Western Real Estate Business

JUL 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 14 • July 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S BASCOM GROUP ACQUIRES 275-UNIT MULTIFAMILY COMMUNITY IN DENVER FOR $92.5 MILLION DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly construct- ed infill apartment community lo- cated in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit. Built in 2017, the property features 275 Class A apart- ment units. Mill Creek Residential will manage the property. Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in ac- quisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition. MULLER CO., CERBERUS CAPITAL ACQUIRE 924,634 SF OFFICE CAMPUS IN UTAH OREM, UTAH — The Muller Co. and an affiliate of Cerberus Capital Man- agement have acquired Canyon Park Technology Center, an office campus in Orem. The 924,634-square-foot cam- pus consists of 14 one-, two- and three- story buildings situated on 85 acres. The buyers plan to upgrade the com- mon areas and grounds with new lob- bies, restrooms and tenant amenities. NEWMARK ARRANGES FINANCING FOR 285,000 SF SHOPPING CENTER LAKEWOOD, COLO. — San Fran- cisco-based Newmark has arranged $43.4 million in financing for Lake- wood City Commons, a shopping cen- ter located at 7740 W. Alameda Ave. in Lakewood. Mark Ritchie and Jasmine Polson of Newmark arranged the fi- nancing for the undisclosed borrower. The 15-year loan, which features a 30-year amortization schedule, was funded through a correspondent life insurance company. Newmark will service the loan. The borrower plans to use the long-term financing to pay off an existing CMBS loan, cover transaction costs and recoup a portion of its equity. At the time of financing, the 285,000-square-foot property was 95 percent occupied. HFF SECURES REFINANCING FOR 366,184 SF OFFICE BUILDING IN DENVER DENVER — HFF has arranged re- financing for Stanford Place II, an 18-story Class A office building locat- ed in the north end of Denver Techno- logical Center. The borrower is Lowe Enterprises Investors. Eric Tupler of HFF arranged the two-year, float- ing-rate loan with extension options through a national bridge lender. The loan amount was not disclosed. Com- pleted in 1982, 22 tenants occupy the 366,184-square-foot building, with Western Union as anchor tenant. NEXUS COMMERCIAL BROKERS $102.2 MILLION ACQUISITION OF SEVEN-PROPERTY MULTIFAMILY PORTFOLIO COLORADO SPRINGS, COLO. — Nexus Commercial Realty has ar- ranged the acquisition of a multi- family portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building port- folio from a Colorado Springs-based apartment owner for a total consider- ation of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and sell- er in the deal. The properties are: • Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. • Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. • Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. • El Vecino Apartments, a 174-apartment community that sold for $12.2 million. • 162-unit South Pointe Apartments, which sold for $13.3 million. • 84-unit Timbers Apartments that sold for $7.3 million. • New Horizons Apartments, a 79-unit property that sold for $8 million. CIM GROUP ACQUIRES TWO-BUILDING OFFICE CAMPUS IN DOWNTOWN DENVER FOR $189 MILLION DENVER — Los Angeles-based CIM Group has purchased LoDo Towers, an office campus located in Lower Downtown (LoDo) Denver. Accord- ing to the Denver Business Journal, Chicago-based Zeller Realty Group sold the property at 1331 17th St. for $103 million and the building at 1401 17th St. for $86 million, or a combined $189 million. The campus includes a 13-story, 220,000-square-foot building with 17,000-square-foot floorplates, and a 16-story, 190,000-square-foot property with 13,000-square-foot floorplates. This is CIM Group's first acquisition in Denver. LEGACY PARTNERS DELIVERS PHASE II OF 276-UNIT APARTMENT DEVELOPMENT IN METRO DENVER WESTMINSTER, COLO. — Legacy Partners has delivered the first apart- ments in the second phase of Legacy on the Promenade in Westminster Promenade. This phase features 37 of the planned 276 apartment homes, av- eraging 923 square feet. Additionally, this the second phase includes the opening of a permanent leasing office and the completion of the clubhouse amenities, including a two-story fit- ness center, yoga studio, game room with billiards table, and two confer- ence rooms with laptop television displays. The first phase, which be- gan preleasing last year, includes 24 live/work residences and townhomes starting at more than 1,500 square feet with four distinct floor plans. Each of the two- and three-bedroom apart- ments consist of three floors and an attached two-car garage. Additional amenities at Legacy on the Prome- nade will include a garden courtyard, a pool with an outdoor kitchen, resi- dent lounge areas and a business cen- ter. Humphreys & Partners Architects provided architectural services for the project. CONFLUENT SELLS 69,000 SF SENIORS HOUSING PROPERTY TO KAYNE ANDERSON FORT COLLINS, COLO. — Conflu- ent Senior Living has sold Morning- Star of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undis- closed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as opera- tor following the transaction. The 79- unit, 69,000-square-foot community opened in December 2015. CPP ACQUIRES TWO AFFORDABLE HOUSING COMMUNITIES IN UTAH OGDEN, UTAH — Community Pres- ervation Partners (CPP) has complet- ed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and com- mon areas; and ADA accessibility im- provements throughout exterior spac- es. WNC & Associates, CPP's parent company, is the lead investor for the project, which includes a loan from California Bank & Trust. PINNACLE NEGOTIATES $7.4 MILLION SALE OF MULTIFAMILY BUILDING DENVER — Pinnacle Real Estate Ad- visors has arranged the sale of The Hanford House, a multifamily prop- erty located at 809 Dexter St. in Den- ver. RGD Properties sold the prop- erty to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller. Modera at Observatory Park Apartments in Denver features 275 Class A apartment units. Located at 1331 and 1401 17th St. in Denver, LoDo Towers features 410,000 square feet of office space.

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