Transactions Report Week Ending 09.14.18
HFF Announces $37.525M financing for 418-unit multi-housing community in Northglenn
Holliday Fenoglio Fowler, L.P. (HFF) announced the $37.525 million in financing for Thistle Sage, a 418-unit, garden-style multi-housing community in Northglenn.
Working exclusively on behalf of Jeffrey Sanders of Boulder-based Mountain View Capital, LLC, the HFF team secured the seven-year, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property and featured flexible prepayment and two years of interest-only amortization.
Thistle Sage comprises 10 four-story residential buildings containing a mix of one- and two-bedroom units averaging 566 square feet. Located just east of Interstate 25 at 11801 Washington Street, the property is approximately 13 miles north of the Denver CBD and near multiple retail amenities. The 9.7-acre community features two heated swimming pools, a grilling area, playground and more than 500 open parking spaces. Thistle Sage was nearly 95 percent occupied at closing.
The HFF debt placement team representing the borrower consisted of managing director Josh Simon and director Kristian Lichtenfels.
“It is always a pleasure to work with the HFF team,” Sanders said. “Their consistently flawless execution is a true asset when acquiring properties in the current competitive environment.”
HREC Arranges Sale of the Ridgway-Ouray Lodge & Suites Ouray
HREC Investment Advisors announced it has arranged the sale of the 52-guestroom Ridgway-Ouray Lodge & Suites located in Ridgway. The Buyer, Ridgway Hotel Group LLC, led by Adam Dubroff, is a Ridgway resident with extensive hotel ownership experience.
Mike Dubé, vice president in HREC Investment Advisors’ Denver office, exclusively represented the seller. The seller was the original developer of the Lodge, which was built in 1992.
Dubé stated, “it was a challenge to find the right buyer due to the very tertiary nature of the market and the fact that it was a non-branded asset, but in finding an experienced hotelier in Ridgway, the sellers were extremely pleased that their Lodge was being left in capable hands.”
Dubroff assembled a small group of investors familiar with the local real estate market and also his background in the hotel industry turning around select service and boutique hotels across the United States. According to Dubroff, “The Ridgway area is pristine and is becoming more recognized as a destination for all kinds of outdoor enthusiasts on a year-round basis. Our goal in acquiring the Ridgway Lodge and Suites is to re-position the property and make it an exceptional value compared to other lodging options for visitors to the area for years to come.”
Ridgway is located in Ouray County in southwestern Colorado, approximately 300 miles from Denver. Ridgway’s economy is largely driven by tourism benefiting from its location at the base of the San Juan Mountains. The Hotel’s strategic location at the intersection of Highway 550 and Highway 62 provides easy access to the tourist town of Ouray, roughly 10 miles south, and the popular ski town of Telluride, roughly 40 miles south. Highway 550, runs from Bernalillo, New Mexico to Montrose. It is also known as the San Juan Skyway, designated as one of only six “All American Roads” in the United States because of its spectacular views of the San Juan Mountain range.
Pinnacle Announces Sale of a 4-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC announced the sale of 1250 Josephine Street located in Denver. This multifamily property has four units and was built in 1930. The building is located east of downtown Denver, just blocks from Cheeseman Park and sold for $1.1 million ($275,000/unit; $285.05/square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer. Thomas Graeve of the Front Range Team represented the seller.
“The first time I toured this property, I knew I was looking at something unique for a location in the urban core,” said Graeve. “I was happy to get a strong price for my clients, but this is a gem that still has a lot of potential for the new owners.”
“The buyers were in a 1031 exchange and looking for a stable asset with redevelopment potential,” according to Veith. “This property was a perfect fit due to its great location and condition, as well as its large lot size.”
Freestanding Retail Center Sells at South Parker Road and Yale Avenue
DePaul Real Estate Advisors is pleased to announce the sale of 2727 South Parker Road. Mr. Jarod Pate of DePaul Real Estate Advisors represented the seller and Mr. Benjamin Cheang of All Pro Realty of Denver represented the buyer.
The 13,500 square foot building sits on a 2-acre outparcel to a high-volume HMart grocery store. It’s location at the corner of South Parker Road and Yale Avenue has excellent visibility to the 44,000 vehicles per day on Parker Road. In addition to being a strong commuter corridor, the daytime population – 21,000 businesses and 234,000 employees in the surrounding area – caught the interest of
retailers and investor-developers alike.
DePaul Real Estate Advisors, as agent for the seller, employed a targeted marketing campaign that was respectful of the business operations in Denver’s tight labor market. DePaul generated offers from several qualified buyers whose profiles ranged the spectrum from owner-users to infill redevelopment investors.
DePaul Real Estate Advisors is a full service commercial real estate advisory and brokerage firm that specializes in income-producing and investment properties, commercial financing, leasing and site selection.