ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.
DURANGO, COLO. — Marcus & Millichap has arranged the sale of Durango Town Center, a retail shopping center located in Durango. A private partnership led by David Spriggs of Denver-based DMS Real Estate sold the asset to a private local investor for $13.3 million. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller, while Brian Hagger, also of Marcus & Millichap, represented the buyer. Phillip Gause of Marcus & Millichap Capital Corp. placed financing on behalf of the buyer. Located at 1125, 1145 and 1185 S. Camino Del Rio, Durango Town Center features 41,781 square feet of retail space.
DENVER AND LOS ANGELES — Data center developer and operator Vantage Data Centers has entered into a definitive agreement with an investor group led by Colony Capital Inc. (NYSE: CLNY) to form a $3.5 billion partnership that will expand Vantage’s data center platform in North America and Europe. The firms expect the agreement to be finalized toward the end of the month. As part of the agreement, the Colony-led investor group will invest $1.2 billion in Vantage’s portfolio, including 12 stabilized North American data centers that span more than 1.4 million gross square feet in Santa Clara, Calif.; Quincy, Wash.; Montreal; and Quebec City, Canada. Vantage’s management team, led by President and CEO Sureel Choksi, will continue to manage and operate these assets as part of its global data center footprint. The Colony-Vantage partnership will allow Vantage to develop and maintain top-performing data centers in new and existing markets. The Denver-based company has been expanding in Europe the past few months, entering Wales through its acquisition of data center campus Next Generation Data that was announced in April. Vantage also acquired data center provider Etix Everywhere in February. The deal included a data center under construction in Frankfurt, Germany. Vantage …
CHERRY HILLS VILLAGE, COLO. — MIG Real Estate has acquired a one-acre development site in Denver for construction of The Clarkson, a 114-unit multifamily community located in Cherry Hills Village, a suburb of Denver. A private seller sold the site for $3.4 million. Slated to break ground in 2021, The Clarkson will feature 23 studios, eight junior one-bedroom, 56 one-bedroom and 27 two-bedroom layouts. The property’s 2,600 square feet of amenities will include a roof deck, courtyard with swimming pool, club room and gym. Additionally, the community will offer 160 parking spaces. The project team includes MIG Real Estate as developer, TCA Architects as design architect and Kimley-Horn Associates as civil engineering and landscape architect. Occupancy is scheduled for 2023. The transaction is the first acquisition for MIG’s Qualified Opportunity Zone Business Fund, which recently raised more than $100 million in equity to invest in Opportunity Zone development sites throughout the Western United States.
Bellwether Enterprise Closes $294.2M in Financing for 22 Manufactured Housing Communities Nationwide
DENVER — Bellwether Enterprise Real Estate Capital has closed four transactions totaling $294.2 million in Fannie Mae loans for manufactured housing communities across the United States. MJ Vukovich of Bellwether’s Denver office, along with Ghazy Grijalva of the firm’s Chicago office, arranged the deals. In total the financing covers 5,554 pad sites across the five transactions. The deals include: A $28 million loan for two manufactured housing assets located in Montana on behalf of a Utah-based operator. A $23.2 million loan for a community located in Wyoming on behalf of an operator based in California and Colorado A $193.3 million loan for a portfolio of 13 properties located in the Rocky Mountain and Southern regions on behalf of a Colorado-based operator. A $46 million loan for five communities located in various states on behalf of a Utah-based operator. A $3.7 million Fannie Mae loan for a property located in North Carolina on behalf of a North Carolina-based operator. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
AURORA, COLO. — Kärcher, a provider of cleaning technology, is consolidating its manufacturing campuses in Englewood, Colo., and Camas, Wash., into a newly completed, 380,000-square-foot North American headquarters facility located at 6398 N. Kärcher Way in Aurora. Situated on a 23-acre site, the build-to-suit campus features 275,000 square feet of warehouse, R&D and manufacturing space along with 100,000 square feet of office space. The property is located within the Porteos development near Denver International Airport. Ware Malcomb provided architecture, interior design, civil engineering and land surveying services for the project. The building features an open three-story staircase, Kärcher’s corporate colors of bright yellow and gray, and storefront and curtain walls for the office area. Brinkmann Constructors served as general contractor and SunCap Property Group is the project’s developer. Winnenden, Germany is the global headquarters of Karcher.
AURORA, COLO. — Evergreen Devco has purchased Turnberry at Heather Ridge, an apartment community located at 2038 S. Vaughn Way in Aurora. Kevlyn Investments sold the asset for $46 million in an off-market transaction. Situated on 12 acres, Turnberry at Heather Ridge features 268 apartments, averaging 823 square feet, in a mix of 183 one-bedroom/one-bath units and 85 two-bedroom/two-bath units. The units feature fully appointed kitchens, fireplaces, large balconies or patios, ceiling fans and walk-in closets. The community features two swimming pools, a fitness center, business center, dog park and clubhouse. Evergreen plans to implement a three-year capital improvements program at the property that includes renovating the exterior and interior of the 13 residential buildings and leasing office, as well as updating the community amenities. Echelon Property Group will be the on-site manager for the community. John Blackshire and Tom Wanberg of Transwestern represented the seller in the deal.
ENGLEWOOD, COLO. — Campus Apartments has completed the sale of Nicole Apartments, a multifamily property in Englewood. 3444 Marion LLC acquired the asset for $2.7 million. Built in 1970, Nicole Apartments consists of a three-story, walk-up building featuring 16 one-bedroom/one-bath units and four two-bedroom/two-bath units. On-site amenities include laundry facilities and off-street parking. Matthew Beverly, Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.
DENVER — Southern California-based ReyLenn Properties has opened Solana Stapleton, an apartment community in Denver’s Stapleton submarket. The asset is the first market-rate rental property developed by a third party in the master-planned Stapleton community. The 280-unit property features a mix of one-, two- and three-bedroom units, with rental rates starting at $1,549 per month. On-site amenities include a saltwater pool; spa; state-of-the-art fitness center with yoga and spin studio; indoor basketball court; high-definition golf and sports simulator; outdoor beer garden with gaming and a pizza oven; food truck court; and community gardens. Additionally, the property features standalone co-working space that is accessible for residents at discounted rates or the general public at full rates.
DENVER — Confluent Development and Kelmore Development, the Denver-based co-owners and co-developers of the project, have topped out Exchange at Boulevard One. The 200,000-square-foot, mixed-use project is located in Boulevard One, a 70-acre parcel in Denver’s Lowry neighborhood. The developers broke ground in April 2019 and completion of the initial phase, totaling 135,000 square feet, is slated for spring 2021. Located at Lowry Boulevard and Quebec Street, the infill development will feature 500 parking spaces, including a 231-stall underground garage. The project focuses on multimodal accessibility with a mobility hub for bicycle and scooter parking, pedestrian connectivity, electric car charging stations and nearby transit lines with connections to light rail. Brinkman Construction is serving as general contractor for the project, which Open Studio Architecture designed. The Denver Urban Renewal Authority and Lowry Redevelopment Authority are supporting the development.