Colorado

The Confluence Apartment Building in Denver Receives $79M in Financing

by Nellie Day March 11, 2015

DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.

March 11, 2015

Colorado Multifamily Western

Denver Apartment Building Sells for $3.6M

by Nellie Day March 3, 2015

DENVER – A 21-unit apartment building in Denver has sold to an unnamed buyer for $3.6 million. The community is located at 1410 Poplar Street. It was renovated in 2012 and 2013, when it received condo-level finishes. The buyer and unnamed seller were represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors.

March 3, 2015

Colorado Multifamily Student Housing Western

The Vista Student Housing Complex in Denver Changes Hands

by Nellie Day February 25, 2015

DENVER — The Preiss Company has acquired the Vista Student Housing Complex in Denver for an undisclosed sum. The 286-bed property is located at 1920 South University Blvd., directly across from the University of Denver campus. Preiss acquired the asset with a separate private investment group and its joint venture partner, Criterion Holdings, which will act as general manager. The company plans to invest an additional $500,000 to upgrade the facilities, including Internet bundled services, clubhouse and common area upgrades and enhancements to the vistas that overlook Denver’s Rocky Mountain range. Community amenities include a computer lab, business center with study rooms, clubhouse with television, outdoor television and pool table, fitness center, stand-up tanning bed, bocci ball court, outdoor fire pit and bike storage.

February 25, 2015

Colorado Multifamily Western

Lakeview Apartments in Westminster Receives $26.3M in Financing

by Nellie Day February 20, 2015

WESTMINSTER, COLO. — The 504-unit Lakeview Apartments in Westminster has received $26.3 million in financing. The community is located at 3701 West 68th Ave., about 10 miles north of Downtown Denver. Lakeview Apartments is situated at the intersection of West 68th Avenue and Lowell Boulevard. It is within three blocks of an upcoming light rail station. The fixed-rate loan features a 10-year term with three years interest-only. The securitized loan contains a 3.65 percent interest rate. Acquisition financing was arranged by HFF’s Brock Yaffe and Kristian Lichtenfels through the firm’s Freddie Mac Program Plus Seller/Servicer program. The loan was arranged on behalf of BMC Investments.

February 20, 2015

Colorado Mixed-Use Western

SkyHouse Denver Luxury Apartments Breaks Ground

by Nellie Day February 18, 2015

DENVER — Simpson Housing, Novare Group and Batson-Cook Development Co. have broken ground on the 354-unit SkyHouse Denver. The new community will be located on the corner of Broadway and 18th Avenue in uptown Denver. The mixed-use project will also feature 6,900 square feet of ground-floor retail space. The signature SkyHouse on the top floor of the building includes a club room, swimming pool and fitness center. SkyHouse will also feature vehicle charging stations, bike storage, bike kitchen, a dog walk area and a dog washing station. The new community is situated in the Central Business District, near MetroRide and the 16th Street MallRide, both of which provide direct access to Union Station. It is also in close proximity to the Light Rail. Additional nearby attractions include the state capitol complex, the Denver Art Museum, and City Park, home to the Denver Zoo and the Denver Museum of Nature and Science. SkyHouse Denver is the 14th SkyHouse-branded apartment community in the U.S. and its first out West. Equity was provided by Simpson Housing, Batson-Cook Development Co. and NGI Investments. Construction financing was provided by JP Morgan and US Bank. The building will be built by Batson-Cook Construction and Swinerton Builders …

February 18, 2015

Colorado Office Western

Palisades Private Capital Fund Buys Plaza Quebec in Centennial for $12.7M

by Nellie Day February 18, 2015

CENTENNIAL, COLO. — Palisades Private Capital Fund I (PPCFI) has acquired Plaza Quebec, a 94,394-square-foot office building in Centennial, for $12.7 million. The Class A building is located at 6025 South Quebec Street in the southeastern suburbs of Metro Denver. Plaza Quebec was built in 1984 and renovated in 2009. It is 85 percent occupied by tenants like Cherry Creek Mortgage Company and Peoples National Bank. The property is situated on the edge of Greenwood Plaza, near Greenwood Athletic Club and the boutique Village Shops at the Landmark. PPCFI is a $50-million fund sponsored by Palisades Mexico Partners (PMP). PMP is a partnership between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors LLC, and Finsa Global Equities, owned by Sergio Argüelles, president and CEO of FINSA, an industrial real estate development firm. The seller, Crown West Realty LLC, was represented by Tim Richey and Mike Winn of CBRE. Financing was arranged by Brad Zampa of CBRE.

February 18, 2015

Colorado New Mexico Retail Western

Twisters Restaurants in Colorado, New Mexico Change Hands

by Nellie Day February 13, 2015

DENVER AND ALBUQUERQUE — Gary Hines and Ray Ubieta have sold their 19 Twisters restaurants, the Twisters concept and its intellectual property to Rajiv Grover of VKC Group. The Southwestern fast-casual concept is located throughout Denver and Albuquerque. The restaurant gained notoriety when one of its locations served as the setting for “Los Pollos Hermanos,” a fictional Mexican restaurant in AMC’s Breaking Bad. The transaction was brokered by National Restaurant Brokers and its affiliate National Convenience Store Brokers.

February 13, 2015

Colorado Multifamily Western

The Amherst Apartment Homes in Denver Sells for $5.6M

by Nellie Day February 12, 2015

DENVER – The Amherst Apartment Homes, an 81-unit multifamily property in Denver, has sold to a local buyer for $5.6 million. The community is located at 2775 S. Federal Blvd. It was built in 1973. The property was most recently renovated in 2010. The sale was executed by Josh Newell and Robert Lawson of Pinnacle Real Estate Advisors. The buyer assumed the unnamed seller’s current Fannie Mae loan.

February 12, 2015

Colorado Hospitality Western

AB Real Estate, Sage Buy TownePlace Suites Denver Portfolio

by Nellie Day February 6, 2015

DENVER — A joint venture between AB Real Estate Group and Sage Hospitality has acquired the TownePlace Suites Denver Portfolio for an undisclosed sum. The portfolio contains five properties throughout the Denver metro region, for a total of 584 rooms. Properties included in this acquisition are the TownePlace Suites Denver Downtown, the TownePlace Suites Denver West Federal Center, the TownePlace Suites Denver Southeast, the TownePlace Suites Denver Tech Center and the TownePlace Suites Boulder Broomfield. The hotels’ guestrooms and public spaces underwent significant renovations in 2013. The TownePlace Suites-branded properties are members of the Marriott franchise system. They will continue to be managed by Sage Hospitality. The sale was executed by JLL’s Mark Fair, Mark Fraioli and Chris Dewey.

February 6, 2015

Colorado Multifamily Western

Castle Court Apartments in Castle Rock Sells for $3.3M

by Nellie Day February 5, 2015

CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.

February 5, 2015

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