Denver Tops Multifamily Absorption List in November
According to the Yardi Matrix Multifamily National Report for November, demand for multifamily housing remains high nationwide. More than 320,000 multifamily units have been absorbed nationally. While it’s not expected that absorption will reach 2016’s cycle peak of 377,000 units, 2019 marks the sixth straight year with at least 250,000 multifamily units absorbed. …
Denver’s Third-Tallest Skyscraper Refinanced
According to Kroll Bond Rating Agency, Morgan Stanley, an American multinational investment bank and financial services company, is lending $373 million to refinance the Wells Fargo Center in downtown Denver. Also known as the “Cash Register Building,” Owner, Beacon Capital Partners, will use the loan to replace a previous $282.2 …
Movers and Shakers Week Ending 12.13.19
Stonebridge Companies Promotes Two, Adds Eight for Leadership Roles Denver-based Stonebridge Companies — a privately owned, innovative hotel owner, operator and developer — in support of its ongoing business growth, has promoted two of its team members and employed eight new associates for various leadership roles at a number of …
New Hotel to be Built at 59-Acre Development in Southeast Colorado Springs
Utah-based hospitality firm Western States Lodging and Nuterra Partners are under contract to construct a Candlewood Suites at Colorado Springs’ newest 58.71-acre mixed-use development, Westgate at Powers. CBRE is marketing the planned, mixed-use project for additional sale, lease or build-to-suit development. The property is located at the west gate entrance to Peterson Air Force Base …
Industrial Property in Littleton Sells for $1.6M
A 7,500-square-foot industrial property in Littleton has sold for $1,640,000. Jason Mayer and Jeff Brandon of NavPoint Real Estate Group represented the buyer, Kudu Roofing. The company will be relocating from 2709 W Belleview Ave b, Littleton, near Santa Fe and Belleview. The property, located at 9822 Titan Park Circle — off Highway 85 …
Small Multifamily Property in Platt Park Sells to Out-of-State Investor
A four-unit, 3,082-square-foot multifamily property, on a 9,040-square-foot lot in Platt Park, has sold for $990,000. Robert Bratley with CBRE Capital Markets in Denver represented the seller, a local private investor. An out-of-state investor purchased the property in an all-cash transaction with no contingencies that closed in 14 days. “This property attracted apartment …
Denver Ranks 3rd for Progress of Urban Sustainability
Commercial Cafè recently identified the 50 cities in America that are making the largest strides toward improving the lives of their residents, as well as the ease of doing business, by embracing urban sustainability. Placing third overall, Denver achieved top 10 scores for its increase in green jobs and in LEED-certified …
Historic Evans School to be Redeveloped
NAI Shames Makovsky announced this week the two-part sale of the long-dormant Evans School located at 1115 Acoma Street, Denver, consisting of a three-story, 46,467-square-foot historic school building and a 30,000-square-foot parking lot. Lennar Multifamily Communities, LLC purchased the school and the parking lot for $18 million. Following that sale, …
Centerra to Welcome NORCO Volleyball Club
Centerra, McWHINNEY’s award‐winning 3,000‐acre master‐planned community located in Loveland, joins NORCO Volleyball Club in announcing its relocation into the master-planned community. The Rocky Mountain region’s premier volleyball club will expand into a 60,000-square-foot, state-of-the-art volleyball gym, planned to open in the fall of 2020. NORCO Volleyball Club’s relocation from its …
Construction Update: McGregor Square (PHOTOS)
By Katie Rapone, editor of Mile High CRE. Last week, the Urban Land Institute (ULI) Colorado provided a first-hand look of one of Denver’s most eagerly awaited projects: McGregor Square. Named in honor of the Rockies’ late president, Keli S. McGregor, the project is expected to reenergize LoDo upon its completion in January 2021. Project …