AURORA, COLO. — Marcus & Millichap has brokered the sale of Hilton Garden Inn Denver Airport, a hospitality property located at 16475 E. 40th Circle in Aurora. The hotel traded hands for $27.5 million. The names of the seller and buyer were not released. Hilton Garden Inn Denver Airport features 157 guest rooms. The seller completed a renovation of the guest rooms in 2021, and the buyer plans to renovate the lobby and public areas in early 2022.
ESTES PARK, COLO. — Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group. The proceeds will cover the refinancing of the historic Stanley Hotel, along with the acquisition of the nearby Fall River Village Resort, an 89-room lodge. Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. Situated on 68 acres, the property features 14 buildings with four lodging options comprising 192 guest rooms and 31 condominium units. Built in 2000 and renovated in 2018, Fall River Village Resort is located at 200 Filbey Court. Driftwood contributed a $24.3 million mezzanine loan through its lending fund, Driftwood Lending Partners, behind a $114.4 million senior financing package originated by a major life insurance company. The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotel’s main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities.
GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has arranged the acquisition of a three-property multifamily portfolio in Grand Junction. The assets traded for $7.5 million, or $100,000 per unit. Totaling 75 units, the portfolio includes a mix of one- and two-bedroom layouts. The communities are located at 306, 420 and 445 Chipeta Ave. Chirs Knowlton of Pinnacle Real Estate represented the buyer in the transaction.
BRIGHTON, COLO. — CBRE has arranged the sale of Buildings 4 and 5 within 76 Commerce Center, a logistics park in Denver’s I-76 corridor. Principal Real Estate Advisors acquired the assets from Mortenson Properties and Hyde Development for an undisclosed price. Tyler Carner, Jeremy Ballenger, Jessica Ostermick, Judson Welliver, Sonja Dusil and Bentley Smith of CBRE represented the sellers in the transaction. Located at 22600 and 22700 E. I-76 Frontage Road in Brighton, Buildings 4 and 5 total 618,480 square feet and are fully leased. Building 5 was constructed in 2018 and Building 4 in 2020. The buildings have Class A features throughout, in addition to fenced outside storage, trailer parking and office space. 76 Commerce Center is a 155-acre regional distribution center with one full mile of Interstate 76 frontage and immediate interstate access. At full build out, the project will have four buildings totaling 1.7 million square feet.
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.
