Transactions Report Week Ending 08.31.18
Radius Uptown Apartments sell for $134.97 Million
Radius Uptown Apartments, formerly Alexan Uptown, located at 1935 Logan St., has sold for $134.97 million according to Denver County Public Records. The 372-unit, 12-story complex was sold to Equity Residential by developer Trammell Crow Residential.
The HFF investment advisory team representing the seller included managing director Jordan Robbins and director Anna Stevens.
“The offering attracted significant buyer interest due to its prime location in the core, walkable, highly amenitized Uptown neighborhood of downtown Denver,” Robbins noted. “TCR did an excellent job in the development of the building, and we are pleased to have worked with Equity Residential on their re-entry into the market.”
Rent for the studios in the building starts at $1,553 and two-bedroom apartments start at $2,728. Amenities of the building include a dog spa, a resort-style pool, yoga studio and bike storage. The 1.25-acre project was announced in late 2014 with construction on the building completed in 2017.
Colliers International Completes the Sale of the Brittany House Apartments
Colliers International Multifamily Advisory Group announced the sale of the Brittany House Apartments located at 77 South Ogden Street in Denver. The buyer was RedPeak and the seller was a private local corporation represented by brokers Craig Stack and Bill Morkes.
The property was originally designed as a luxury community with a full suite of amenities including an outdoor pool, workout area, large clubhouse with a pool table and library nooks on each floor. The property offers 68-units in an attractive 5-story red brick building with an array of studio, one and two-bedroom apartments. The seller who had acquired the property from the original developer decades ago, upgraded and maintained the property over the years with a “true pride of ownership.”
Investors and Residents alike are attracted to The Brittany House due to its attractive location situated at 77 South Ogden Street in the Wash Park submarket. The location is minutes from Cherry Creek, Denver Country Club, downtown and surrounded by community retail and amenities.
CBRE Completes $35 Million Sale of Union Heights Apartments in Colorado Springs
CBRE announced that it recently completed the $35 million sale of the 220-unit Union Heights apartment community located at 4770 Nightingale Drive in Colorado Springs. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Griffis/Blessing of Colorado Springs. The buyer, Priderock Capital Partners of West Palm Beach, Florida, purchased the property.
“Multifamily in Colorado Springs continues to gain investor appeal offering attractive yields with its economic growth and strong market fundamentals. Union Heights provided an ideal opportunity with a central location in Colorado Springs’ northern submarket, an area seeing promising metrics. With about 60 percent of the units recently renovated, the property offered stable cash flow going in and the ability to continue the improvements and achieve a solid return on investment,” said Jake Young, CBRE vice president.
Built in 1984, Union Heights is a garden-style community situated on 9.7 acres. The one and two-bedroom floor plans offer an average size of 813 square feet. Griffis/Blessing invested more than $2.3 million into the property over the past 2-3 years covering both exterior and interior improvements. Community amenities include covered parking options, a remodeled clubhouse, 24-hour fitness center and a large pool area with a fire pit/lounge and unobstructed views of the mountains. The west end of the property opens up to a neighborhood garden and green belt area offering access to Union Boulevard Trail and Union Meadows open space.
Located just off Union Boulevard and Academy Boulevard, Union Heights is a short drive from major entertainment, employment, education and transportation options, including University Village and the North Academy retail corridor.
Transwestern Brokers Sale of 107,310 Square Foot Retail Center in Colorado Springs
Transwestern announced it provided disposition services for Kimco Realty Corporation in the sale of The Market at Spring Creek at 1530, 1650-1728, 1750 S. Circle Drive in Colorado Springs. The 107,310-square-foot shopping center was purchased by Western Centers, Inc. Larry Thiel, Brad Cohen, and Lauren Quiram of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of the seller.
Located in a growing community just southeast of downtown Colorado Springs, The Market at Spring Creek was originally built in 1988 as a grocery-anchored shopping center. Today, the center is 87 percent leased to 10 tenants, including Dollar Tree, State Farm Insurance, Subway and EZ Pawn and anchored by Cameron Products, a leading supplier of indoor and outdoor grilling products.
“Colorado Springs continues to draw investor interest, driven largely by population and job growth,” said Thiel. “The Market at Spring Creek backs up to over 1,000 new homes and multifamily units, cementing it as one of the strongest value-add investment opportunities in Colorado Springs.”
Marcus & Millichap Arranges the Sale of a 10-Unit Apartment Building
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 3401 Williams St, a 10-unit apartment property located in Denver for $1.9 million.
Greg Price and Ramin Khan, multi-housing specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Boomer Beatty and Peter Standley, investment specialists in Marcus & Millichap’s Denver office.
Built in 1903, 3401 North Williams Street is located to the north-west of City Park in Denver’s Cole neighborhood. All units are two-bedroom/one-bathroom and have been updated within the past two years to include granite countertops, matching white appliances, painted cabinets, new carpet and tile flooring. At the time of closing, the property was 90 percent occupied.
- Pinnacle Real Estate Advisors, LLC announced the sale of 4301-4321 West 44th Avenue in Denver. The property sold for $1,125,000 ($281.60 per square foot). Carlos Valencia, Advisor, represented the seller in the transaction.
- Pinnacle Real Estate Advisors, LLC announced the lease of 5014 East Hampden Avenue in the Happy Canyon Shopping Center. The 4,882 square foot retail space was leased by Fig Leaf Design Inc. Elizabeth Morgan, senior advisor, represented the tenant in the transaction.
- Unique Properties, Inc./TCN Worldwide announced the sale of a retail building at 4301 W 44th Ave. in the Berkeley neighborhood for $1.125 million. The building sold for $1.125 million ($284.45 per square foot). Executive Vice Presidents Sam Leger and Tim Finholm and Broker Associate Michael DeSantis, all with Unique Properties, Inc. / TCN Worldwide, represented the buyer, Stuart Street Shops, LLC.
- Boles Management LLC announced the sale of a 42,000 square-foot industrial/distribution facility at 1104 W. 24th St. in the Greely Technology Center for $5.5 million. Brian Mannlein represented Boles Management, and Jason Ells and Travis Ackerman represented IH Holdings Eleven. All three Realtors work in Cushman & Wakefield’s office in Fort Collins.
- FBA Multifamily, a San Francisco-based entity acting as FPACP3 Denver Lofts LLC, announced the sale of 1543 Stout St./800 16th St. and 1531 Stout St. in Denver. The three-story building on 1543 Stout/800 16th St. is a corner building and 1543 Stout St. building is six stories with apartments on the upper floors.