GREENWOOD VILLAGE, COLO. — Malman Commercial Real Estate has arranged the sale of a multi-tenant retail building in Greenwood Village, a suburb south of Denver. Peakview Center Inc. sold the asset to 215-291 Larchmont Boulevard for $5.5 million. Located at 9251 E. Peakview Ave., the 14,760-square-foot property is fully leased. Jake Malman and Dan Prevedel of Malman Commercial Real Estate represented the seller in the deal.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily property in Denver. The asset traded for $3.6 million, or $238,33 per unit. Located at 1301 E. 33rd Ave., the building offers 15 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed seller, while Robert Lawson of Pinnacle represented the undisclosed buyer in the deal.
DENVER — Houston-based Lovett Industrial has completed construction of Broadway Logistics Center, a speculative Class A industrial building in central Denver. Located at 6795 Broadway, the 201,329-square-foot, front-park, rear-load industrial facility features a 2,250-square-foot Class A office build-out, 32-foot clear heights, six-inch reinforced concrete slab, 204 auto parking stalls, 57 dock-high doors, 130-foot truck courts and 50 trailer parks. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield in Denver are marketing the facility for lease. The asset can be leased to a single tenant or multiple tenants with divisibility down to 22,360 square feet.
JOHNSTOWN, COLO. — PCCP has provided a $41 million senior loan to Journey Homes for the construction of Overlook Apartments, a garden-style multifamily community located at 2530 Bearberry Lane in Johnstown, just south of Fort Collins. Construction is underway with completion slated for first-quarter 2025. Situated on 16 acres, Overlook Apartments will feature 210 one-, two- and three-bedroom units spread across 10 residential buildings. The community will offer a clubhouse, fitness center, resort-style pool, coworking lounge, resident lounge, children’s playground and picnic areas with outdoor firepits and grills.
ENGLEWOOD, COLO. — Bell Partners has completed the disposition of Bell Cherry Hills, an apartment community in Englewood. Terms of the transaction were not released. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 3650 S. Broadway St., the four-story, two-building property offers 306 studio, one-, two- and three-bedroom apartments. Each unit features granite countertops, Energy Star-rated appliances, energy-saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, electric vehicle charging stations and two controlled-access parking garages.
FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of a single-tenant retail asset located at 425 S. College Ave. in Fort Collins, about 60 miles north of Denver. McWhinney sold the asset to an undisclosed investor for $7.3 million. Lucky’s Market occupies the 26,602-square-foot property on a long-term lease. The asset was built on 1.7 acres in 1966 and most recently renovated in 2018. During its ownership, McWhinney completed at $3 million renovation, adding bike parking and landscaping elements. Jon Hendrickson, Aaron Johnson, Aki Palmer and Cole VanMeveren of Cushman & Wakefield, along with Peter Pavlakis of Legend Retail Group, represented the seller in the deal.
LAKEWOOD, COLO. — Equity Residential has acquired NOVEL White Fence Farm, a newly constructed multifamily community at 6273 W. Jewell Ave. in the Denver suburb of Lakewood. Crescent Communities and equity partner ParkProperty Capital purchased the asset for an undisclosed price. Completed in 2023, NOVEL White Fence Farm features 202 apartments spread across two residenital buildings, a clubhouse, an all-seasons heated pool and hot tub, a fitness studio, resident gardens, private garages and secure bike storage. The LEED Gold-certified community is an adaptive reuse development of White Fence Farm, a restaurant and animal farm, with the original 9,300-square-foot farmhouse transformed into the community’s anchor clubhouse. NOVEL White Fence Farm is Crescent Communities’ first residential development in Colorado. Courtney Crowder, Jack Kachadurian and Craig Ratterman of Newmark represented the seller in the deal.
AURORA, COLO. — Advenir has completed the disposition of Advenir Del Arte Apartments, a multifamily property in Aurora, to BMC Investments for an undisclosed price. Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hunt and Brad Schlafer of CBRE represented the seller in the transaction. Brady O’Donnell, Jill Haug and Alex Scott, also with CBRE, arranged a fixed-rate Freddie Mac loan for Advenir. Located at 151 S. Joliet Circle, Advenir Del Arte features 17 residential buildings offering a total of 351 apartments in a mix of studio, one- and two-bedroom floorplans with in-unit washers/dryers. Built in 1986, the property was 90 percent occupied as of March 2024. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, business center, pet park and 563 parking spaces. The property has undergone several renovations, with the most recent occurring in 2016.
LITTLETON, COLO. — CBRE has facilitated $25.4 million in acquisition financing for Brixton Capital for the purchase of Parkside at Littleton Village, an apartment community at 300 E. Freemont Place in the Denver suburb of Littleton. The buyer and seller were not disclosed. Built in 2022, the 114-unit community features one-, two- and three-bedroom floorplans, averaging 1,215 square feet. Each unit features high-end finishes including custom cabinets, private balconies or patios, stainless steel appliances, in-unit washers/dryers and wood-style flooring. Community amenities include an entertainment and game room, electric vehicle charging stations, a clubhouse, fitness center and pet park. Scott Peterson, Mark McGovern, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured the five-year, interest-only, nonrecourse loan with a national life insurance company.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …