Colorado

Trammell Crow Residential Divests of 354-Unit Apartment Community in Downtown Denver

by Amy Works April 21, 2021

DENVER — Trammell Crow Residential has completed the sale of Alexan 20th Street Station, a 12-story multifamily property in downtown Denver. Terms of the sale were not released. Located at 2080 California St., the asset features 354 apartments, structured parking, a pool and spa, two fifth-floor decks, a fitness center, multiple community areas and workspaces. In-unit finishes include quartz countertops, stainless steel appliances, contemporary cabinetry, tile backsplashes, large under-mount sinks, plank flooring, high ceilings and in-unit washers/dryers. The property was built in 2019. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the transaction.

April 21, 2021

Acquisitions Colorado Industrial Western

Avison Young Arranges $13 Million Sale of Mission-Critical Industrial Facility in Milliken, Colorado

by Amy Works April 20, 2021

MILLIKEN, COLO. — Avison Young has brokered the sale-leaseback of Ranger Energy Services’ mission-critical facility located at 3333 E. Center Drive in Milliken. Salt Lake City-based The Ninigret Group acquired the asset from Ranger Energy Services (NYSE: RNGR) for $13 million. Ranger Energy Services signed a long-term lease to continue to occupy the 131,389-square-foot facility, which was built in 2000 on 23.3 acres. The tenant utilizes the facility for oil and gas operations, including fleet maintenance and storage supporting the operations of Ranger’s region-wide DJ Basin energy services business. Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Rick Egitto, Dawn McCombs, Kevin Hann, Jonathan Hipp and Rich Murphy of Avison Young represented the seller and sourced the buyer in the deal.

April 20, 2021

Colorado Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Brue Baukol Capital Breaks Ground on 36-Acre Mixed-Use Community in Centennial, Colorado

by Amy Works April 14, 2021

CENTENNIAL, COLO. — Colorado-based Brue Baukol Capital Partners has broken ground on The District, a 36-acre mixed-use community adjacent to the Dry Creek rail station in Centennial. The walkable community will feature more than 2.5 million square feet of office space, a 200-key hotel, 1,800 residential units and over 30,000 square feet of retail space. Previously named the Jones District before rebranding to The District, the development will offer space for a range of flexible office spaces from small-scale co-working to multiple-building corporate headquarters. The project team includes Tryba Architects, Design Workshop, Martin/Martin Consulting Engineers and JHL Constructors. Completion for infrastructure work is slated for May 2021, with vertical construction on several planned projects scheduled to begin during the second half of 2021.

April 14, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

The Ensign Group Acquires Three Skilled Nursing Facilities in Colorado

by Jeff Shaw April 12, 2021

DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado: Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver. These acquisitions are subject to a long-term, triple-net lease. The seller and price were not disclosed. This transaction brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include assisted living operations, across 13 states. Ensign owns 94 real estate assets.

April 12, 2021

Affordable Housing Colorado Development Multifamily Western

Mile High, Brinshore Break Ground on 103-Unit Affordable Multifamily Project in Denver’s Capitol Hill

by Amy Works April 12, 2021

DENVER — Denver-based Mile High Development and Chicago-based Brinshore Development, as co-developers, have broken ground on Capitol Square Apartments, an affordable multifamily community in Denver’s Capitol Hill neighborhood. Completion is slated for 2022. Designed by KTGY, the six-story property will feature 103 income-restricted apartments, with 73 one-bedroom units and 30 two-bedroom units. A U-shaped building design opens the interior units and courtyard to views of the Denver Art Museum and mountains. All apartments will be income-restricted to households earning 40 percent to 80 percent of the area median income. Community amenities will include a leasing office, community space, fitness room and a second-floor outdoor terrace. Additionally, the property will feature parking for 68 vehicles at the ground and basement levels. The city and county of Denver provided $1.5 million in financing from the Affordable Housing Fund toward the $33.9 million project. The development also received public finance funds from the Colorado Department of Local Affairs. Additionally, the Colorado Housing & Finance Authority provided 4 percent federal and state tax credits and is issuing the bonds for the building.

April 12, 2021

Colorado Industrial Loans Office Western

RMR Mortgage Trust Arranges $34.3M Refinancing for Office/Industrial Property in Colorado Springs

by Amy Works April 12, 2021

COLORADO SPRINGS, COLO. — RMR Mortgage Trust (NASDAQ: RMRM) has arranged a $34.3 million first mortgage, floating-rate bridge loan for the refinancing of an office and industrial asset in Colorado Springs. The property includes a 191,000-square-foot office building and a 97,000-square-foot industrial building located at 10125 and 10205 Federal Drive. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver. An initial advance of $29 million was funded at closing with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan features a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.

April 12, 2021

Acquisitions Colorado Multifamily Western

Trion, PCCP Acquires Two Multifamily Properties in Colorado Springs for $80M

by Amy Works April 7, 2021

COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.

April 7, 2021

Acquisitions Colorado Multifamily Western

Berkadia Arranges $14.6M Sale of Iron Works Village Multifamily Property in Englewood, Colorado

by Amy Works April 6, 2021

ENGLEWOOD, COLO. — Berkadia has arranged the sale of Iron Works Village, an apartment community in Englewood. An affiliate of Denver-based Treeline Multifamily Partners acquired the property from Denver-based Blvdway Communities for $14.6 million. Located at 519 W. Amherst Ave., the garden-style property was built in 2020. Nick Steele and Tyler King of Berkadia’s Denver office represented the seller in the deal. Additionally, Brian Huff and Kevin McCormack of Berkadia’s Denver office secured $9.2 million in acquisition financing through Fannie Mae for the buyer. The 10-year, fixed-rate loan features six years of interest-only payments followed by a 30-year amortization schedule.

April 6, 2021

Acquisitions Colorado Multifamily Western

A.G. Spanos Cos. Divests of 236-Unit Multifamily Community in Northern Colorado

by Amy Works March 25, 2021

JOHNSTOWN, COLO. — Stockton, Calif.-based A.G. Spanos Cos. has completed the sale of Rise at 2534, an apartment property located at 5070 Exposition Drive in Johnstown. A New York City-based pension fund advisor purchased the community for an undisclosed price. Completed in late January 2020, Rise at 2534 features four four-story residential buildings on 8.5 acres. The property offers 236 units, averaging 920 square feet, with spa bathrooms, Bluetooth shower heads, Nest thermostats, keyless fob entry and full-sizer washers/dryers. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

March 25, 2021

Acquisitions Colorado Industrial Western

Stan Johnson Arranges $3.1M Sale of Industrial Facility in Rifle, Colorado

by Amy Works March 24, 2021

RIFLE, COLO. — Stan Johnson Co. has arranged the sale of an industrial building located at 185 Gemat Circle in the Western Colorado city of Rifle. A Southern California-based private investor acquired the property from Blue Wing Capital Management for $3.1 million. Beacon Roofing Supply, a distributor of residential and non-residential roofing and complementary building products, occupies the 37,864-square-foot facility. Built in 2010 on two acres, the property offers access to Interstate 70 and is approximately one hour northwest of Aspen. David Wirgler of Stan Johnson Co. represented the seller in the deal.

March 24, 2021

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