Colorado

Marcus & Millichap Arranges $6.3M Sale-Leaseback of Kum & Go-Occupied Property in Colorado Springs

by Amy Works May 19, 2021

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail property located at Spectrum Loop in Colorado Springs. A limited liability company acquired the asset for $6.3 million. Kum & Go gas station and convenience store occupies the 5,620-square-foot property on a net lease. The building is adjacent to a 4 million-square-foot Amazon distribution center, which was built in 2021. Brian Bailey and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer in the deal. The name of the seller was not released.

May 19, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.

May 17, 2021

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

by Amy Works May 12, 2021

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties. The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting and plumbing fixtures; updated exterior landscaping; common-area improvements; and new finishes within the clubhouse. Both properties offer shared amenities including saltwater swimming pools, fitness centers and dog parks. The seller in the transaction was undisclosed.

May 12, 2021

Colorado Development Multifamily Western

McWhinney, PGIM to Break Ground on FoundryLine Multifamily High-Rise in Denver

by Amy Works May 6, 2021

DENVER — A joint venture between McWhinney and PGIM Real Estate will break ground this month on FoundryLine, an apartment community in Denver. Completion of the 17-story project is slated for mid-2023. Situated in Denver’s River North Arts District, FoundryLine will feature 348 apartments ranging from studio units to three-bedroom layouts and top-floor penthouses, with 30 units dedicated as attainable homes for qualifying residents who meet City of Denver income requirements. Located adjacent to the Regional Transportation District’s 38th & Blake A-Line commuter rail station, the transit-oriented property will also feature a rooftop pool; a curated art collection; sky terrace lounge with a kitchen and indoor/outdoor fireplace; a fitness center with an infrared sauna and steam room; coworking and indoor/outdoor lounge spaces; a dog run; on-site parking; fobbed access control; and Wi-Fi in the common areas. FoundryLine will also offer 14,000 square feet of ground-floor retail and restaurant space and a 282-car parking garage. The project team includes Hensel Phelps as general contractor, AvroKO, Craine Architecture, Dig Studio Office of Architecture and Denver-based Group 14 Engineering. Brady O’Donnell and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance secured construction financing for the project on behalf of the joint …

May 6, 2021

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Arranges $5.1M Sale of Pecos Square Retail Property in Denver

by Amy Works May 6, 2021

DENVER — Marcus & Millichap has arranged the sale of Pecos Square, a multi-tenant retail property located at 1777 and 1717 W. 38th Ave. in Denver. A private investor acquired the asset from a private partnership for $5.1 million. Built in 1988, Pecos Square features 10,729 square feet of retail space and was 100 percent occupied at the time of sale. The property consists of 81 percent corporate leases with an average occupancy of 18 years. The asset also features a standalone Burger King restaurant. Drew Isaac and Ryan Bowlby of Marcus & Millichap represented the seller, while Austin Snedden of Marcus & Millichap represented the buyer in the deal.

May 6, 2021

Acquisitions Colorado Multifamily Western

Watermark Residential Sells For-Rent Townhome Community Near Denver to RedPeak for $33.5M

by Amy Works May 3, 2021

AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million. Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers/dryers.

May 3, 2021

Acquisitions Colorado Multifamily Western

Capstone Negotiates $8M Acquisition of Sherman Commons Multifamily Property in Denver

by Amy Works May 3, 2021

DENVER — Capstone has brokered the sale of Sherman Commons, a 35-unit apartment community located at 10 S. Sherman St. in Denver’s West Washington Park neighborhood. An undisclosed buyer acquired the asset from an undisclosed seller for $8 million. The property offers a studio unit, 24 one-bedroom units and 10 two-bedroom units, as well as 34 off-street tenant parking spaces. This year, the building underwent renovations including new windows, stairs and landings. Brandon Kaufman and Nik MacCarter of Capstone represented the buyer in the deal.

May 3, 2021

Acquisitions Colorado Hospitality Western

Marcus & Millichap Brokers $3.9M Sale of Rodeway Inn in Evans, Colorado

by Amy Works April 30, 2021

EVANS, COLO. — Marcus & Millichap has brokered the sale of a Rodeway Inn hotel location at 3015 Eighth Ave. in Evans. Neville Rustomjee of Marcus & Millichap’s Denver office represented the seller, a limited liability company, and secured and assisted the buyer, also a limited liability company. Rodeway Inn features 96 guest rooms in an exterior corridor configuration. The buyer will implement a franchise property improvement plan and additional improvements to the property.

April 30, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

Colorado Development Multifamily Western

John Buck Co., Element Properties Break Ground on 86-Unit Apartment Community in Boulder

by Amy Works April 27, 2021

BOULDER, COLO. — Chicago-based The John Buck Co. and Boulder-based Element Properties have broken ground for Platform, a multifamily property within S’PARK, a 6.8-acre mixed-use, mixed-income multifamily development in Boulder. Situated on 1.2 acres at 3350 Bluff St., Platform will feature 86 apartments in a mix of studio, one-, two- and three-bedroom apartments, as well as ground-level retail space. Residents of Platform will also be able to use the amenities of Timber, a sister apartment community located across the street. KTGY is designer for the project, which is slated for completion in summer 2022.

April 27, 2021

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