Transactions Report Week Ending 12.14.18
HFF announces $21.4M financing for Boutique Senior Living Community in Broomfield
Holliday Fenoglio Fowler, L.P. (HFF) announced $21.4 million in financing for The Avenues Crofton Park, a 90-unit, 55+ age-restricted independent living community in Broomfield.
The HFF team worked exclusively on behalf of The Avenues Crofton Park, LLC to secure 10-year, fixed-rate financing through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer.
Developed by McBroom Company and managed by The Avenues Company, The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. In 2016, the National Association of Home Builders recognized the community for excellence in senior living design in the Best of 55+ Housing Awards.
The community’s spacious residences include modern kitchens with granite countertops, stainless steel appliances and pantries as well as walk-in showers, walk-in closets, high-efficiency washers and dryers, and private covered balconies or patios.
Community amenities include an outdoor living space with a fire pit, grill, outdoor kitchen and sitting areas bordered by a water feature; open demonstration kitchen; events room; fitness center with yoga space; community gardens; billiard lounge and game room; private dining room and catering kitchen; library; onsite management; and concierge services. The community is accessible to both I-25 and Highway 36, which provides connectivity to Denver, Boulder and the Rocky Mountains.
The community was 98 percent occupied at closing.
NAI Shames Makovsky Brokers $24.5M Sale of Symes Building in Denver
Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space.
Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller.
CBRE Arranges $46.65M Sale of Velo Apartment Homes in Denver
CBRE announced this week that it has completed the $46.65 million sale of the Velo Apartment Homes located at 3481 South Fenton Street in Denver. CBRE’s David Potarf, Dan Woodward, Matthew Barnett and Jake Young represented the seller, Fowler Property Acquisitions of San Francisco. Los Angeles-based Jacobson Co. purchased the property in a sale that closed Dec. 6.
“Velo represents an incredible value-add opportunity with 240 units, full on-site amenities and an excellent west Denver location, adjacent to the Bear Creek Trail system. The property’s neighborhood setting, mature landscaping and complete rebrand positioned Velo to successfully compete at a high level,” said David Potarf, executive vice president with CBRE Capital Markets. Built in 1986, Velo’s 240 apartment homes include both one and two-bed floor plans on a total 9.64 acres. Unit sizes average 834 square feet. Community amenities include a remodeled clubhouse with business center, leasing office, fitness center, large pool area and dog wash station.
Over the past few years the property has seen extensive capital improvement, including a complete rebrand with new exterior paint/stucco, common area upgrades, new equipment, system upgrades and landscape/irrigation improvements. Additionally, more than 150 units have been recently renovated with upgrades to flooring, appliances, hardware/fixtures and interior paint as well as painted cabinets, resurfaced countertops and washer/dryer installation (hook-ups in all units).
Pinnacle Announces Sale of 3866-3880 S Broadway
Pinnacle Real Estate Advisors, LLC announced the sale of 3866-3880 South Broadway in Englewood. The fully renovated, multi-tenant property, built in 1961 is located along Englewood’s Main Street Corridor on South Broadway. The property sold on December 10th for a contract price of $1,350,000; $311 per square foot. The property featured 4,328 square feet of Retail/Office space. Comprised of 3,223 square feet of restaurant space and 1,105 square feet of 2nd floor retail space, garage / work space below the unit. Jamie Mitchell, principal represented the Seller, and Cody Stambaugh, advisor represented the buyer in the transaction.
“The Seller felt it was an opportune time to exchange and had already strategized to purchase a replacement property by utilizing a reverse 1031 exchange prior to closing on this asset” said Mitchell.
“The experienced purchasers were interested in the investment as the property is in great conditions with new leases and see future growth in Englewood,” said Stambaugh.
The LeClaire Group of Marcus & Millichap Announces Sale of Life Storage in Arvada
The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced this week the sale of Life Storage, a newly constructed 64,320-square-foot storage facility located in Arvada.
Adam Schlosser, first vice president Investments and Charles “Chico” LeClaire, executive managing director Investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the Seller, a local LLC. “Lease up and CofO transactions are still working for buyers and sellers under the right conditions,” says Schlosser. “We know that the Denver MSA is currently working through an influx of new competition but based on the response received on this deal, the investment community still really likes it long.”
Life Storage is a 637 climate-controlled unit facility located in a high growth area of Arvada, Colorado. This is a brand-new Class A facility that opened in January of 2018. This state-of-the-art facility offered a spacious leasing office, multiple elevators, two unique covered drive-in loading/unloading areas (bays), spacious drives for large vehicles, and 24-hour video surveillance.
The property is just two miles south of Leyden Rock and Candelas, two large-scale new home communities that are contributing to the significant growth in the immediate area. Leyden Rock spans 1,033 acres and will feature 1,439 new homes. Candelas, once completed, will have 1,450 single family homes, 785 multifamily units and several million square feet of retail and commercial space.
- Greystone Unique Apartment Group announced the sale of a six-unit multifamily property in the heart of Congress Park for $1.1 million. The building consists of four spacious 1 bedroom, 1 bathroom units and two 2 bedroom, 1 bathroom units. Additionally, the property has street parking and garages. The investor purchased 1437 Clayton Street with 1031 funds and plans on making slight renovations to these charming units in order to raise the below-market rents.
- Marcus & Millichap (NYSE: MMI) announced the sale of a seven-unit, 3,125-square-foot apartment building a few blocks east of Chessman Park, located at 1234 North York Street just southeast of downtown Denver. The asset sold for $1.2 million. The seller, a private investor in this transaction, was represented by Boomer Beatty and Peter Standley, senior associates, located in Marcus & Millichap’s Denver office. This property was built in 1888 and was purchased as a value-add opportunity by Ripe Assets in June of 2017. The property sold at a 5.63 percent cap rate at $384 per square foot.
- Pinnacle Real Estate Advisors, LLC announced the sale of 4300, 4318 & 4320 South Broadway in Englewood. The multi-tenant buildings are situated on two parcels (0.21 acres) and are comprised of one residential building and two retail buildings (4,940 total SF) located on the parcels. They were built in 1926, 1928 and 1951 are located just South of Englewood’s Main Street Corridor on South Broadway. The property sold on December 7th, 2018 for a contract price of $825,000; $167 average price per square foot on the buildings. The properties at the time of close were occupied by two tenants and were less than 50 percent occupied. The Buyer intends to reposition the properties by repairing some deferred maintenance and addressing the exterior of the buildings. Jamie Mitchell, Principal and Mike Krebsbach, Senior Advisor represented the Buyer and Ray Rosado, of Cushman Wakefield represented the Seller in the transaction.
- NAI Shames Makovsky announced the sale of SEC 86th Parkway & Indiana Street, Arvada, consisting of 573,685 square feet for $2.4M. Cary Clark and NAI Shames Makovsky’s Darrin Revious and Ana Sandomire represented the Seller, Five Parks Retail, LLC. The Buyer was LG Acquisitions and LCG2L Arvada Park Ridge, LLC.