Colorado

Population, Absorption, New Construction Offer Opportunities in the Denver Multifamily Market

by Jeff Shaw November 4, 2022

By Chris Mitton, Advisor, Pinnacle Real Estate Advisors Denver has been seeing major growth of new residents from 2020 through the second quarter of 2022. Denver is gaining many residents from coastal cities due to our lower cost of living, and gains of such tech giants as Conga, RingCentral, Xactly, Slack, and Angi. Since 2020, Denver has added 8,100 jobs in business services and 2,900 jobs in the financial activities sector. Over the last five years population growth in Denver has increased 8 percent compared to the 3.8 percent national average. The multifamily market has benefited from this population growth. Denver has absorbed 6,400 units over the past 12 months, placing it in the top 15 metro areas in the country. Colorado has seen record high prices in single family homes as well, which is pricing out many first-time homebuyers. This is forcing many renters to stay in multifamily apartments. However, if you haven’t been living under a rock, you know that the Federal Reserve has been increasing interest rates at a record pace. The single-family market has seen an increase from 1,200 homes for sale during the start of the year to 7,300 homes in August. With this increase in supply …

November 4, 2022

Acquisitions Colorado Office Western

Albany Road Acquires 146,099 SF Epic One Office Building in Colorado Springs, Colorado

by Amy Works November 3, 2022

COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.

November 3, 2022

Acquisitions Colorado Retail Western

Pine Tree Acquires Harvest Junction Shopping Center in Longmont, Colorado for $73.8M

by Amy Works November 2, 2022

LONGMONT, COLO. — An affiliate of Northbrook, Ill.-based Pine Tree, in partnership with New York-based Wafra Inc., has purchased Harvest Junction, a shopping center in Longmont, for $73.8 million. Completed in 2006, Harvest Junction features 364,000 square feet of retail space. Current tenants include Best Buy, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Michaels, Petco and Designer Shoe Warehouse. Barry Brown, Bryan Ley and Jason Schmidt of JLL’s Retail Capital Markets Investment Sales and Advisory team brokered the transaction.

November 2, 2022

Acquisitions Colorado Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Negotiates Sale of 314-Unit Trails at Timberline Multifamily Property in Fort Collins, Colorado

by Amy Works November 1, 2022

FORT COLLINS, COLO. — Walker & Dunlop has arranged the sale of Trails at Timberline, an apartment community located in Fort Collins. Terms of the transaction were not released. Trails at Timberline features 314 apartments, with an average unit size of 897 square feet. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop represented the undisclosed seller in the deal. Mark Grace and Trevor Fase of Walker & Dunlop structured the debt financing on behalf of the undisclosed buyer.

November 1, 2022

Dove-Valley-Outdoor-Storage-Englewood-CO

Acquisitions Colorado Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 618-Unit Dove Valley Outdoor Storage in Englewood, Colorado

by Amy Works November 1, 2022

ENGLEWOOD, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dove Valley Outdoor Storage, a 618-unit self-storage, boat and RV storage facility in Englewood. A local partnership group acquired the asset for an undisclosed price. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller, a national private equity group, in the deal. Originally built in 2014 on 11 acres, Dove Valley Outdoor Storage features 157 self-storage units, 391 outdoor storage spaces and 70 covered RV storage spots.

November 1, 2022

Uptown Terrace in Denver features 34 apartments. (Photo credit: Mediamax Inc.)

Acquisitions Colorado Multifamily Western

Cohen Rojas Capital Sells Uptown Terrace Apartment Community Denver for $8.4M

by Amy Works October 27, 2022

DENVER — Cohen Rojas Capital Partners has completed the disposition of Uptown Terrace, a multifamily property located in Denver’s Uptown neighborhood. Quantum Capital, using out-of-state exchange funds from a Florida-based trust, acquired the asset for $8.4 million. Erik Toll, Andy Hellman, Justin Hunt, Brad Schlafer and Jessica Graham of CBRE’s multifamily investment properties team in Denver represented the seller in the deal. Located at 230-240 E. 19th Ave., Uptown Terrace features 34 one-bedroom, 515-square-foot apartments spread across two two-story buildings. Originally constructed in 1927, the property underwent recent renovations, including new paint, landscaping and signage, and an upgrade of the gated courtyard area to add an outdoor kitchen and patio.

