Transactions Report Week of 11.20.17


Newmark Knight Frank Announces Sale of Prentice Point in DTC

Newmark Knight Frank (NKF) announced the sale of Prentice Point, a 213,152-square-foot signature office asset located at 5299 DTC Boulevard in Greenwood Village. The property was sold by an affiliate of AllianceBernstein & SteelWave to Rialto Capital Management, LLC. NKF’s John Jugl, Jr. and Paul Donahue represented the seller on the transaction._D8H8263_Courtesy of Steve Zavodny

“Prentice Point caters to small- to mid-size tenants that seek superior space with on-site amenities and an attractive Denver Tech Center location,” noted Jugl. “The property’s physical attributes and proximity to an extensive offering of retail amenities positions Prentice Point as a likely option for tenants exploring the market.”

Amenities at Prentice Point include a fitness center with showers and locker rooms, a conference center, outdoor seating areas, 100% structured parking and bike parking. Prentice Point is situated within walking distance of various restaurants and shops and has more than 605,000 square feet of walkable retail.

CBRE Announces Two Sales of Apartment Properties in Colorado Springs

CBRE facilitated the sale of The Preserve at Hidden Creek multifamily community located at 5910 Vista Ridge Point in Colorado Springs. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets, Colorado Multifamily Investment Properties, represented the seller, Griffis Blessing of Colorado Springs.

SONY DSC“The Preserve at Hidden Creek gave investors the chance to take advantage of the rapidly growing Colorado Springs multifamily market, which has seen rent growth outpacing Denver’s over the past 12 months and is now at sub-five- percent vacancy levels,” said Young. “The property combines large unit sizes, full on-site amenities, a renovation campaign already in progress and a location atop a ridge offering panoramic views of Pike’s Peak with immediate access to open space.”

Built in 1996, The Preserve at Hidden Creek includes 240 apartment homes in 18 buildings across 15.3 acres. Many of the units have recently been upgraded with vinyl plank flooring, new appliances and refinished countertops. Community amenities include a renovated clubhouse with fitness center, pool and hot tub area, BBQ grilling station, fire pit and more than 480 parking spaces. The low-density, garden-style community is adjacent to the Sunset Mesa open space with access to trails and recreation as well.

The Preserve at Hidden Creek was approximately 95 percent occupied at the time of sale.

CBRE also facilitated the $21 million sale of the Western Hills apartment community located at 810 Western Drive in Colorado Springs. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets, Colorado Multifamily Investment Properties, represented the seller, Evergreen Real Estate of Chicago. Brady O’Donnell with CBRE Capital Markets, Debt & Structured Finance, arranged the FMAC financing.

Western Hills apartmentsWestern Hills sits on more than seven acres just northeast of the intersection of Platte Avenue (Highway 24) and Powers Boulevard. The site is minutes away from the Colorado Springs Airport in an area seeing more than $100 million in new development.

The property is a 152-unit garden-style apartment community that was built in 1985. Approximately 80 percent of the units are two bedrooms, giving the community a large average unit size of 849 square feet. Community amenities include a clubhouse, business center, 24-hour fitness center, heated outdoor pool, playground, basketball court and café/lounge area. Prior to the sale Western Hills had begun extensive capital improvements, including window replacements; appliance, countertop, cabinet and flooring upgrades; and fresh landscaping.

Western Hills was more than 96 percent occupied at the time of sale.

ARA Newmark Brokers Rare Townhome Asset in Metro Denver for $65 Million

ARA, A Newmark Company (ARA Newmark) announced the $65 million sale of Sunset Ridge, a 280-unit asset in Westminster. Vice Chairmen Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented Dallas-based real estate company WillMax Capital Management in the sale to Castle Lanterra Properties of New York.Sunset Ridge 2

Sunset Ridge sits along the Denver-Boulder Turnpike (US-36). The three-mile radius around Sunset Ridge projects a population increase of more than six percent by 2021.

In 80 percent of units, Willmax updated appliances, cabinets, countertops, tile backsplashes, basements, lighting and entry doors. Also within the past two years, significant capital improvement added a dog park and enhanced the community’s clubhouse, landscaping, parking lot, roofs, property signage and pool areas with gas grills and an outdoor fireplace.

