Transactions Report Week of 07/31/17
HFF secures $21.925 million financing for 2 Denver Multi-Housing Communities
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing totaling $21.925 million for Coronado Crossing and Valley Park Village, two Denver, Colorado, multi-housing communities comprising 388 units.
Working exclusively on behalf of Boulder, Colorado-based Mountain View Capital, LLC, HFF secured two seven-year, floating-rate loans in separate transactions through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Coronado Crossing comprises five three- and four-story residential buildings consisting of a mix of one- and two-bedroom units totaling 106,500 rentable square feet. The property is located approximately 8.2 miles north of downtown Denver at 7030-7070 N. Pecos Street just south of U.S. Highway 36 and to the west of Interstate 25. The 97-percent-leased property has a swimming pool, courtyards, sport court and a small playground.
Valley Park Village comprises 14 one- and two-story buildings encompassing a variety of studio, one-, two- and three-bedroom floor plans totaling 136,094 rentable square feet. The property is located less than five miles from Denver’s CBD at 629-645 Wolff Street near the northeast corner of Sheridan Boulevard and W. 6th Avenue close to the light rail and multiple retail amenities. Community features include a heated outdoor swimming pool and multiple open green spaces and grilling areas. The property is 98 percent leased.
The HFF debt placement team representing the borrower was led by managing director Josh Simon and director Kristian Lichtenfels.
Hidden Lake Apartments Sold for $1,905,000
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 3485 West 68th Avenue in Denver, Colorado. The 16-unit property sold on August 1st with a contract price of $1,905,000; $119,063 per unit and $206.17 per square foot.
The property was constructed in 1959. Josh Newell, principal, and Connor Knutson, advisor, represented the seller in the transaction.
956 Marine Street Sold for $3,100,000
Pinnacle Real Estate Advisors, LLC, also announced the sale of 956 Marine Street in Boulder, Colorado. The 7-unit property sold on August 1st with a contract price of $3,100,000; $442,857 per unit and $499.11 per square foot.
The property was constructed in 1968. Josh Newell, principal, and Connor Knutson, advisor, represented the local buyer in the transaction.
NavPoint Real Estate Group Sells 38.087 acres of land in Castle Rock for $3,600,000
NavPoint Real Estate Group is pleased to announce the sale of 38.087 acres of land at 271 N Ridge Road in Castle Rock. The seller was Cozy Swickard. The buyer was American Charter Development. John Witt and Matt Call of NavPoint Real Estate Group represented the buyer.
Scott Service and Paulette DePumpo of Your Castle Real Estate, Inc represented the seller. This deal successfully closed in June 2017. The property is conveniently located off Plum Creek Parkway and N Ridge Road located a 1 mile east of I-25. The site is planned for Castle Rock’s first K-12 Charter school set to open in the fall of 2018.
Marcus & Millichap Sells Hanks Billards
Marcus & Millichap a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Hank’s Billiards, a 7,470-square foot net-leased property located in Wheat Ridge, Colorado, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $1,300,000.
Cory Gross and Jake Shirek, investment specialists in Marcus & Millichap’s Denver office, exclusively represented the seller, a private investor. Gross and Shirek also procured the buyer in the transaction. According to Gross, “the property received a tremendous amount of interest during the marketing process and it ultimately sold to a California investment group. The buyer was attracted to the property because of its premier location as a gateway to Wheat Ridge and its potential for redevelopment in the future.”
The unique property lies at the busy intersection of 38th Avenue and Sheridan Boulevard in Wheat Ridge. The West Highlands, one of Denver’s fastest-growing neighborhoods, is adjacent and just a quick drive from downtown Denver.
Marcus & Millichap Sells Healthone Rose Surgery Center/Cherry Creek for $4.7 Million
Marcus & Millichap lso announced the sale of HealthONE Rose Surgery Center/Cherry Creek Eye, an 18,395-square foot office property located in Denver, Colorado, according to Bob Kaplan, regional manager of the firm’s Denver office. The asset sold for $4,750,000.
Brian C. Smith, CCIM, an investment specialist in Marcus & Millichap’s Denver office and Associate Director of the Health Care Real Estate Group, exclusively represented the seller in this transaction and identified the Buyer. “The seller brought the property up to 100 percent occupancy, extended leases, and was rewarded for those efforts with the pricing achieved by this transaction,” said Smith.
HealthONE Rose Surgery Center/Cherry Creek Eye lies at 4999 East Kentucky Avenue, and was originally developed in 1985. Among the seven tenants is the anchor credit tenant HCA-HealthONE LLC, operating the HealthONE Rose Eye Surgery Center, several optometrists, optical specialists, and a dentist.
Approximately $320,000 in capital improvements have been made to the building over the past four years, including a new chiller, boiler, updated lobby area, hallways, bathrooms, electrical and landlord tenant improvements. In addition, Belcaro Dental will be spending an estimated $150,000 in tenant improvements for their new suite.
Hunter Hotel Advisors Closes on Sale of Colorado Holiday Inn Express
Hunter Hotel Advisors recently announced that their Los Angeles office represented both the buyer and the seller in the sale of the Holiday Inn Express Greeley, Colorado.
Built in 1996, the three-story hotel was purchased for more than $5 million by a regional hotel owner taking advantage of a 1031 exchange and attracted to the high growth Greeley market.
Hunter’s Los Angeles team has closed 83 deals representing one sale per month since 2011. Hunter Hotel Advisors is the nation’s premier hospitality investment firm for clients ranging from REITs and private equity firms to regional hotel owners.