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Inland American Pays $52M for Quebec Square Shopping Center in Denver

22 Jan 2015, 10:38 pm

By Ioana Neamt, Associate Editor

Inland American Real Estate Trust, Inc. recently announced the purchase of the Quebec Square shopping center in Denver, Colo., at a cost of $52.25 million.

Located at 7800 Smith Road in Denver, the 207,561-sq.-ft. property completed in 2002 is a primary retail destination in a highly traveled area and serves 100,000 customers within a three-mile radius. The space purchased by Inland is presently 97 percent occupied, with tenants including PetSmart, Office Depot, Ross Dress for Less, Party City, and many others. According to a news release, the property is shadow-anchored by a Walmart Super Center and Sam’s Club, which were not part of the acquisition.

“We believe Quebec Square is a dominant retail property with a solid national and regional tenant line-up, strong demographics and an ideal location trafficked by more than 65,000 vehicles per day,” explained Christopher Covey, senior vice president of transactions at Inland American. “We are pleased to add this property to our retail portfolio, as it matches our long-term strategy of investing in multi-tenant, necessity-based retail properties, and believe it is well positioned for future growth,” he added.

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Griffis Residential Gets $48.8M for M-F Community in Colorado Springs

16 Jan 2015, 11:37 pm

By Ioana Neamt, Associate Editor

Sagebrook Apartments

Denver-based Griffis Residential recently announced the sale of Sagebrook Apartments, a 314-unit Class A residential community in northeast Colorado Springs. According to a news release, the asset sold to an undisclosed buyer for $48.8 million. Griffis purchased the property in July 2008 for $36.2 million.

Located at 2555 Raymond View in Colorado Springs, the Sagebrook community consists of 314 one-, two-, and three-bedroom apartments featuring modern-day amenities such as energy-efficient central heating and cooling, gourmet kitchen, washer and dryer, private patios or terraces, as well as private garages. Community amenities include a state-of-the-art, 24-hour fitness center, swimming pool, sunning deck, all-season spa, outdoor picnic and BBQ area, business center, gourmet coffee bar and a clubroom.

Residents of Sagebrook Apartments benefit from a convenient location that offers easy access to the I-25, the Shops at Briargate, Briargate Business Park, the Air Force Academy, Memorial Hospital North, InterQuest Business Park and the Penrose St. Francis Medical Center.

Griffis Residential is the second largest institutional-quality Class A multifamily owner in Colorado. Recent transactions in the area include the sale of The Oasis Apartments in December 2014 for $40 million, and the purchase of Strathmore Apartments for $39.9 million.

Image courtesy of Griffis Residential

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TRI Pointe to Build 115 Luxury Homes in Ryland’s Master-Planned Community

8 Jan 2015, 7:51 pm

By Ioana Neamt, Associate Editor

Whispering Pines

TRI Pointe Homes Colorado announced the acquisition of 115 lots in the Denver metro area.

The “Whispering Pines” community will feature 115 single-family detached homes in southeast Aurora, 25 miles away from downtown Denver. The luxury homes will be situated within a larger, master-planned community designed by Ryland Homes, and are expected to attract buyers from the Littleton, Centennial and Highlands Ranch areas.

Tri Pointe Homes is a division of California-based TRI Pointe Group, one of the top 10 largest public homebuilders in the U.S.

“TRI Pointe was chosen to build within the master plan because of a long-standing relationship with the local Ryland Homes team, as well as the fact that Ryland appreciated our team’s architectural and operational approach,” said Matthew Osborn, division president of TRI Pointe Homes Colorado.

Whispering Pines will feature two-story and ranch-style homes ranging from 2,955 to 4,299 square feet, with prices starting in the mid $500,000s. The upscale community will consist of three- to five-bedroom homes with three-and-a-half to five-and-a-half-baths, as well as three- or four-car garages. Residents can also opt for finished basements featuring home theaters, additional bedrooms and large recreation rooms.

“Whispering Pines” is located within the Cherry Creek School District, nearby major employment centers such as Denver Tech Center, Inverness Business Park and Meridian Business Park. The location also provides easy access to the E-470 and the Denver International Airport.

The 115 luxury homes will begin selling in the fourth quarter of 2015, according to a news release. Upon completion, the community will also incorporate a clubhouse, pool and elementary school.

Rendering courtesy of TRI Pointe Homes Colorado

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LTC Properties Opens 48-bed Memory Care Community in Aurora

31 Dec 2014, 4:43 pm

By Eliza Theiss, Associate Editor

Willowbrook Place

Senior housing and health care property REIT LTC Properties has announced the opening of the $9.8 million Chelsea Place, a 48-unit memory care community in Aurora, Colorado. The property is leased to Anthem Memory Care under a 10-year master lease, marking the third collaboration between LTC and Anthem in the greater Denver area.

Chelsea Place features one- and two-bedroom units as well as well as two-bed companion suits. Units range between 308 and 550 square feet.  Community amenities include a medical office, full-service beauty salon and barber shop, dining, living, TV and media rooms, seating nooks, landscaped gardens, walking paths and housekeeping services. The memory care community also offers music and pet therapy, as well as Anthem’s It’s Never 2 Late (iN2L) computer system, which allows seniors seamless access to virtual learning, recreation, communication and social media regardless of prior IT experience.

LTC and Anthem’s previous projects include the memory care communities of Highline Place and Willowbrook Place in Littleton, Colorado. The latter opened in late August and features 60 units.  A forth joint project, Greenridge Place is set to open in the first quarter of 2015 in Westminster, Colorado, in Denver’s metro area. According to the Denver Business Journal, by the end of 2015’s first quarter Anthem will be housing 300 residents in the greater Denver area.

LTC is also financing Anthem’s expansion into the greater Chicago area. Anthem’s first Illinois project, Harvester Place, will open in Burr Ridge in the fourth quarter of 2015.

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Image credits: LTC Properties

$24M Affordable Housing Development Fund Expands into Denver Metro Area

19 Dec 2014, 3:36 am

By Ioana Neamt, Associate Editor

As home prices and rental rates in Denver continue to grow, an affordable housing shortage is driving buyers away from the city’s urban core. In a joint effort to reverse this trend, Denver city officials, together with Enterprise Community Partners recently announced a $24 million fund meant to facilitate the development of affordable homes along transit corridors across the entire Denver metro area.

The Denver Transit Oriented Development (TOD) Fund was launched in 2010 and has helped create 570 affordable homes near transit hubs like Yale Station, Evans Station, Blake Station and Colorado Station. According to a news release, the fund is now expanding its reach across all seven counties in the Denver metro area, and will provide $24 million for property acquisitions and pre-development loans for the construction of affordable housing units along transit corridors.

“Affordable housing is a critical issue not just for the city, but for our entire metro area,” says Denver Mayor Michael Hancock. “The Denver TOD Fund has proven itself to be a successful tool in ensuring that low- and moderate-income families benefit from the build-out of our mass transit system.”

A joint partnership among Denver city officials, surrounding municipalities and development companies, the TOD fund will be used to create 2,000 affordable housing units near transit over the next ten years. The $24 million expansion was made possible through critical investment and support from the Urban Land Conservancy (ULC), the Colorado Housing and Finance Authority (CHFA), the Colorado Division of Housing, Enterprise Community Partners, and the Enterprise Community Loan Fund.

“Enterprise is extremely proud to be able to announce the Denver Regional TOD Fund,” says Brad Weinig of Enterprise Community Partners, Inc. “We cannot express enough gratitude to our investors and partners who have trusted us to lead this work, and to ULC for proving that this model can work.”


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