Colorado

Karis Capital, AEW Sell Warehouse Facility in Downtown Denver for $114M

by Amy Works September 7, 2021

DENVER — A joint venture between Karis Capital and AEW has completed the disposition of a newly developed, Class A warehouse and distribution building in downtown Denver. A national real estate investment, development and management firm acquired the asset for $114 million. Located at 875 W. 64th St., the property features 147,000 square feet of industrial space and immediate access to interstates 25, 70 and 76 and the US 36 freeway. The property is fully leased to a global Fortune 100 company. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Cushman & Wakefield’s Matt Trone, Steve Hager, Drew McManus, Ryan Searle and Joey Trinkle provided market leasing advisory.

September 7, 2021

Acquisitions Colorado Multifamily Northmarq Western

NorthMarq Brokers $88.7M Sale of Park 17 Multifamily Community in Denver

by Amy Works August 31, 2021

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

August 31, 2021

Acquisitions Colorado Office Western

Colorado Christian University Acquires Office Building in Lakewood, Colorado for $5M

by Amy Works August 30, 2021

LAKEWOOD, COLO. — Colorado Christian University has purchased 333 S Allison Parkway, an office and medical building in Lakewood. An undisclosed seller sold the asset for $5 million. Colorado Christian University plans to use the three-story, 35,741-square-foot building for its main offices and future site of its nursing school. Built in 1987, the property was formerly known as KeyBank Plaza. Garrett Neustrom and Jules Sherwood of Kenai Capital Advisors represented the seller, while Bob Pipkin and Jeff LaForte of Fuller Real Estate represented the buyer in the deal.

August 30, 2021

Acquisitions Colorado Industrial Office Western

Crescent Real Estate Purchases Two-Building, 119,977 SF Office/Retail Property in Denver

by Amy Works August 27, 2021

DENVER — An affiliate of Crescent Real Estate has acquired a two-building, 119,977-square-foot office and retail property, located at 200-250 Columbine St. in Denver, for $82.7 million. PCCP provided a $56.5 million senior loan for the acquisition of the asset. Western Development Co. sold the property. John Jugl of Newmark represented the seller in the deal. Constructed in 2015, the property features 89,195 square feet of office space and 30,782 square feet of retail space. The eight-story building at 200 Columbine St. features all the office space and 9,856 square feet of restaurant and retail space, as well as a two-story subterranean parking garage. The adjacent seven-story building at 250 Columbine St. features the remaining 20,926 square feet of ground-floor retail space. The building also includes 71 residential condominium units that were not part of the acquisition. The office and retail components of the property were fully occupied at the time of sale.

August 27, 2021

Colorado Development Multifamily Western

PointOne Holdings, Stillwater Capital to Develop 330-Unit Spring Ranch Apartments in Colorado Springs

by Amy Works August 27, 2021

COLORADO SPRINGS, COLO. — PointOne Holdings has partnered with Stillwater Capital to develop Spring Ranch Apartments, a multifamily community located in Colorado Springs. Totaling 330 units, Spring Ranch will feature a three-acre quad located between the main two buildings that will feature a pool, outdoor kitchens and fire pits, walking gardens and views of the Rocky Mountains. The property will also offer a fitness center and co-working facilities for residents. The joint venture recently closed on the site acquisition and financing for the project. Construction is slated to begin in the near future, with the first units scheduled for delivery in spring 2023.

August 27, 2021

Acquisitions Colorado Net Lease Retail Western

NAI Shames Makovsky Brokers $3.1M Sale of 7-Eleven-Occupied Property in Berthoud, Colorado

by Amy Works August 27, 2021

BERTHOUD, COLO. — NAI Shames Makovsky has arranged the sale of a retail property located at 1111 Mountain Ave. in Berthoud, a small town near Fort Collins. 1111 Mountain Ave LLC sold the asset to 655 South Boulder LLC for $3.1 million. 7-Eleven occupies the 4,067-square-foot building on a triple-net-lease basis. Paul Cattin and Samuel Cohen of NAI Shames Makovsky represented the seller, while Robert Edwards of Blue West Capital represented the buyer in the deal.

August 27, 2021

SpringhillSuites-ElementHotel-Colorado-Springs-CO

Colorado Development Hospitality Loans Western

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Acquisitions Colorado Multifamily Western

Colliers Brokers $65M Sale of Enchanted Springs Apartments in Colorado Springs

by Amy Works August 24, 2021

COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.

August 24, 2021

Colorado Loans Multifamily Seniors Housing Western

Colliers Mortgage Provides $15.9M HUD Loan for Multifamily Development in Grand Junction, Colorado

by Amy Works August 20, 2021

GRAND JUNCTION, COLO. — Colliers Mortgage, part of Colliers International | U.S., has closed a $15.9 million HUD 213 loan for the new construction of Village Cooperative of Grand Junction, an age-restricted cooperative project in Grand Junction. The 62-unit property will be age restricted to residents with heads of household 62 years of age or older. The community will include community decks, outdoor fire pits, interior bar areas and a fitness center. The 40-year, fully amortizing loan was arranged for the borrower, Village Cooperative of Grand Junction.

August 20, 2021

Colorado Multifamily Western

Berkadia Arranges $18M Apartment Property Sale in Loveland, Colorado

by Madison Pettway August 13, 2021

LOVELAND, COLO. — Berkadia has negotiated the sale of The Gallery Flats, a mid-rise multifamily property in Loveland, about 50 miles north of Denver. The property sold for $18 million, or $273,485 per unit, the highest price per unit ever achieved for a multifamily asset in Loveland. Built in 2014 and located at 585 N. Lincoln Ave., The Gallery Flats comprises 66 units and features high ceilings, washers/dryers, energy-efficient appliances, plank flooring, a media room, clubhouse, ﬁtness center, controlled access, barbecue/picnic area and bike storage.Berkadia’s Nick Steele, John Laratta and Tyler King led the transaction on behalf of the undisclosed seller. No buyer information was provided.

August 13, 2021

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