Transactions Report Week of 02.12.18
ARA Newmark Sells Multifamily Asset Near Historic Downtown Littleton
ARA, A Newmark Company (ARA Newmark), announced the sale of Green Leaf Riverside, now known as Summit Riverside, a 248-unit asset located in Littleton. Vice Chairmen Terrance Hunt and Shane Ozment represented California-based real estate investment company Green Leaf Partners in the sale to Ohio-based Summit MultiCapital, LLC, the acquisition and financing arm of Summit Management Services, Inc.
“Investors were attracted to this asset due to its unique mix of units, which included 96 loft units, and its proximity to downtown Littleton and light rail. There is a real lack of new product being developed in Littleton which drew buyers to the asset,” explained Ozment. “Residents can access recreation out their back door, with the Platte River trail being adjacent to the property.”
Built in 1986, Green Leaf Riverside has undergone capital improvements, community amenity renovations and interior upgrades to bring all units up to date. Property amenities include an expanded clubhouse, a pool with a brand-new pool deck, a fitness center and a business center.
Only four market rate apartment communities have been built in Littleton in the past five years. This limited supply of new multifamily product in the city has lead to increasing demand for properties of all vintages.
Green Leaf Riverside is located four minutes from the Littleton-Downtown Light Rail Station, on the C and D lines, which provide direct access to downtown Denver and Union Station.
Pinnacle Arranges Sale of Single Tenant Caliber Collision Property
Pinnacle Real Estate Advisors, LLC announced the sale a single tenant net leased Caliber Collision property located at 7436 South Eagle Street in Centennial for $1.83 million. The property sold for $26,500 above the listed price and within 35 days of the initial marketing.
Associate Advisor Zach Wright of The Edwards | Ethington Team represented the seller in the transaction, a Colorado-based private real estate investor. Principal Justin Krieger of Pinnacle Real Estate Advisors represented the buyer, a Denver-based private partnership.
The 10,828-square-foot Caliber Collision property is strategically located just south of the Denver Tech Center and in the immediate proximity to the Centennial Airport, the Denver Broncos practice facility and numerous offices and apartments.
The corporately guaranteed lease has approximately eight years remaining and features annual rental escalations, providing a significant hedge to inflation. Caliber Collision is the largest collision repair company in the nation with over 500 locations.
“This transaction evidences the current insatiable demand for single tenant properties located within the Denver MSA that have a strong tenancy and rental escalations. Within one day of initially marketing the property, we received significant activity and numerous offers,” said Wright.
“The buyers were excited to add a single tenant property, leased to a company that is both e-commerce resistant and an industry leader, to their portfolio,” added Krieger.
Pinnacle Announces Sale of Buchtel Park Apartments for $46.25M
Pinnacle Real Estate Advisors, LLC announced the sale of Buchtel Park Apartments, a 269-unit mid-rise garden style apartment community in Denver, for $46.25 million. The Edwards Ethington Team and the Mitchell Krebsbach Team at Pinnacle Real Estate Advisors represented the seller, a local family who purchased the property in 1996 for $10.6 million as part of the Low Income Housing Tax Credit (LIHTC) program.
Located in the highly sought-after community of University Park, Buchtel Park Apartments spans seven buildings that were constructed in 1963 and 1971. The property is situated just one mile east of the University of Denver.
“The owners of Buchtel Park Apartments have had long-term success with the property,” said Tom Ethington, Principal of Pinnacle Real Estate Advisors. “They made a business decision to convert the equity held in Buchtel to focus on guaranteed, long-term leased, singed tenant assets. This will lock in the value application, diversify their portfolio, increase cash flow and significantly reduce their day-to-day management.”
RedPeak was selected as the winning bidder of Buchtel Park Apartments after the Edwards Ethington Team and Mitchell Krebsbach Team completed a comprehensive marketing campaign that reached over 5,300 investors nationwide and yielded over 18 qualified offers.
“The amount of showings and offers that were conducted and received in such a short period of time of three weeks blew us away. We expected an incredibly high amount of interest in this asset given its value add potential and location; however, the sheer aggressiveness of the offers and their willingness to work with our seller’s 1031 exchange timing requirements was what took us a bit by surprise,” stated Senior Advisor Michael Krebsbach.
Inland Real Estate Acquisitions, LLC Closes Multifamily Property
Inland Real Estate Acquisitions, LLC announced the purchase of Ashford East 88, a 322-unit multifamily property located in Thornton. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, LLC, completed the deal with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Located at 101 East 88th, the property will be renamed Park 88 Apartment Homes. The property consists of 14 three-story buildings that underwent significant interior and exterior renovations in 2014. Features include a recently renovated clubhouse, a fitness center, a business center, an indoor and outdoor swimming pool, a dog park, an outdoor playground and a picnic area.
Unique Properties Announces Sale of Colorado/I-25 Office Building
Unique Properties, Inc. announced the sale of The Executive Club, located at 1776 S. Jackson Street in Denver, for $9 million. Unique Properties Executive Vice President Patrick Henry represented both the buyer and the seller in the transaction.
The 119,700 square foot building was originally built in 1971. It has unique features, including a sauna, steam room, jacuzzi, full-size swimming pool, balconies on every unit and fireplaces. The property has 158 covered garage parking spaces with an additional 169 surface lot spaces.
At the time of closing, the property was 83 percent occupied.
- Newmark Knight Frank announced the sale of a 485,984-square-foot industrial space, located at 6400 Broadway in Denver, for $51 million. Newmark’s John Jugl, Jr., and Michael Wafer represented the seller.
Newmark Knight Frank announced the sale of a 7,400-square-foot mixed-use space, located at 603 South Gilbert Street in Castle Rock, for $1.25 million. Michael Quinlan of Newmark represented the buyer, Ocedon Management Group, LLC.
- Cushman & Wakefield announced the sale of a 48,126-square-foot industrial space, located at 275 Mariposa Street to 275 Mariposa, LLC. It sold for $5.75 million. JR Bitzer of Lee & Associates represented the seller, Mariposa Real Estate Investments, LLC. Aaron Valdez, R.C. Myles, Alec Rhodes and Tyler Smith of Cushman & Wakefield represented the buyer.
- Newmark Knight Frank announced the sale of a 33,660-square-foot industrial space, located at 4475 East 74th Avenue in Commerce City, for $4.1 million. Newmark’s Steven Fletcher and Michael Wafer represented the buyer, KYCO Real Estate Holdings, LLC.
- ARA Newmark announced the sale of The Applewoods, located at 1975 Oak Street in Lakewood, for $7.005 million ($166,786 per unit; $205.12 per square foot).
Pinnacle Real Estate Advisors, LLC announced the sale of 4490 East Jewell Avenue in Denver for $12.5 million ($135,869 per unit). Principals Jules Hochman and Justin Brockman represented the seller in the transaction. Principal Jamie Mitchell and Senior Advisor Michael Krebsbach represented the buyer in the transaction.
- Pinnacle Real Estate Advisors, LLC announced the sale of 3030 Downing Street in Denver, for $2.29million ($120.34 per square foot). Associate Advisor Erik Toll, and Principals Jules Hochman and Justin Brockman represented the buyer and seller in the transaction.