DENVER — Ireland Stapleton, a full-service Colorado commercial law firm, has relocated its Denver headquarters to 1660 Lincoln St., Suite 3000. The firm has taken over the top floor of the newly renovated, 30-story building in Denver’s Uptown neighborhood. The space has been remodeled with a layout that features a number of shared offices, hotel-style offices, and advanced technology that will increase communication and collaboration within teams and practice groups. This flexible atmosphere is designed to better accommodate both remote and in-office workers.
DENVER — Essex Financial Group has secured $32 million in financing for the purchase of 2nd & Josephine, a 105,253-square-foot mixed-use property in Denver. Comprising four buildings, the development was fully leased at the time of sale. Bank of America anchors the property, which features retail and office space, as well as 260 parking spaces. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the seven-year, fixed-rate loan through an undisclosed life insurance company on behalf of the buyer.
COLORADO SPRINGS, COLO. — An affiliate of the Axton Group and the Bascom Group have divested two multifamily complexes in Colorado Springs for a total of $74.1 million. The sale includes the 374-unit Park at Penrose and the 112-unit Park at Palmer. The communities are located at 3802 and 3903 Half Turn Road, respectively. Formerly known as Summer Grove and Tanglewood, the Axton/Bascom partnership purchased the properties for $41.2 million in June 2019. The companies then completed a multi-year renovation program to upgrade the apartment units and community amenities.
FOUNTAIN, COLO. — Thompson Thrift has announced plans to develop The Garrison, a 336-unit, Class A apartment community in the Colorado Springs suburb of Fountain. The complex will be situated near the intersection of Mesa Ridge Parkway and Fountain Mesa Road, adjacent to Fountain’s two major roadways and with easy access to Interstate 25. It will offer one- to three-bedroom floorplans with up to 1,369 square feet of living space. The development site spans 22 acres. Thompson Thrift will utilize the land’s natural undulation with thoughtful grading to provide unobstructed views of the Cheyenne Mountain range for the 10 three-story, garden-style buildings. The community is scheduled to welcome new residents starting in late 2024.
DENVER – Pennrose, Rivet Development Partners and TGTHR have broken ground on 2700 Wewatta, a 56-unit affordable, supportive housing development in Denver’s Five Points neighborhood. The community will serve youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system. The new community is scheduled to open in April 2024. The one- and two-bedroom apartments will be income restricted for a minimum of 60 years to households earning up to 50 percent of the area median income, or up to $41,000 for a single-occupant household in Denver. The community is part of a larger mixed-use master plan that Golub & Co. and Denver-based Formativ are developing. Rivet was selected to develop the affordable housing component in 2021.
LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.
DENVER — EMBREY has acquired 219,562 square feet of land in the Washington Virginia Vale neighborhood of Denver for the development of a Class A multifamily community. Located at 5231 Leetsdale Drive, the property is currently home to a small retail strip building and a hardwood flooring company. The buildings will be demolished to make way for the new development, which is set to offer 283 units upon completion. Travis Hodge and Tony Bobay of the Capstone Colorado land team represented the buyer in the acquisition of the development site. A timeline and further details on the project were not announced. EMBREY is also currently developing Belaire, a 354-unit multifamily community in Denver’s 40 West Arts District, which is scheduled for completion in 2025. The project is set to offer shared amenities including a pool, spa, outdoor cooking space, bike workshop and racks, ski gear lockers, lounge areas, a fitness and yoga center and dog park. “EMBREY has been part of the Denver community for 23 years, and over the past decade, the population has continued to soar,” says Executive Vice President Jimmy McCloskey. “We expect strong rental demand as the area continues to grow.” San Antonio-based EMBREY owns, develops, …
DENVER — A California-based legacy real estate family has acquired the 31-unit multifamily property at 2444 S. York St. in Denver for $6.5 million. Mike Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors represented the buyer, and were able to secure an 18.35 percent discount, equating to a nearly $1.5 million price reduction, over the asset’s original listing price when it had gone under contract with another buyer. The buyer also assumed the seller’s low-leverage loan. The listing broker was Kyle Malnati of Calibrate Real Estate. The seller was not disclosed.
AURORA, COLO. — A joint venture between Legacy Partners and Griffin Capital has broken ground on Legacy Metro 525, a 380-unit apartment community in Aurora. The transit-oriented development will be adjacent to the Sable light rail station and near I-225 and Highway 83. Legacy Metro 525 will offer a mix of 380 studio to three-bedroom apartments, with an average unit size of 846 square feet. It is scheduled for completion near the end of 2025. Legacy and Griffin Capital closed on the construction financing with a loan from Poppy Bank of Santa Rosa, Calif. The developers purchased the site, located at 525 S. Dawson St. in southern Aurora, in September 2022. Cushman & Wakefield’s team of Wade Fletcher, Jim Capecelatro, and Mike Kboudi brokered the sale transaction.
WELLINGTON, COLO. — Cushman & Wakefield has arranged the acquisition of a single-tenant freestanding retail property located at 7590 Fifth St. in Wellington. A joint venture between Stover LLC, Cheyenne I LLC, Cheyenne II LLC and Meldrum LLC acquired the asset from Wellington CO DG LLC for $2.5 million. Dollar General occupies the 9,100-square-foot building, which was built in 2021. Jared Goodman and Anne Spry of Cushman & Wakefield represented the buyer, while John Wertz of Wertz Real Estate & Investment Services represented the seller in the deal.