Seven-Hotel Portfolio, Including Hotel Monaco Denver, Sells for $483M
Xenia Hotels & Resorts, Inc. has executed an agreement to sell a seven-hotel portfolio with a total of 1,124 guest rooms for $483 million. The portfolio consists of seven Kimpton-managed hotels, including Hotel Monaco Denver, Canary Hotel Santa Barbara, Hotel Monaco Chicago, Hotel Monaco Salt Lake City, Hotel Palomar Philadelphia, Lorien Hotel & …
Joint Venture Acquires Compark Industrial Portfolio
A new joint venture formed by CWCapital and Colorado-based Kenai Capital Advisors has acquired the portfolio of three industrial properties in the Compark Business Park in Englewood. The partnership purchased the 263,734-square-foot portfolio containing 8560 Upland Drive, 8490 Upland Drive, and 14800 Grasslands Drive from Hendricks Commercial Properties for $41 million. …
Majestic Realty Refinances Part of its Commercenter Industrial Portfolio
Allianz Real Estate, the world’s largest investor in real estate, has signed an agreement with Majestic Realty Co. to finance part of their 9-building industrial portfolio at Majestic Commercenter in Aurora. The nine non-crossed collateralized loans amount to $135 million and follow eight additional loans already provided to Majestic. “As …
Multifamily Investors Drawn to Colfax Corridor
According to Marcus & Millichap’s 2020 Multifamily Investment Forecast, Colfax Avenue remains the common denominator of many apartment deals as the corridor provides investors wide-ranging dynamics to fit various investment criteria. Colfax Avenue remains the common denominator of many apartment deals as the corridor provides investors wide-ranging dynamics to fit various investment …
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 …