DENVER — Virginia-based Willow Creek Partners has purchased The Croft Apartment Homes, a mid-rise property located at 7200 E. Evans Ave. in Denver. This is the company’s first acquisition in the region. The name of the seller and acquisition price were not released. Adam Randall and John Westby-Gibson of Newmark’s Multifamily Capital Markets Debt & Structured Finance group arranged $21.8 million in acquisition financing for the buyer. The Croft Apartment Homes features 138 units in a mix of one- and two-bedroom floor plans. Built in 1974, the building’s renovated units offer new appliances, granite countertops, air conditioning, ample storage, in-unit washers/dryers and private outdoor space. Community amenities include a business center, clubhouse, courtyard, fitness center, indoor pool and game room.
FORT COLLINS AND WINDSOR, COLO. — Avison Young has arranged the sale of a three-property shopping center portfolio located in Fort Collins and Windsor. Colorado-based Johnson Investments sold the portfolio to Neighborhood Equities for $10.1 million. Totaling just over 60,000 square feet, the portfolio includes the 21,633-square-foot Oakridge Shopping Center at 1112 Oakridge Drive in Fort Collins, which was 80 percent occupied; The Shops at Westwood, a fully occupied, 18,350-square-foot property at 1293-1295 Main St. in Windsor; and the fully leased, 20,250-square-foot Windsor Town Center II at 1215 Main St. in Windsor. David Maling, Chris Maling and Sam Crowe of Avison Young represented the seller, while Cushman & Wakefield represented the buyer in the deal.
GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.
AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.
DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.
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.
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.
Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M
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.
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 …
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.