WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.
COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.
DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.
JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.
DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.
COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.
DENVER — NorthPeak Commercial Advisors has arranged the sale of Avon Apartments, a multifamily property located at 2850 and 2880 S. Federal Blvd. in Denver. The asset traded for $19.8 million, or $200,000 per unit. The names of the seller and buyer were not released. Totaling 75,662 square feet, Avon Apartments features 99 units. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.
COLORADO SPRINGS, COLO. — CBRE has arranged the sale of Centerpointe Plaza, a neighborhood shopping center located at 5605-5785 North Academy Blvd. in Colorado Springs. A Denver-based private fund acquired the property from Phoenix-based Kinetic Development for $21.4 million. Built in 1983, Centerpointe Plaza features 154,988 square feet of retail space. At the time of sale, Centerpointe Plaza was 85 percent occupied. Current tenants include Dollar Tree, Tuesday Morning, Key Bank, Boot Barn, Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s Color Source. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the seller in the deal.
DENVER — NAI Shames Makovsky has arranged the sale of an industrial building located at 4429-4477 Glencoe St. and 4444-4488 Forest St. in Denver. I-70 Glencoe Forest RLLP sold the property to Home Silk Shop for $8.4 million. The property features 53,167 square feet of industrial space. Sandy Feld of NAI Shames Makovsky represented the seller, while Michael Bloom and Matt Dorsten of Michael Bloom Realty Co. represented the buyer in the deal.
EDGEWATER, COLO. — California-based Trion Properties has acquired Terra Village Apartments in the Denver suburb of Edgewater for $110 million, or $273,631 per unit. The seller was not disclosed. Located at 6201 26th Ave., Terra Village features 402 apartments. Trion Properties plans to upgrade the property and units with new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and washers/dryers in each unit. Elliott Polanchyck, Will McCauley, Phil Dankner, Kevin Higgins and Marc Lippitt of Unique Properties/TCN Worldwide and the Unique Apartment Group handled the transaction.