AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale. Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, residential and commercial space, as well as single-family residences and greenspace.
LAKEWOOD, ARVADA, DENVER AND FOUNTAIN, COLO. — Lument has closed five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance the Archway Portfolio, five affordable housing communities near Denver and Colorado Springs. The borrower is Archway Communities, which manages the portfolio. Andrew Ellis of Lument led the transactions. Fountain Ridge, the largest of the portfolio, received a 10-year loan with a fixed interest rate and a 30-year amortization schedule. The other four loans feature fixed interest rates, 12-year terms, two years of interest-only payments and 30-year amortization schedules. The portfolio includes the 72-unit Foothills Green in Lakewood, the 60-unit Willow Green in Arvada, the 65-unit Sheridan Ridge in Arvada, the 60-unit Arapahoe Green in Denver and the 111-unit Fountain Ridge in Fountain.
GLENDALE, COLO. — Kairos Investment Management Co. has acquired Forest Manor Apartments, an affordable multifamily property located at 625 S. Forest St. in Glendale. Terms of the transaction were not released. Built in 1974, Forest Manor features 103 apartments in a mix of a single studio, 74 one-bedroom and 28 two-bedroom units with air conditioning, carpeted floors and spacious closets. The property was last renovated in 2001. Community amenities include a swimming pool and laundry facilities. Kairos plans to renovate the asset by implementing interior and exterior upgrades, including interior repairs and upgrades to units, new flooring for interior hallways, exterior roof repairs, pool renovation and common-area amenities.
DENVER — IPI Partners has purchased a three-story primary data center located at 1500 Champa St. in downtown Denver. Morgan Reed Group sold the asset for an undisclosed price. IPI Partners plans to further develop the 138,000-square-foot center’s connectivity ecosystems and colocation capacity. Currently, the property can support approximately 10 megawatts of power and offer a robust “Meet-Me-Room,” a space telecommunications companies can physically connect to one another and exchange data. Fred Mobley, Charles Borges and Andrew Gross of Matthews Real Estate Investment Services represented the buyer in the transaction.
COLORADO SPRINGS, COLO. — NavPoint Real Estate Group has arranged the sale of Carefree Shopping Center, a retail property located at 3315-3541 N. Academy Blvd. in Colorado Springs. DCP Carefree sold the asset to Boise, Idaho-based Alturas Real Estate Fund for $15.8 million. At the time of sale, the 126,471-square-foot property was 98 percent occupied. Tenants include Family Dollar, Metro PCS, Human Bean Coffee, Pizza Hut and New Horizons Thrift Store. Matt Call and Collin Tedesco of NavPoint Real Estate Group handled the transaction.
DENVER — JLL Capital Markets has arranged $54.3 million in financing for Civica Cherry Creek, an office property in Denver. Located at 250 Fillmore St., the 116,187-square-foot building features floor-to-ceiling glass, a great room with fireside lounge, private wine cellar, secure bike storage, rooftop terrace, building concierge and underground executive parking. The LEED Silver-certified property was built in 2018. Eric Tupler and Leon McBroom of JLL Capital Markets secured the five-year, floating-rate loan with a national bank on behalf of the borrower, a MetLife Investment Management-managed entity.
COLORADO SPRINGS, COLO. — Draper Property Management has completed the disposition of Royal Lani, a multifamily property in Colorado Springs. California-based Turnstone Capital acquired the asset for $11.3 million. Located at 2010 Carmel Drive, the Royal Lani features two three-story buildings offering a total of 77 two-bedroom apartments, averaging 783 square feet. Since 2015, the property has undergone renovations, including new windows, new gates and roof repair. Saul Levy, Kevin McKenna, Mackenzie Walker and Jessica Graham of CBRE represented the seller in the deal.
DENVER — MG Properties has purchased 3300 Tamarac Apartments, a multifamily community located in Denver’s Hampton neighborhood. Gelt sold the asset for $141 million. 3300 Tamarac features 564 apartments within walking distance of a variety of shopping and dining options, as well as parks and recreation opportunities. David Martin and Brian Mooney of Northmarq represented the seller, and Northmarq’s Scott Botsford and Joe Giordani arranged the financing for the buyer.
PUEBLO, COLO. — Avison Young has brokered the sale of 9.1 acres of vacant land located at the southwest quadrant of US Highway 50 and Interstate 25 in Pueblo. 610 RLLLP sold the property to Conifer, Colo.-based BEP Pueblo LLC, an affiliate of Blueline Equity Partners, for an undisclosed price. The buyer plans to develop of the land into a mixed-use project, including residential, hospitality and possibly retail space. Completion is slated for 2023. Rick Egitto of Avison Young’s Denver office represented the seller in the deal.
AURORA, COLO. — A joint venture between Karis Capital and AEW has completed the disposition of Park 225, a newly developed industrial property located at 13575 E. 37th Ave. in Aurora. San Diego-based Westcore acquired the asset for $33 million. Totaling 142,760 square feet, the multi-tenant building was 57 percent leased to two tenants at the time of sale. Built in 2020, Park 225 features 32-foot clear heights, cross-dock loading, concrete truck court aprons, an ESFR sprinkler system, interstate visibility, heavy trailer parking and available yard. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller in the deal. Cushman & Wakefield’s Matt Tone, Steve Hager, Joey Trinkle, Drew McManus, Ryan Searle and Bryan Fry provided leasing advisory in the deal.