Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/888015
C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2017 • 27 M O U N TA I N S TAT E S & A L A S K A LAMPLIGHT SQUARE AT THE PARK APARTMENTS IN COLORADO SPRINGS SELLS FOR $41.1 MILLION COLORADO SPRINGS, COLO. — A joint venture between Griffis/Bless- ing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Col- orado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing of- fice and business center, fitness center, coffee bar, swimming pool, spa, bbq/ picnic area, courtyard and covered parking. LIONSGATE APARTMENTS IN MURRAY SELLS FOR $67.2 MILLION MURRAY, UTAH — The 400-unit Li- onsgate apartments in Murray has sold to a Seattle-based investor for $67.2 million. The community is locat- ed at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner. COMMONS AT BRIARGATE IN COLORADO SPRINGS SELLS FOR $44.5 MILLION COLORADO SPRINGS, COLO. — The 194-unit Commons at Briargate in Colorado Springs has sold to Riven- dell Global Real Estate for $44.5 mil- lion. The community is located at 2845 Freewood Point. Commons at Briar- gate was built in 1996. The property was 96 percent occupied at the time of sale. It is situated adjacent to the 2-million-square-foot Briargate Busi- ness Campus, which houses notable tenants like USAA, Kaiser Perma- nente and T. Rowe Price. Rivendell was represented by Kevin McKenna and Saul Levy of ARA Newmark. The seller was a partnership between Lyon Living and Barings Real Estate Advisers. CAMPUS ADVANTAGE AWARDED MANAGEMENT OF 498-BED COMMUNITY NEAR THE UNIVERSITY OF MONTANA MISSOULA, MONT. — Campus Ad- vantage has been awarded manage- ment of ROAM, a 498-bed student housing community currently under development near the University of Montana in Missoula. The property is the first purpose-built student hous- ing complex to serve the University of Montana, according to Campus Advantage. Shared amenities will in- clude a bike and ski tuning shop, out- door kitchens with grilling stations, a fire pit and an expansive fitness center. Austin-based Catalyst will also man- age brand development alongside Campus Advantage. The property is scheduled to open next fall. NORTHSTAR COMMERCIAL PARTNERS COMPLETES 74-UNIT BALFOUR COMMUNITY IN DENVER DENVER — Northstar Commercial Partners has completed Balfour at Sta- pleton, a 74-unit assisted living and memory care community in Denver's Stapleton neighborhood. A grand opening will be held in September for the 63,000-square-foot community. Northstar partnered with Balfour Se- nior Care, a Colorado-based operator, for the project. Northstar and Balfour are currently developing another community, a $51 million, 151-unit project in Ann Arbor, Mich. Construc- tion is expected to begin this year. Northstar Commercial Partners is a privately held commercial real estate investment company headquartered in Denver. WATERWALK HOTEL OPENS IN CENTENNIAL CENTENNIAL, COLO. — The 146- room WaterWalk hotel has opened in Centennial. The 123,378-square-foot asset is located at 11400 East Peak- view Ave. The property is a hybrid hotel and apartment concept by a joint venture between MBC Partners and Rob Mossburg, Bill Booth and Chris Copps of Corient Venture Partners. It was originally planned as a corporate site but is now the company's first franchise location to open. WaterWalk combines apartment living with the services of an upscale hotel. Business travelers can stay for a few nights or several months during relocations, training or projects. Rooms feature fully equipped modern kitchens, full- size in-room washers and dryers, housekeeping and customized break- fast options delivered weekly to their suite. Guests also enjoy the onsite fit- ness center, 300 DirecTV channels, in- ternet and 24/7 front desk service. Wa- terWalk was created by entrepreneur Jack DeBoer, founder of Residence Inn (now Marriott), Candlewood Suites, Value Place/WoodSpring Suites and Summerfield Suites (now Hyatt House). This is the concept's second property. The first opened in Wichita, Kansas, in November 2014. LIFESTYLE. ROOFTOPS. CUSTOMERS Time to call Erie, Colorado home for business. Erie's residents boast a median household income of over $112,000. Even better, the average household expenditure in the Erie Trade Area is over $80,000. And best of all, Erie's robust new home construction means your customer base continues to grow! "Growing customer base, strong household incomes and increased daytime traffic counts all make conditions perfect for retailers seeking a location in our family-oriented North Metro Denver community," Town of Erie Assistant to the Town Administrator, Fred Diehl. And there is plenty of evidence to support his claim: • A 125,000 square foot King Soopers Marketplace opened in November 2016 in southeast Erie. In addition to the Marketplace, Chuck and Don's Pet Supply and Rooster's Men's Grooming have opened in the center. First Bank and PacDental will open later in 2017 and several more retailers are set to make announcements this summer for projects on the adjacent 17 acres to the west. • The Town of Erie selected Evergreen Devco, Inc. to be the developer of "Nine Mile Corner" on Highway 287 and Arapahoe Road. This 45 acre mixed-use project will host two anchors, commercial pad sites and inline retail units and will have approximately 300 multi- family units directly to the east of the retail center. • Foundry Builders Inc. is developing 13 acres of a 47 acre mixed-use project for retail and office tenants at the center of Town at an intersection known as "Four Corners". This center will accommodate the type of neighborhood retail customers have been craving for years. • At I-25 and Erie Parkway the Town of Erie is taking steps to masterplan over 800 acres of prime commercial real estate for retail, entertainment and employment opportunity development. Centrally located between Denver, Boulder, Fort Collins and Denver International Airport, this will be a vibrant, sustainable, urban development attractive to many retailers. According to Diehl, opportunity is what is causing retailers to keep a close eye on Erie. "We make a compelling case that Erie has a lot to offer – and the market is reacting positively," Diehl said. EconomicDevelopment@erieco.gov • 303.926.2769 www.erieco.gov/economic_development