Inland Real Estate Acquisitions, Inc. Announces Sales of Properties in Aurora & Broomfield

Inland Real Estate Acquisitions, Inc. negotiated and helped close the purchase of Arterra Place Apartments, a 200-unit multifamily property located in Aurora. Senior Vice President Matthew Tice facilitated the transaction with assistance from Gina LaMantia, managing counsel for Charles J. Benvenuto, P.C., on behalf of an Inland affiliate.

Constructed in 2014 the property, located at 17036 East Ohio Drive, is situated on nearly 10 acres. Arterra Place Apartments consists of eight three-story buildings featuring 112 one-bedroom, 68 two-bedroom and 20 three-bedroom units with 334 total parking spaces. Each unit includes nine-foot ceilings, granite countertops, a fireplace, walk-in closets, a full-size washer and dryer, a balcony and scenic mountain views. The property also features community amenities including a clubhouse with WiFi and a media room, a heated swimming pool, outdoor fireplaces, a 24-hour fitness center, a bicycle/jogging path, barbecue grills, a playground and a heated pet wash station.

As of November 20 the property was 96 percent occupied.

Inland also negotiated and helped close the purchase of 8000 Uptown Apartments, a 360-unit, class A, multifamily property located in Broomfield. Tice also facilitated this transaction with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

Constructed in 2015, 8000 Uptown Apartments is located at 8000 Uptown Avenue directly off I-36 and a short walk from the US 36 transit station. The property consists of 19 buildings with 160 one-bedroom, 170 two-bedroom and 30 three-bedroom units. Each unit features at least nine-foot ceilings, stainless steel appliances, quartz countertops, oversized windows, a washer and dryer and a private balcony or patio. Community amenities include a clubhouse with coffee and beer on tap, fitness center, business center, playground, resident lounge and a resort-style heated swimming pool. 

As of October 27 the property was 96 percent occupied.

Colliers International Announces Sale of York Street Garden Apartments & Sierra Vista Apartments

York Street GardensColliers International Multifamily Advisory Group announced the sale of York Street Gardens Apartments located at 1355 York Street. This 37-Studio Unit Community was built in 1966 and sold for $4,400,000 ($118,919 per unit) to a local Capitol Hill based Investment Group. Linhdan Nguyen, Bill Morkes, and Craig Stack of Colliers International represented the buyer and Klos Real Estate represented the seller.

Sierra_mainColliers International also announced the sale of Sierra Vista Apartments, located at 9440 Hoffman Way in Thornton. This 100-Unit Community was built in 1972 and sold for $17,400,000 ($174,000 per unit) to a local investment group. Stack, Morkes and Nguyen represented the seller and the buyer worked directly with the listing agents.


Pinnacle Announces Sale of Properties in Denver, Northglenn & Englewood

2920 W 32nd AvePinnacle Real Estate Advisors, LLC announced the sale of 2920 West 32nd Avenue. Built in 1963 this multifamily property has 41 units. The building is located just east of Federal Boulevard in the highly desirable Highlands neighborhood. The property sold for $6,600,000 or $160,976 per unit. Principal Josh Newell represented the buyer. Jeff Johnson, Co-Founder and Principal with the Johnson Ritter Team, represented the seller in the transaction.

1260 Vine Street Denver CO-large-001-7-Exterior Front-1500x999-72dpiPinnacle also announced the sale of 1260 Vine Street, a multifamily property with 6 units. Built in 1896 the building is located near Cheesman Park, and sold for $1,000,000 ($166,667 per unit; $218 per square foot). Principal Joe Hornstein and Associate Advisor Eric Veith represented both sides in the transaction.

750 E 120th Avenue

Pinnacle also announced the sale of Walgreens located at 750 East Colfax Avenue in Northglenn. The 14,490 square foot building sold for $6,050,000 ($418 per square foot). Principals Rob Edwards and Tom Ethington represented the buyer in the transaction.

3470 S BroadwayPinnacle also announced the lease of 5,700 square feet of retail space at 3470 South Broadway in Englewood to Duffer Haus, a restaurant sports bar concept. Principal Jamie Mitchell represented the landlord andAssociate Advisor Amanda Dorotik represented the tenant in the transaction.

 The building features renovated store front glass and a large, shared free parking lot on the east side of the building.

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