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TruAmerica, Investcorp Go Cherry-Picking

1 Oct 2015, 8:06 pm

By Ioana Neamt, Associate Editor

Cherry Creek Club Apartment Homes

Cherry Creek Club Apartment Homes

Two out-of-state investors have landed a major apartment deal in the Mile-High City. A joint venture of  TruAmerica and Bahrain-based Investcorp shelled out $71 million for a 561-unit community in the Cherry Creek neighborhood. The acquisition represents TruAmerica’s third venture with Investcorp and expands the Los Angeles-based company’s holdings in Denver to more than 2,200 units.

“As we’ve done elsewhere through this partnership, we expect to bring significant upgrade capital to a property which already boasts a strong occupancy history and an excellent location in an improving submarket,” Brian Kelley, principal in Investcorp’s Real Estate group, said in a statement.

Located at 5001 E. Mississippi Ave., the 41-year-old community is managed by Greystar and features 441 one-bedroom and 120 two-bedroom units on a 14-acre site. The nine-building Cherry Creek Club community incorporates amenities such as 916 parking spaces, a private lake and lakeside pool, fitness center, clubhouse and volleyball courts. TruAmerica will complete the renovation started by the previous owner, Weidner Investment Services, and will also launch a multimillion-dollar upgrade of the property’s units.

A key to the deal was a $53 million loan placed with Freddie Mac, according to data from Yardi Matrix. The ten-year, floating-rate financing features five years of interest-only, and was secured by Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE Capital Markets. David Potarf, Dan Woodward, and Matt Barnett of CBRE’s Denver office represented both buyer and seller. The $71 million price tag is equivalent to $217 per square foot.

Image courtesy of TruAmerica

Ross Dress for Less Expands in Illinois, Colorado

24 Sep 2015, 2:03 pm

By Ioana Neamt, Associate Editor

Deer Grove Center in Palatine, Ill.

Deer Grove Center in Palatine, Ill.

Ross Dress for Less will open three new stores in Fort Collins, Colo. and the Chicago metro area on October 10.

The popular Dublin, Calif.-based retailer has plans to expand its nationwide portfolio with the opening of around 70 new locations by the end of the year. This fall, the company will debut two new stores in the Chicago area, and one new store in Fort Collins, Colo., as follows:

  • Ross Dress for Less will open a 25,000-square-foot store in the newly renovated Renaissance on the Front Range (previously known as the Foothills Mall) in Fort Collins, Colo. The store will be located 65 miles north of Denver, along East Foothills Parkway;
  • The company will also open a 25,000-square-foot store in the Deer Grove Center at U.S. Highway 12 and Rand Road in Palatine, Ill. The store is located about 35 miles northwest of downtown Chicago;
  • Another 24,000-square-foot Ross Dress for Less store will open in Joliet Commons along U.S. Highway 30 in Joliet, Ill. The store is conveniently situated roughly 30 miles southwest of downtown Chicago.

Ross Stores Inc. is a Fortune 500 and Nasdaq 100 company that operates Ross Dress for Less—the largest off-price apparel and home fashion chain in the country. Together with dd’s DISCOUNTS, the retailer currently operates more than 1,400 stores in 33 states, Guam and the District of Columbia.

Image courtesy of Ramco Gershenson Properties Trust

Colorado Ski Resort Takes It up a Notch

23 Sep 2015, 1:40 pm

By Ioana Neamt, Associate Editor

new fitness center at The Residences Viceroy Snowmass

New fitness center at The Residences Viceroy Snowmass

A luxury ski resort in Snowmass, Colo. is adding to its already long list of amenities.

Related Colorado recently unveiled plans for a new fitness center, owner’s lounge and teen rec room at the luxurious The Residences Viceroy Snowmass condo-hotel resort. The new amenities are set to debut in the second phase of the 152-unit luxury resort’s development.

The new owner’s lounge at The Residences Viceroy Snowmass will feature a flexible lounge space and sales center, two outdoor balconies, as well as a custom living room with fireplace. The owners-only fitness center will include an expansive cardiovascular area, foam and stretching room, all outfitted with state-of-the-art equipment. Last but not least, the resort’s new teen rec room will be a state-of-the-art game room equipped with ping pong table, vintage arcade games, a movie theater, and multiple reading nooks.

