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Bell Partners Shells out $250M for Apartment Property in Metro Denver

24 Apr 2015, 9:56 pm

By Ioana Neamt, Associate Editor

Bell Flatirons

Bell Partners Inc. of Greensboro, N.C. has acquired a 1,206-unit apartment community in the metro Denver area in of the largest multifamily transactions in Colorado history. The company purchased Horizons at Rock Creek garden-style community from Simpson Housing LLP for approximately $250 million, according to a news release.

Rebranded Bell Flatirons, the 80-acre property is one of the largest multifamily communities in the Denver area, completed in multiple phases between 1997 and 1999. Located to the southeast of U.S. Route 36 that connects Denver to Boulder, the community incorporates 1,206 apartment units and townhomes; a 24,000-square-foot luxury clubhouse; indoor basketball court, two tennis courts and two racquetball courts; a movie theater with stadium-style seating; four swimming pools; business center; and 24-hour fitness center. Apartment amenities include private garages, washer and dryer, private patios or balconies, walk-in closets, and stainless steel appliances.

“This acquisition […] is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals,” said John Bell, president of Bell Partners in the news release. “Denver is one of the strongest apartment markets in the country, and the purchase of Bell Flatirons provides us with an excellent opportunity to continue our strategic expansion beyond our current East Coast and Southwest markets.”

Bell Partners is currently the 11th largest apartment operator in the U.S., with nearly 70,000 units under management. Following the purchase of Bell Flatirons, the company has completed over $355 million in multifamily transactions in 2015.

Image courtesy of Bell Partners Inc.



Southern Land Co. Starts Work on Two Metro Denver Apartment Communities

17 Apr 2015, 7:29 pm

By Ioana Neamt, Associate Editor

2505 18th St, Denver

Southern Land Co. of Franklin, Tenn. has begun construction work on two major multifamily developments in metro Denver, the Denver Business Journal reports. The company has picked the perfect moment to invest in the area, as Denver’s booming economy is driving rent growth and apartment demand, according to a 2015 outlook by Marcus & Millichap.

Southern Land purchased the property at 2505 18th St. in Denver’s Lower Highlands (LoHi) neighborhood in 2013 and is currently developing a two-building mixed-use community at the site. Formerly the home of Mile High United Way, the property will offer 302 apartments, 9,300 square feet of ground retail space, 332 below-grade parking spaces, as well as 20 surface parking spaces and bicycle storage. Scheduled for completion in 2016, the complex is located in close proximity to Mile High Stadium, Pepsi Center and Coors Field and will offer unobstructed views of the Denver skyline, Commons Park and the Platte River.

The company is also working on a mixed-use community located next to Google’s future campus in Boulder. The community, situated at 30th and Pearl streets, is scheduled for completion in 2017. It is Southern Land’s first project in Boulder. The complex will incorporate 246 apartments, 25,000 square feet of retail and 120,000 square feet of office space.

Image courtesy of Southern Land Company 



InterContinental to Bring Boutique Hotel Indigo Brand to Denver

10 Apr 2015, 8:16 pm

By Ioana Neamt, Associate Editor

1801 Wewatta St

Denver, Colo. – InterContinental Hotels Group (IHG) has recently signed the first Hotel Indigo property in the state of Colorado. The boutique hotel chain will debut the luxurious Hotel Indigo Denver in the winter of 2016 at 1801 Wewatta St., in the city’s highly sought-after LoDo neighborhood.

Hotel Indigo Denver will be located on the 5th through the 8th floors of Union Tower West, a 200,000-square-foot mixed-use development adjacent to the newly redeveloped Denver Union Station. The 180-room hotel will encompass approximately 1,950 square feet of meeting space, fitness center, business center, bar and restaurant. Guestrooms will feature murals, area rugs, duvets and slipcovers, and will reflect the culture and history of the surrounding LoDo neighborhood.

Developed by Atlanta-based Portman Holdings and Hensel Phelps Construction Co., Union Tower West comprises 200,000 square feet of retail and Class AA office space in the heart of downtown Denver. Designed by John Portman & Associates, the building is expected to achieve LEED Gold certification from the U.S. Green Building Council.

“We are excited to expand the Hotel Indigo brand into this incredible Downtown Denver neighborhood,” said Jason Moskal, vice president, Lifestyle Brands, The Americas, IHG. “The local area around Union Station is home to many historical storefronts, warehouses and industrial buildings that help define the neighborhood, creating the perfect location for our newest hotel.”

Hotel Indigo Denver is owned by CUOF IV LODO, LLC, and will be franchised by an IHG affiliate, according to a news release. Portman Holdings is also developing a 203-room Hotel Indigo in downtown Atlanta.

Rendering courtesy of Hotel Indigo



Dual-Branded Hyatt Place/Hyatt House Hotel Tops Out in Denver

3 Apr 2015, 10:33 pm

By Ioana Neamt, Associate Editor

Hyatt Place/Hyatt House Denver Downtown

A dual-branded Hyatt Place/Hyatt House hotel has topped out in downtown Denver. Developed by Merrillville, Ind.-based White Lodging Services and designed by PFVS Architects of Atlanta, the 21-story hotel broke ground in November 2013.

Located at the corner of 14th St. and Glenarm Place in the heart of Denver’s central business district, the new Hyatt Place/Hyatt House Denver Downtown hotel is slated for completion in November 2015. According to a news release, White Lodging and a Hyatt affiliate will each own 50 percent of the joint venture, and White Lodging will operate the dual-branded property under franchise agreements with a Hyatt Hotels Corp. affiliate.

“It’s very exciting to bring the Hyatt Place and Hyatt House brand to the downtown market,” said Chad Cuddy, general manager of Hyatt Place/Hyatt House Denver Downtown. “We look forward to joining the community and with our prime location we believe we are poised for success.”

White Lodging’s first dual-branded Hyatt property is conveniently located in close proximity to popular destinations such as the Colorado Convention Center, the Pepsi Center, Coors Field, the Denver Performing Arts Complex, and the upscale LoDo district.

Hyatt Place will offer guests 248 guestrooms and Hyatt House will offer 113 residential-style upscale rooms. The 361-room hotel will also incorporate 4,000 square feet of meeting space.

Image courtesy of White Lodging Services

 



Berkadia Brokers $11.5M Sale of Class A Lofts in Denver

30 Mar 2015, 7:17 pm

By Ioana Neamt, Associate Editor

777 Emerson St

Berkadia Commercial Mortgage has arranged the sale of Emerson Lofts apartments, a Class A multifamily property in Denver’s Capitol Hill neighborhood. According to a news release, the $11.5 million sale was negotiated by Berkadia senior vice president John Laratta and Frank Farrell, at a 5.6 percent cap rate.

“The Denver area is a hot market for multifamily investments right now due to rapid hiring,” said Laratta. “We expect the market to remain active for the duration of 2015, particularly as investors continue to target larger Class A assets around central Denver.”

Emerson Lofts was developed in 2013 by Denver-based L.C. Fulenwider on a previously vacant lot in the city’s popular Capitol Hill area. Located just two miles from downtown Denver, the 42-unit property offers one-, two-, and three-bedroom floor plans with a modern design.

Community amenities include a courtyard, gate-controlled access, secure bicycle storage and covered parking. Unit amenities include washer and dryer, fireplaces, balconies or patios, extra storage, as well as Energy Star-rated appliances, Nest thermostats and energy-efficient lighting.

The Emerson Loft community offers residents easy access to downtown Denver, LoDo, Cherry Creek Shopping Mall, the Denver Zoo and the Denver Museum of Nature & Science.

Image courtesy of Berkadia Commercial Mortgage LLC

 







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