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Aragon Holdings Expands Multifamily Portfolio with $100+ Million Purchase of Denver and Orlando Properties

27 Aug 2014, 6:32 pm

By Ioana Neamt, Associate Editor

Waterfield Court Apartments

Los Angeles-based Aragon Holdings recently announced the acquisition of two residential properties in the Denver and Orlando areas, at a cost of over $100 million. According to a news release, the purchase was made through the company’s private equity fund, Aragon Multi-Family Cash Flow Fund III, with financing provided by Freddie Mac.

The two residential properties acquired by Aragon Holdings include a total of 850 apartment units, bringing the company’s national multifamily portfolio to nearly 10,000 units.

“Our existing properties in both the Denver and Orlando markets have performed extremely well for Aragon, and we are pleased to expand our portfolio in cities that have solid track records for outperforming the national economy in terms of both job and population growth,” says Dan Guy, president of Aragon Holdings. “These standards are used for all of our multi-family acquisitions, as we continue to pursue multi-family acquisition opportunities nationwide.”

Signal Pointe Apartment Homes in Orlando is comprised of 368 apartment units, located in the suburban city of Winter Park, Fl. The property underwent a $15.5 million renovation in 2009, and features three swimming pools, two tennis courts, a business center, fitness center, a golf simulator and a dog park.

Waterfield Court Luxury Apartments is located at 3499 S. Uravan Way in Aurora, Co. and is the fourth property purchased by Aragon Holdings in the Denver metropolitan area. The three-story building totals 482 apartment units and was completed in 1996.

Waterfield Court is in close proximity to the Denver metro area, providing easy access to I-225 and E-470. Additionally, the residential community is located near middle and elementary schools, shopping and leisure destinations, and Cherry Creek State Park and Reservoir. Amenities include a fitness center, basketball court, indoor spa, two swimming pools, air conditioning, and a clubhouse. The property features one- and two-bedroom apartments and is pet-friendly.

Image courtesy of Apartment Home Living

Z Block Project in Downtown Denver to Include 170-Room Sage Hospitality Hotel

20 Aug 2014, 10:48 pm

By Ioana Neamt, Associate Editor

The Z Block development project in Denver’s LoDo neighborhood will include a 170-room hotel by Sage Hospitality, the Denver Business Journal reports. The 325,000-square-foot development project is the result of a partnership between owner Grand American Inc. and developer McWhinney Real Estate Services. Denver-based Shears Adkins & Rockmore Architects handled the design work. Grand American has owned the property for more than 30 years.

“We are excited to partner with McWhinney to develop this property into a product that the community, the city and we can be extremely proud of,” says Bruce Phillips, Grand American President, in a news release.

Located on Denver’s historic Windsor Dairy Block along Wazee Street, the Z Block project will feature office, retail and residential space and is expected to be finalized in the fall of 2016. Developers also hope to obtain LEED Gold Certification for the building upon completion.

“Denver continues to provide us with great opportunities for creative and responsible real estate deals that align perfectly with our values of creating a true sense of place and ultimately, spurring broader economic growth,” says Chad McWhinney, CEO and founder of McWhinney in a press release.

The property on the Windsor Dairy Block is conveniently situated in close proximity to Coors Field and Denver’s newly renovated Union Station. Amenities will include 23 outdoor terraces, 416 underground parking spaces, rooftop terrace, fitness center, state-of-the-art conference facilities, and 75 luxury residential units with retail space on the ground floor.

Rendering courtesy of McWhinney and Shears Adkins Rockmore Architects

United Properties Further Expands Its EBC Industrial Space in Stapleton by 466,000 Sq. Ft.

13 Aug 2014, 3:32 pm

By Ioana Neamt, Associate Editor

A few months after United Properties announced the addition of 24 acres to its Enterprise Business Center development in Stapleton, the company is once again expanding its industrial space at the site. According to the Denver Business Journal, the company will expand its existing space by 466,000 square feet, bringing the total EBC development space to 1.2 million square feet.

United Properties purchased 38.2 acres of space from Forest City Stapleton Inc., the master developer for the industrial project, in July 2013. The company broke ground on the first phase of the Enterprise Business Center that same month. According to a news release, the project team for the first phase of the project included architect Ware Malcomb and engineer Jansen Strawn. Denver-based Murray & Stafford was hired as general contractor for this phase.