“With added world-class amenities and unrivaled service, the new amenities will greatly appeal to our clients and the needs of their families,” Jonathan Boxer, director of sales at Coldwell Banker Mason Morse, said. “The new lounge, rec room, and fitness facilities will certainly elevate the property’s exceptional offerings and will continue to propel the fact that it’s the finest real estate product available in Snowmass.”

The three new additions to the resort at 130 Wood Road in Snowmass Village will only add to the property’s long list of amenities, which also includes a full-service luxury spa, pool and slope-side ski valet, and childcare center, the Treehouse Kids’ Adventure. The Residences Viceroy Snowmass is conveniently situated roughly ten miles from downtown Aspen, and is exclusively marketed by Coldwell Banker Mason Morse. The resort offers studio- to four-bedroom floorplans and was designed by the Rockwell Group.

Rendering courtesy of Related Colorado

More Apartments Change Hands in Metro Denver

21 Sep 2015, 8:33 pm

By Ioana Neamt, Associate Editor

Bridge Square Apartments

Bridge Square Apartments

Denver’s multifamily market shows no signs of slowing down.

Another investor has snapped up a 168-unit apartment community in Brighton, Colo., in a deal secured by Marcus & Millichap. Alta Community Investment paid $12.1 million for Bridge Square Apartments, a four-building community located at 90 S. 18thAve. in Brighton. Brian Haggar, senior associate at Marcus & Millichap’s Denver office, represented the seller, Brixton Capital, and procured the buyer. According to data from Yardi Matrix, Alta Community Investment also assumed an existing $5.4 million Fannie Mae loan on the property, placed in September 2013.

“This fully renovated property, in excellent condition, with a history of high occupancy generated substantial interest from investors,” said Haggar. “Located in Brighton along Colorado’s growing energy corridor, the property provides the new owner with an asset in a strong rental market with excellent prospects to enhance value as the area’s low vacancy and projected population growth creates increased demand,” he explained.

Bridge Square Apartments is conveniently situated just two blocks from the Safeway-anchored Friendship Square shopping center, and is within easy access to the I-76 and State Highway 85. Built in 1973, the community offers one- and two-bedroom apartment units, eight laundry facilities, and 100 grade-level parking spaces, among other amenities.

Image courtesy of Yardi Matrix

Advenir Goes Shopping in Aurora

18 Sep 2015, 1:41 pm

By Ioana Neamt, Associate Editor

Advenir at Del Arte - 151 S Joliet Circle

Advenir at Del Arte – 151 S Joliet Circle

Another week brings another multifamily deal to the Mile-High City.

Atlanta-based Wood Partners has parted ways with Del Arte Lofts and Flats, a 12-building, 351-unit multifamily community in Aurora, Colo. The buyer—Aventura, Fla.-based Advenir Inc.—enlisted the help of HFF to secure $41.8 million in financing through Freddie Mac’s CME Program.

The seven-year, 2.28 percent, adjustable-rate securitized loan with three years interest will be serviced through HFF’s Freddie Mac Program Plus Seller/Services program. Loan proceeds were used to acquire the asset, at a sale price of $51.9 million—or $147,971 per unit—according to Yardi Matrix data. An HFF debt placement team led by Josh Simon and Eric Tupler represented the buyer/borrower in the deal.

Advenir will rebrand the property as 151 S. Joliet Circle Advenir at Del Arte, and will invest in a minor capital improvement program to enhance the asset’s overall value. The 29-year-old property is currently 93 percent leased, and is conveniently located less than ten miles southeast of Denver’s central business district. Advenir at Del Arte is also in close proximity to the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus.

Featuring 351 studio, one-, two-, and three-bedroom units, the 11.7-acre community incorporates amenities such as a resort-style swimming pool, fitness center, clubhouse with business center, 422 parking spaces, and 17 laundry facilities.

Image courtesy of Yardi Matrix


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