Colorado

MG Properties Enters Denver Market with $108.2M Acquisition of Neon Local Apartments

by Amy Works October 4, 2021

DENVER — San Diego-based MG Properties Group has acquired Neon Local Apartments, a multifamily property located in Denver’s South Broadway neighborhood. North America Sekisui House and Holland Partner Group sold the asset for $108.2 million. Built in 2020, Neon Local Apartments features 238 apartment and proximity to mass transit and commuter freeways. Jordan Robbins and Pamela Koster of JLL represented the sellers. JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice arranged acquisition financing through an affiliate of Apollo Global Management.

October 4, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $64.5M Sale of Mesa Verde Apartments in Arvada, Colorado

by Amy Works October 4, 2021

ARVADA, COLO. — Capstone has arranged the sale of Mesa Verde Apartments, a multifamily property located at 9700 W. 51st Place in Arvada. An undisclosed buyer acquired the property for $64.5 million. Mesa Verde Apartments features 276 apartments in a mix of one-, two- and three-bedroom layouts with individually controlled heating and air conditioning and walk-in closets. The community includes volleyball and basketball courts, an outdoor swimming pool, playground and picnic area, as well as off-street parking for residents. The buyer plans to perform interior renovations, add additional units to the community, build a clubhouse for resident use, add a gate surrounding the property and resurface the parking lots. Brandon Kaufman of Capstone represented the buyer in the deal.

October 4, 2021

Colorado Development Healthcare Office Western

NexCore to Develop 130,000 SF Medical Office Building for SCL Health in Wheat Ridge, Colorado

by Amy Works September 30, 2021

WHEAT RIDGE, COLO. — SCL Health has selected NexCore to develop Clear Creek Crossing Medical Office Building on the Lutheran Medical Campus in Wheat Ridge. The five-story, 130,000-square-foot facility will be the first medical office building on the new 28-acre hospital campus, which will replace SCL Health’s existing Lutheran Medical Center 3.5 miles away. Construction began in June for the new campus, which will be part of the planned 100-acre Clear Creek Crossing mixed-use development at the southwest corner of State Highway 58 and Interstate 70. NexCore plans to break ground on the medical office building in late 2022, with completion slated for early 2024. The new facility will include SCL Health outpatient clinics and services, as well as an ambulatory surgical center.

September 30, 2021

Acquisitions Colorado Retail Western

Blue West Capital Arranges Sale of 19,138 SF Abilene Marketplace in Aurora, Colorado

by Amy Works September 29, 2021

AURORA, COLO. — Blue West Capital has brokered the sale of Abilene Marketplace, a multi-tenant retail property located at 1113 S. Abilene St. in Aurora. A California-based seller sold the property to a California-based investor for an undisclosed price. The 19,138-square-foot property was fully leased at the time of sale. Tenants include Verizon Wireless, Mattress Firm, EyeCare Specialties of Colorado, Canvas Credit Union and Scrubs & Beyond. Tom Ethington of Blue West Capital represented the seller in the transaction.

September 29, 2021

Acquisitions Colorado Multifamily Western

Avanti Residential Acquires Forum Fitzsimons Apartment Complex in Metro Denver for $159M

by Amy Works September 23, 2021

AURORA, COLO. — Denver-based Avanti Residential has purchased Forum Fitzsimons, a Class A apartment community in Aurora. An undisclosed seller sold the property for $159 million. Located at Interstate 225 and Colfax Avenue, Forum Fitzsimons features 397 apartments, 28,202 square feet of retail space and a full amenity package for residents. Community amenities include two swimming pools, a 24-hour fitness center, bike repair shop and storage, three event clubrooms, and a dog washing area and bark park. The property was built in 2017 to meet the needs of workforce housing demand generated by the adjacent Fitzsimons Life Science District, a major employment center with 44,600 workers.

September 23, 2021

Acquisitions Colorado Office Western

Invesco Real Estate Divests of 186,231 SF Office Property in Broomfield, Colorado for $59.1M

by Amy Works September 23, 2021

BROOMFIELD, COLO. — Invesco Real Estate has completed the disposition of 105 Edgeview, a Class A office asset in Broomfield. An undisclosed buyer acquired the property for $59.1 million. John Jugl and John Gustafson of Newmark represented the seller in the transaction. Completed in 2012, 105 Edgeview features 186,231 square feet of office space within Interlocken Advanced Technology Environment. The property is fully leased to eight tenants with Gogo Inc., a global aero-communications service, as the anchor.

September 23, 2021

Colorado Development Multifamily Western

CP Capital, Greystar to Develop 288-Unit Brighton Park Apartments in Colorado

by Amy Works September 22, 2021

BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.

September 22, 2021

California Colorado Loans Multifamily Seniors Housing Western Wyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works September 15, 2021

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

September 15, 2021

Acquisitions Colorado Office Western

KBS Sells 593,527 SF Granite Tower Office Building in Denver

by Amy Works September 9, 2021

DENVER — KBS has completed the disposition of Granite Tower, a 31-story, Class A office tower located at 1099 18th St. in downtown Denver. A joint venture between CP Group and Related Fund Management acquired the building from KBS REIT II for an undisclosed price. Built in 1983 as part of a four-tower development and formerly known as Steller Plaza and Plaza Tower, the asset now consists of 592,527 square feet of office space and a 774-space, three-level parking structures with 615 spaces dedicated to its office tenants. Tim Richley, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill of CBRE represented the seller in the transaction. Bruce Fischer, Howard Chu, Amanda Kennedy and Mark Baker of Greenberg Traurig LLP provided legal counsel to KBS in the disposition.

September 9, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $15.9M Sale of Thirteen 20 Apartments in Colorado Springs

by Amy Works September 8, 2021

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Thirteen 20 Apartments, a multifamily community located at 1320 Potter Drive in Colorado Springs. The property traded hands for $15.9 million in an off-market transaction. The asset features 132 apartments. The buyer and seller were not disclosed. Michael Krebsbach and Kenny Clarke of Krebsbach Investment Group and Andrew Monette of the Johnson Ritter team assisted both parties in the transaction.

September 8, 2021

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