Phase one of the EBC development project will comprise four Class A industrial buildings with a combined 700,000 square feet upon completion. The second phase of the project includes a 467,000-square-foot bulk cross-dock industrial building.

Located near the southwest corner of Interstate-70 and Havana Street, the Enterprise Business Center features state-of-the-art design, including ESFR sprinkler systems, T-5 lighting, security fencing, 32 feet interior clear height, concrete tilt wall panels and truck parking. The development site is also in close proximity to a variety of shopping, entertainment and hospitality destinations.

The existing space is currently 96 percent occupied, according to the Denver Business Journal. Current tenants include Swire Coca-Cola USA and Tire Rack.

The EBC expansion is expected to be finalized in April 2015.

Renderings courtesy of United Properties

Lockheed Martin Corp. Sells 171,000-Square-Foot Campus In Boulder for $13.9 Million

12 Aug 2014, 4:07 pm

By Ioana Neamt, Associate Editor

Marcus & Millichap announced the sale of a 171,000-square-foot industrial building leased by Lockheed Martin Corp. in Boulder’s Gunbarrel neighborhood. According to the Boulder County Business Report, Dallas-based real estate investment firm Macfarlan Capital Partners purchased the property for $13.9 million. The industrial property is currently 100 percent leased by Lockheed Martin’s Information Systems & Global Services division.

The building located at 6304 Spine Road was previously owned by W&D Spine Road, formerly ICG Spine Road LLC. ICG acquired the property in 2006 for $12.9 million, as reported by the Boulder Daily Camera. Maryland-based Lockheed Martin has occupied the property for 20 years.

Marcus & Millichap represented W&D Spine Road in the transaction. Brandon Kramer and Barry Higgins, both part of Marcus & Millichap’s Denver office, represented the buyer.

“The property drew offers and interest from across the country and overseas,” says Kramer. “The Marcus & Millichap platform and collaborative working environment were crucial in bringing the sale to fruition. Every person involved in the due diligence, negotiation and closing processes exhibited a high degree of professionalism.”

According to the Boulder County Business Report, the industrial property consists of a 167,491-square-foot one-story building and a 4,800-square-foot utility building, comprising a total space of 11.9 acres.

 Logo courtesy of Lockheed Martin Corp.

Verve Luxury Apartments Enter The Denver LoDo Scene

6 Aug 2014, 11:26 pm

By Ioana Neamt, Associate Editor

Verve, a 285-unit luxury apartment building celebrated its grand opening on July 16. Located at 1490 Delgany Street, the high-rise apartment community is managed by the Laramar Group and was developed by The Opus Group in partnership with Amstar. The Opus AE Group was the architect of record, while Shears Adkins Rockmore Architects LLC was in charge of rendering and design work.

The 428,000-square-foot building was developed by The Opus Group, an architecture and engineering firm headquartered in Minneapolis, in partnership with Denver-based real estate investment manager Amstar. The luxury apartment community is conveniently located in downtown Denver, right across the street from the Museum of Contemporary Art. Verve is also within walking distance from the newly renovated Union Station and the recently inaugurated Crawford Hotel. Additionally, there are numerous shopping, nightlife and leisure attractions in the surrounding area, including trails along Cherry Creek and the South Platte River.

‘’Verve exemplifies the dynamic, urban Denver lifestyle and is quickly making its mark on downtown’,” says Pete Carlson, senior vice president of Opus Development Co. LLC. ‘’Verve’s amenities and mindfulness of the Denver lifestyle is what sets it apart from other luxury apartments today.”

The 10-story building offers studio, one- and two-bedroom units and is pet friendly. Building amenities include an outdoor pool, three levels of underground parking, bicycle storage and maintenance facility, expansive fitness and yoga centers, city view sky lounge, and will also feature 4,000 square feet of retail space on the ground level. Verve has been designed to achieve LEED Certification.

Verve is only one of multiple residential projects taking shape in the Denver metro area. In an interview with MHN in September 2013, Laramar CEO Jeff Elowe suggested that the energy boom in the central and Midwestern areas has had a positive impact on the Denver real estate scene, driving job growth and rental demand. Elowe, recipient of the 2013 Ernst & Young Entrepreneur of the Year in the Mountain Desert region, also stated that he was pleasantly surprised by the year-to-date rent growth in the Denver area.

Image courtesy of The Opus Group

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