NavPoint Real Estate Group Completes Sale of Class-A Medical Rehabilitation Investment in Castle Rock for $13.5M
NavPoint Real Estate Group is pleased to announce that we have completed the 1055 S Perry Street sale in Castle Rock, a Class A Medical Rehabilitation facility. The property is a 2-story building totaling approximately 28,704 square feet, positioned on 2.284 acres of land.
Situated on the south end of Castle Rock, the property includes beautiful landscaping, modern interior finishes, multiple outdoor patios and terraces, a dining hall, and a physical therapy suite.
“We were pleased to source an off-market buyer for our seller client’s premier medical rehab facility in Castle Rock,” said Matt Call of NavPoint Real Estate Group. “Having originally sold the land to the developer back in 2017, then facilitating the sale of this newly constructed Class A asset in 2024, our team at NavPoint feels immense satisfaction in seeing this project come full circle. Guiding our clients to achieve their real estate goals from raw land to the completed building is tremendously rewarding.”
The seller, C.R.H.I. LLC was represented by Matt Call and Mike Quinlan of NavPoint Real Estate Group. The buyer, JTLC CR CO LLC, was unrepresented in this transaction. This transaction successfully closed on February 9, 2024.
NavPoint Real Estate Group, headquartered in Castle Rock, was founded in 2011 and has completed over 1,500 transactions totaling $1.31 billion in sales volume. NavPoint works throughout Colorado and the Western U.S., focusing on income-producing, investment-grade commercial real estate.
CBRE Brokers Sale of Belmar Villas Apartments
CBRE announced the sale of Belmar Villas, a 318-unit apartment community at 700 S. Reed Ct. in Lakewood to ColRich Multifamily, a private multifamily investment and development firm based in San Diego, with properties located throughout the western United States.
Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart, and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer with CBRE Debt & Structured Finance in Greater Los Angeles arranged the acquisition financing.
Built in 1970, Belmar Villas is a garden-style apartment community encompassing 17 rental buildings and a leasing office on 18 acres. Floorplans include one-bedroom, two-bedroom and three-bedroom layouts with an average unit size of 856 sq. ft. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court.
The property is located just south of Alameda Avenue in west metro Denver, a five-minute walk from the Belmar Shopping District, home to 1.6 million sq. ft. of retail, dining and entertainment and 400,000 sq. ft. of office space. Additionally, the property is near large employers, including St. Anthony’s Hospital and the Denver Federal Center.
“We received tremendous interest on this opportunity given the asset’s value-add potential and coveted westside location, despite volatility in the capital markets. The buyer saw this as a great opportunity to create additional scale in this micro-location as they own the property next door,” said Chris Hart, senior transaction manager, CBRE.
Denver’s multifamily market fundamentals continued to display resilience in the fourth quarter of 2023, according to CBRE research. The metro area saw 3,666 more apartments occupied than vacated in the last three months of the year, marking the highest fourth-quarter net absorption ever recorded in metro Denver. Forty-two apartment properties traded hands in the quarter, totaling $978.6 million in sales volume, up 26.7% year-over-year.
The sale is the latest in a series arranged by CBRE’s Denver-based multifamily investment properties team, including the $132.5 million sale of Prospector and Ladora in January 2024, as well as the $125.5 million sale of Platform at Union Station in downtown Denver and the sale of the 217-unit Fielders Creek in Englewood, at the tail end of 2023.
Marcus & Millichap Announces the Sale of a 12-Unit Apartment Portfolio in Brighton
Marcus & Millichap announced today the sale of Denver Street Apartments and Southern Street Apartments, a total of 12 units and sold for $2,100,000.
Clayton Primm, first vice president of Investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Primm.
Denver Street Apartments is located at 210 & 254 Denver Street and Southern Street Apartments is situated at 81 West Southern Street, both in Brighton. These assets are well-maintained multifamily communities in an excellent location, part of the fast-growing city of Brighton.
Pinnacle Announces Lease of 44,780-square-foot Industrial Building
Pinnacle Real Estate Advisors announced the lease of a 44,780-square-foot industrial building located at 4950 Colorado Blvd, Denver. Elizabeth Morgan-Vice President and Cody Stambaugh-Senior Advisor represented the tenant, Compass Mining Inc. in the transaction.
“This freestanding building with easy access to I-70, enclosed outside storage, a larger footprint and heavy power will allow Compass Mining to consolidate multiple locations under one roof,” stated Liz Morgan. The MorganStambaugh Group will be marketing Compass Mining’s existing spaces for sublease.
Capstone Closes on 3490 S Carr St.
Capstone has closed the sale of The Ridge at 285, an 18,000-square-foot multifamily property, for the sale price of $5.4 million Christian Burgdorf & Sean Holamon of Capstone brokered the transaction.
This property comprises twelve townhome-style units, each featuring three bedrooms and two and a half baths. All units have sprawling floorplans with stainless steel appliances, in in-unit washer & dryer and an attached garage. The Ridge at 285 was constructed in 2020 and it provides modern construction standards, energy-efficient features and lower maintenance requirements.
The Ridge at 285 is conveniently located at the corner of S Carr & W Hampden Blvd in a peaceful neighborhood offering easy access to several parks, restaurants, and retail locations. With the property’s proximity to US 285, tenants can easily commute to downtown Denver while also having easy access to the mountains.
The buyer was able to assume attractive debt that the seller had in place and will have sub 3.5% debt until December of 2025. With this purchase, the buyer will now own 24 townhome units in Lakewood’s Bear Creek Neighborhood.
