Transactions Report Week of 01.08.18
Allante Properties Sells Mixed-Use Property to California Investor for $24.5M
Transwestern’s Denver office announced the sale of a mixed-use property totaling 54,557 square feet at 3372 W. 38th Avenue in Denver. Denver Regional Investment Properties LLC acquired the property for a total of $24.5 million. Transwestern’s Tom Wanberg, John Blackshire, Brad Cohen and Larry Thiel represented the seller, Allante Properties.
“Allante Properties delivered an enduring asset with high-end, condominium-quality finishes, efficient and thoughtful design, great amenities and strong retail tenants,” said Thiel. “The investor pool was deep for this niche location and asset.”
Built in 2014, Highland Place consists of 68 residential units and five retail stores. The community is in a growth-leading urban location less than a mile from over 100 restaurants, bars, salons, coffee shops, grocers and fitness studios, including the popular Tennyson Street and 32nd Avenue shopping districts.
HFF Announces Sales of Village at Bear Creek and Olde Town Plaza
Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Village at Bear Creek, a 472-unit apartment community in Lakewood. The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
The HFF team marketed the asset exclusively on behalf of the seller, and procured the buyer, a joint venture between Holland Partner Group and NORTH AMERICA SEKISUI HOUSE, LLC (NASH).
Completed in two phases, the property comprises 51 buildings, which house a mix of one- and two-bedroom flats and two- and three-bedroom townhomes averaging approximately 990 square feet each. Village at Bear Creek also offers 882 parking spaces, including surface, carport spaces and attached/detached garages. Community amenities include two swimming pools, sun deck, hot tub, outdoor grilling area, basketball and tennis courts, 24-hour fitness center, business center, two clubhouses, community garden and access to the adjacent Bear Creek hiking and biking trail.
HFF also announced the sale of Olde Town Plaza, a 19,673-square-foot, transit-oriented, mixed-use retail and residential building in Arvada. The HFF investment advisory team included directors Chad Murray and Mark Williford, who marketed the property on behalf of the seller, Revesco Properties USA.
Completed in 1938, Olde Town Plaza is situated at the highly trafficked “Main and Main” intersection of Olde Wadsworth Boulevard and Ralston Road, two blocks from the Olde Town Arvada RTD Light Rail Station, which is scheduled to open in 2018. Olde Town Plaza’s three-story building consists of 10,844 square feet of ground-floor retail and 17 apartment units averaging 519 square feet.
“Olde Town Plaza was a unique opportunity to acquire a transit-oriented, mixed-use asset at ‘Main and Main’ in one of the hottest growth submarkets of Denver,” Williford said. “The former owner had implemented a successful value-add strategy, and the new owner intends to continue executing on that strategy through the project’s completion.”
CBRE Announces Sale of Park Place Olde Town Apartments
CBRE announced Park Place Olde Town Apartments, located at 5743 Teller Street in Arvada, sold for $46.58 million ($304,444 per unit or $353 per square foot). Dan Woodward, Dave Potarf, Jake Young and Matt Barnett of CBRE Capital Markets, Multifamily Properties, represented the seller, a confidential investor. The buyer was Seagate Properties of Denver.
Completed in 2016, Park Place Olde Town is a TOD-adjacent site located within the heart of Olde Town Arvada. The property has 152 units.
Inland Real Estate Acquisitions, LLC Closes Purchase of Class A Multifamily
Inland Real Estate Acquisitions, LLC announced the purchase of Union West Apartments, a 267-unit, Class A multifamily property located in Lakewood. Senior Vice President of Inland Real Estate Acquisitions, LLC, Matthew Tice completed the deal, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department.
Recently constructed in 2016, Union West Apartments is located at 35 Van Gordon Street, approximately six blocks away from the RTD West Light Rail Line. The mid-rise property consists of 20 studios, 141 one-bedroom, 90 two-bedroom and 16 three-bedroom units. The property also offers a garage with 402 covered parking spaces and 18 open spaces. Units include gourmet kitchens, quartz countertops, stainless steel appliances, walk-in closets, a washer and dryer, an oversized garden bathtub and an oversized patio or balcony.
Union West Apartments is also equipped with energy efficient air conditioning, heating, water heaters and windows. All lighting throughout the property is LED and the garage and corridors are powered by the solar panels on its roof. Community amenities include a resort-style heated pool, fitness and yoga studio, fire pit, grilling stations, a pet friendly park and mountain views.
As of Dec. 31, 2017, the property was 92.5 percent occupied and 94.75 percent leased.
- ARA, a Newmark Company, announced the sale of The Lux at 855 Broadway in Boulder for $9.15 million ($831,818 per unit).
- Pinnacle Real Estate Advisors, LLC announced the sale of 3710 Eliot Street located in Denver. The 5,305 square foot multifamily building sold for $1.24 million ($234 per square foot). Principal Matt Lewallen represented the buyer, 3710 Eliot St., LLC, and seller, Leroy Opp.
- Pinnacle Real Estate Advisors, LLC announced the sale of 5573-5777 Olde Wadsworth Boulevard located in Arvada. The 1938 vintage mixed-use asset consists of 17 residential units and 8 retail units. The building is located just west of Wadsworth Bypass and Ralston Road in the historic district of Olde Town Arvada. The property sold for $6 million ($304.99 per square foot). Jeff Johnson and Peter Sengelmann, with the Johnson Ritter Team, represented the buyer.
- Pinnacle Real Estate Advisors, LLC announced the sale of 774 Maleta Lane, a 9,740 SF single-tenant retail building, built in 2004 on a 1.18 acre lot, located in Castle Rock. The property sold for $2.5 million. Principal Jamie Mitchell andCo-Founder and Principal Jeff Johnson exclusively represented the Colorado seller to procure an owner user.
- Pinnacle Real Estate Advisors, LLC announced the sale of 3740 Sheridan Boulevard in Denver. The single tenant CVS building sold for $9,016,632.04 ($613.37 per square foot).Principals Jules Hochman and Justin Brockman represented the buyer in the transaction.
- Pinnacle Real Estate Advisors, LLC announced the sale of 1721 East 35th Street & 3549 Williams Street in Denver. The 22 unit townhome building sold for $3.9 million ($177,272 per unit). Principals Jules Hochman and Justin Brockman represented the buyer in the transaction.