DENVER — An unnamed buyer has purchased an 18-unit apartment building in Denver for $2.1 million. The community is located at 1560-1570 Albion St. It was built in 1958. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
THORNTON, COLO. — Armstrong Development has completed construction on a new 4,500-square-foot building at HighPointe Park in Thornton. Nextcare Urgent Care now occupies the freestanding structure. Construction commenced on the pad this past April and was completed in late September. The urgent care officially opened Tuesday, Oct. 13.
AURORA, COLO. — Oak Coast Properties and BMC Investments have acquired the 548-unit Liberty Creek Apartments in Aurora for $65 million. The community is located at 13100 E. Kansas Drive. The partners plan to invest $3 million to extensively renovate and reposition the property. Liberty Creek Apartments was originally built in 1981. It is currently more than 99 percent occupied. The pet-friendly community includes five basketball courts, three swimming pools, a sand volleyball court, three playgrounds, picnic and barbecue areas, a fitness center, a clubhouse and business center, a laundry facility, on-site security patrol and covered parking. Liberty Creek is in close proximity to Aurora Town Center, Market Square, Anshutz Medical Campus, Kaiser Center Pointe and Denver International Airport.
LAKEWOOD, COLO. — A 24-unit apartment community in Lakewood has sold to an unnamed buyer for $2.1 million. The community is located at 10623-10709 W. 8th Ave. It was built in 1961. Robert Lawson of Pinnacle Real Estate Advisors represented the buyer, while Josh Newell of the same firm represented the seller.
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.