October 27, 2022

Acquisitions Colorado Georgia Maryland Self-Storage Southeast Tennessee Virginia

Ziff Purchases Six Self-Storage Properties in Southeast, Colorado Totaling 2,750 Units

by John Nelson October 27, 2022

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.

October 27, 2022

Colorado Loans Multifamily Western

ACRE Arranges $52.7M Loan for Johnstown Plaza Multifamily Development in Colorado

by Amy Works October 24, 2022

JOHNSTOWN, COLO. — ACRE has arranged a $52.7 million loan for a joint venture between Graycliff Capital Partners and Buligo Capital Partners to support the newly built Johnstown Plaza, an apartment community located at 5150 Ronald Reagan Blvd. in Johnstown. Issued through ACRE’s debt fund ACRE Credit I, the loan will facilitate the joint venture’s purchase of the 252-unit property. Executed in October, the two-year agreement includes options for three single-year extensions. Carson Development built and delivered Johnstown Plaza, which opened in second-quarter 2022. Since opening, the property is well into its initial lease-up, surpassing 35 percent physical occupancy in late August 2022. The garden-style community offers one-, two- and three-bedroom layouts with wood-style flooring, granite countertops, wood cabinetry, zebra blinds, stainless steel appliances, walk-in closets, central heat and air conditioning, washers/dryers and private patios or balconies with mountain range views. Community amenities include an outdoor swimming pool, fenced dog park, basketball courts, grilling stations, resident business center, 24-hour workout facility, controlled access, 24-hour mail room and courtesy package acceptance. The property also features an outparcel self-storage facility offering on-site, climate-controlled storage units.

October 24, 2022

Acquisitions Colorado Industrial Western

Lightstone Acquires 512,000 SF Industrial Portfolio in Broomfield, Colorado for $72M

by Amy Works October 21, 2022

BROOMFIELD, COLO. — New York City-based Lightstone has purchased an 11-building, multi-tenant industrial portfolio in Broomfield for $72 million. The name of the seller was not disclosed. Known as the Commander Industrial Portfolio, the asset totals 512,000 square feet on 31 acres, with suites ranging in size from 5,000 square feet to more than 68,000 square feet. At the time of sale, the portfolio was fully leased to 17 tenants. Peter Rotchford and Mark Robot of JLL Capital Markets arranged $40 million in acquisition financing through Wintrust Financial for Lightstone. With this transaction, Lightstone’s industrial portfolio now includes more than 7.5 million square feet of space in 16 markets across the country, including Chicago, Charlotte, Dallas and Tampa.

October 21, 2022

Colorado Market Reports Retail Western Western Market Reports

With Uncertainty Looming, Colorado Retail Properties Should Continue to Outperform

by Jeff Shaw October 21, 2022

By Brandon Wright, Associate, Blue West Capital Retail properties in Colorado have experienced significant cap rate compression over the past five years and are selling for premiums compared to most markets across the country. Since 2019, the average cap rate for a single-tenant retail property in Colorado has compressed by 79 basis points, while cap rates for multi-tenant retail properties have compressed by 74 basis points. Cap rates this year for single- and multi-tenant retail properties in Colorado averaged 5.42 percent and 6.10 percent, respectively, through September 2022. Nationally, the average cap rate for these two property types were 5.62 percent and 6.53 percent. Cap rates in Colorado have remained compressed despite various headwinds facing the market. There’s a notable supply and demand imbalance of high-quality properties. The limited inventory of available properties and strong national demand for Colorado properties has helped keep cap rates near record lows. Public and private REITS, family offices, high-net-worth individuals and 1031 exchange investors remain optimistic on Colorado for its long-term upside and growth, and are looking to deploy capital here. Colorado has a vibrant and diverse economy, in addition to strong demographics that include a young and educated workforce. It is the fifth most educated state, …

October 21, 2022

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