situated near downtown Denver and the Denver Tech Center. The property is two miles east of the University of Denver. Greg Price and Clayton Primm of Marcus & Millichap represented the seller, another private investor.
AURORA, COLO. — HFF has arranged $41.8 million in financing for the 351-unit Del Arte Lofts and Flats in Aurora. The community is located at 151 South Joliet Circle, about nine miles southeast of Denver’s central business district. Del Arte is currently 93 percent leased. It is situated near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. The seven-year loan features a 2.28 percent adjustable rate with three years interest-only payments. HFF’s Josh Simon and Eric Tupler arranged the financing with Freddie Mac on behalf of Advenir.
LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.
DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.
DENVER — A partnership between Soma Capital Partners (SCP) and CenterSquare Investment Management has purchased the LAB, a 78,639-square-foot office building in the Denver submarket of Platte Valley, for an undisclosed sum. The newly constructed building is located at 2420 17th St. WeWork Companies, an international co-working platform, has pre-leased about 65 percent of the property. It will occupy the space by year-end. CBRE serves as the leasing agent for the second floor of the office building. Urban Legend is marketing the 3,000-square-foot, ground-floor retail space to prospective food and beverage tenants. JR Bitzer of Lee & Associates Denver represented SCP in this transaction. The seller was the building’s developer, a partnership between Brue Capital and Confluent Development.
