DENVER — Berkadia has arranged the sale of Aspen Grove, an apartment community in Denver. A California-based buyer acquired the asset for $10.3 million, or $313,636 per unit. Tyler King, Nick Steele and John Laratta and Nate Moyer of Berkadia Denver represented the Colorado-based seller in the deal. Built in 2020, Aspen Grove features 33 units with washers/dryers, patios/balconies, high ceilings and stainless steel appliances. The community is located at 9850 E. Girard Ave.
MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released. The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining available space. Building 2 will total 109,676 square feet. The developer is positioned to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25, which will include four buildings totaling 422,000 square feet. Dawn McCombs and Kevin Hann of Avison Young’s Industrial Services team in Denver represented the buyers. Clayton Pristou of Avison Young’s Denver-based Structured Finance Group arranged acquisition and construction financing with CIBC Bank USA for the ownership team.
DENVER — A joint venture between Summit Capital Venture Group and Rockefeller Group has purchased a land parcel at 1158 Delaware St. in Denver’s Golden Triangle neighborhood for the development of an apartment community. Slated to break ground in April 2022, the property is scheduled for completion in early 2024. The community will feature 250 apartments, 2,000 square feet of ground-floor retail space, a 2,000-square-foot fitness center and pool lounge, and a 4,200-square-foot terrace with a pool and spa on the fifth floor. Additionally, the property’s 13th floor will feature a 1,250-square-foot sky deck and an 850-square-foot sky lounge and co-working space.
DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.
THORNTON, COLO. — San Diego-based Pathfinder Partners has completed the disposition of Hadley Apartments, a multifamily community located in Thornton. An undisclosed buyer acquired the asset for $38.5 million. Andy Hellman and Justin Hunt of CBRE’s Denver office brokered the transaction. Situated nine miles north of downtown Denver, Hadley Apartments features 140 apartments in a mix of one- and two-bedroom floorplans averaging 760 square feet. Community amenities include a clubhouse, yoga area, dog park and pool. Since purchasing the property in 2017, Pathfinder has installed new flooring, cabinets, stainless steel appliances, quartz countertops and new paint, finishes and fixtures.
DENVER — Capstone Apartment Partners has completed the sale of a six-community apartment portfolio located in Southwest Denver. Monarch Investment and Management Group acquired the portfolio from a group of investors connected through Abiete Real Estate for $56.5 million. Totaling 325 apartments, the portfolio includes The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments and The Hill Apartments. All six properties are located along South Federal Boulevard and were approximately 96 percent occupied at the time of closing. Jason Koch, Adam Riddle, Sean Holamon and Austin Smith of Capstone represented the seller in the deal.
AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.
BROOMFIELD, COLO. — Seagate Colorado Partners has completed the sale of Arista Uptown Apartments at 8500 Arista Place within Arista, a 200-acre, transit-oriented, master-planned community in Broomfield. Kennedy Wilson and the real estate business within Goldman Sachs Asset Management acquired the property for $95 million. Completed in 2012, the property features 272 apartments in a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings. Community amenities include a resort-style pool, clubhouse, fitness center and dog park. Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal. David Link and Jeff DeHarty of Northmarq’s Denver debt and equity team arranged $53 million in acquisition financing for the buyer through a long-standing life company relationship.