Stay-on-the-Map Deals Perfected in Denver
- Sep 01, 2011
Denver is set to sell another large property in a deal that will further increase the city’s transaction total by over $100 million. According to a post on CoStar News, an affiliate of Walton Street Capital has committed to a deal for the Denver Marriott City Center. Chesapeake Lodging Trust is the buyer for the massive hotel property in a transaction that is set to close this September. The 613-room facility was part of a portfolio that was acquired by Walton for $550 million in May 2007, the real estate news website reports.
The value of the sale is $119 million, with representatives of the lodging REIT claiming a consistent amount of excitement regarding the addition of the Denver hotel. The 42-level Marriott City Center has 1,000,000 square feet of mixed-use space. The available square footage includes 28,000 square feet of meeting space with a forthcoming expansion of 4,500 square feet.
After a series of medium-sized multifamily deals in Denver, it looks like the market isn’t slowing down. Most recently JP Morgan Asset Management has acquired the Landing at Bear Creek apartment community, maintaining the momentum of multifamily activity in Denver.
The property traded for a total of $27.95 million or a per-unit rate of $124,776. The community is a three-story, 224-unit property that offers one-, two-, and three-bedroom units. Landing at Bear Creek was built in 1996 by the seller, the Moran Group. The Denver Business Journal reports that the deal was handled by Moran & Co. managing partners David Martin and Pamela Koster.