New York Investment Firm Acquires Legacy on the Promenade
The Praedium Group, a New York based national real estate investment firm, has acquired Legacy on the Promenade in Westminster for $93.5 million according to public records. The firm purchased the apartment building from California-based Legacy Partners. Constructed in 2018, Legacy on the Promenade is comprised of an elevatored 4-story building …
Vacasa Grows Investment in Colorado Through Acquisition of Resort Lodging Company
Vacasa, North America’s largest vacation rental management platform, has signed an agreement to acquire Resort Lodging Company. The deal will be finalized before the end of December, and the integration will be complete in the spring of 2020. At this time, Vacasa will assume management of Resort Lodging Company’s vacation …
24-Unit Apartment Building Sells in High Rent Growth Area
A 24-unit, three story apartment building on Federal Boulevard in Denver has sold for $3,145,000 or $131,042 per unit. Built in 1962 the property is just five blocks south of the new $37 million Denver Health Clinic. The fully leased apartment building, located at 1877 S. Federal Boulevard, is 16,944 …
Tributary Real Estate Launches New CRE Lending Division
Tributary Real Estate, a Colorado-based fully integrated commercial real estate firm that offers a customized approach to brokerage, development and investment, recently launched a new commercial real estate lending division to provide the Colorado marketplace with efficient and competitively priced financing options. Tributary Lending focuses on non-recourse bridge loans for …
Denver Apartment Absorption to Hit Record High
Increasing development remains overshadowed by strengthening demand as the Denver metro is on track to log a 130-basis-point drop in two years amid the completion of 19,000 units, according to Marcus & Millichap’s fourth quarter Multifamily Outlook report. High-wage jobs in the urban core and Tech Center continue to benefit Class A …
Centrally Located Apartment Community in Denver Sells for $36M
Denver-based Grand Peaks Properties, Inc. in partnership with Aegon Asset Management has purchased Monaco South, a 220-unit, multifamily property located at 2280 South Monaco Parkway in Denver. Comprised of two solidly constructed concrete mid-rise assets, Monaco South sold for $36 million or $163,636 per unit. Newmark Knight Frank (NKF) Vice Chairmen Shane …
Denver-based Developer Acquires Two In-fill Sites in Metro Denver
Corum Real Estate Group, a Denver-based developer and manager of industrial, multifamily and office assets, recently closed on the acquisition of two land sites in the Denver metro area and will construct a combined 400,000 square feet of speculative industrial warehouse space to be delivered in the fourth quarter of 2020. Gateway Central …
Class A Warehouse Portfolio in Aurora Acquired for $72M
ASB Real Estate Investments (ASB) has acquired a three-building, Class A warehouse portfolio totaling 633,193 square feet near DIA for $72 million. The investment was made on behalf of ASB’s Allegiance Real Estate Fund, a $7.5 billion core vehicle. CBRE’s Jim Bolt, Tyler Carner and Jeremy Ballenger represented the seller, a Blackstone …
SoftBank Group Commits to Invest $8B in WeWork
In response to issues regarding cash flow and leadership, The We Co., parent company of coworking office space operator WeWork and Japanese technology conglomerate SoftBank Group Corp have reached an agreement under which SoftBank will provide $5 billion in new financing to The We Co., in addition to a tender offer up to …
Hunt Real Estate Capital Provides $5.86M to Refinance Fitz Apartments in Aurora
Hunt Real Estate Capital has provided a Freddie Mac Small Balance Loan in the amount of $5.86 million to refinance Fitz Apartments, a multifamily property located in Aurora. The 46-unit multifamily property is located at 1747-1777 Peoria Street. The property was built in 1961 and consists of two four-story buildings …