FORT COLLINS, COLO. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the facility was 68 percent occupied, generating over $7.5 million in annual revenue, leading to negative net operating income of over $500,000. ESI was able to showcase the possibility for a new ownership group to align the community’s census with the averages of competitors in the area, as well as the potential to tap into the robust network of hospitals in Fort Collins. “Evans Senior Investments was able to showcase Colorado’s recent Medicaid rate increase, which was projected to add over $450,000 in revenue beginning in July 2023,” says Hank Fuller, senior associate at ESI. The buyer was a West Coast-based operator with an existing presence in the state of Colorado.
COLORADO SPRINGS, COLO. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. The Washington-based borrower completed the community in 2018 and, despite strong lease-up velocity in 2019, struggled throughout much of 2020 and 2021 due to key staff turnover and multiple COVID-19 lockdowns. Occupancy hit a low point of 30 percent in December 2020 before new facility-level leadership stepped in to stabilize the community, managing to increase occupancy to 72 percent by March 2023.
PUEBLO, COLO. — Cushman & Wakefield has arranged the sale of Belmont Heights Apartments, a multifamily community located at 1408-1224 E. 21st St. in Pueblo. Anchor Belmont purchased the asset from an entity doing business as Belmont Heights Apartments LLC for $3.6 million, or $100,000 per unit. Lee Wagner and Jeff Dimmen of Cushman & Wakefield’s Multifamily Investment Services team in Colorado Springs, Colo., represented the buyer and seller in the transaction. The five-building complex features 36 units, including select units offering extra half-bathrooms and fireplaces, 20 townhome-style units and outdoor courtyards. The property offers a mix of 16 one-bedroom, 16 two-bedroom and four three-bedroom floor plans.
AURORA, COLO. — Trion Properties has purchased Trailpoint on Highline, an apartment community located at 10756 E. Virginia Ave. in Aurora, for $41.1 million, or $209,000 per unit. The name of the seller was not released. Built in 1984, Trailpoint on Highline features 198 one- and two-bedroom apartments ranging from 630 to 830 square feet. The units feature wood-style plank flooring, washer and dryer hookups, wood-burning fireplaces, walk-in closets, private balconies and central heating and air conditioning. Onsite amenities include two heated swimming pools with sundecks, 24-hour laundry facilities and property management.
AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.
WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 4097 Vance St. in Wheat Ridge. The asset traded for $7.5 million, or $312,500 per unit. The 16,500-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller in the deal. The names of the buyer and seller were not released.
COLORADO SPRINGS, COLO. — Quiver Investments has facilitated the sale of a medical office building located at 8540 Scarborough Drive in Colorado Springs. Pensa Colorado sold the asset to Healthcare Realty (NYSE: HR) for an undisclosed price. Constructed in 2007, the 42,770-square-foot property was fully occupied by 12 tenants at the time of sale. Current tenants include UCHealth, Elevated Family Care and Gorman Medical. John Witt and Ben Swanson of Quiver Investments represented the seller in the transaction.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 8220 W. 16th Place in Lakewood, just west of Denver. The property traded for $3.6 million, or $202,777 per unit. Built in 1959, the interior-hallway building features three one-bedroom/one-bath units and 15 two-bedroom/one-bath units. Robert Lawson of Pinnacle represented the undisclosed sellers, while Charlie Mitelhaus and Andrew Monette of Pinnacle represented the undisclosed buyers in the deal.
ARVADA, COLO. — Marcus & Millichap has brokered the sale of an industrial building located at 5790 Lamar St. in Arvada, just northwest of Denver. A limited liability company sold the asset to an undisclosed buyer for $1.7 million. Riley Kilgore, Alyssa Tomback and Thimy Moraitis of Marcus & Millichap’s Denver office represented the seller in transaction. Situated on 0.5 acres, the 8,075-square-foot property features a fully fenced parking lot, one 12-foot drive-in door and three-phase power with 400 amps and 220 volts.
GREENWOOD VILLAGE, COLO. — Westwood Financial has sold Yosemite Center, a 23,847-square-foot shopping center located in Greenwood Village, roughly 12 miles south of Denver. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill, Jimmy John’s, Advance Auto Parts, Massage Envy, The Joint and D1 Training. CBRE National Retail Partners brokered the transaction.