TODAY’S DEALS: ARA Brokers Denver Sale for $27.8M
A 150-unit asset trades hands in Denver; The Canyon Catalyst Fund and Sack Properties form a joint venture investment partnership targeting Northern California value-add properties; and Cushman & Wakefield completes the sale of a redevelopment site in Montclair, N.J.
Denver—A 150-unit apartment community located in Denver has traded hands with help from ARA’s Colorado office. The seller in the $27.8 million sale was RC-Lowry Apartments. The buyer was an undisclosed private real estate investor.
Legends at Lowry was originally built in 2011 as a condominium. It was 97 percent occupied at closing. The asset is located about 15 minutes from Downtown Denver and 10 minutes from the Fitzsimons Medical Campus development.
“While its bones are that of a luxury condominium, the property’s position in the market as an apartment community provides the buyer with great flexibility and the option to sell individual units in the future when the for-sale market recovers,” says Shane Ozment of ARA. “Currently, the buyer is planning to hold the property and add it to their growing portfolio.”
Canyon Catalyst, Sack Properties form investment partnership targeting NorCal
Los Angeles—The Canyon Catalyst Fund, a joint venture between Canyon Capital Realty Advisors and CalPERS, has entered into a new joint venture with Sack Properties that will result in $60-$100 million of multifamily acquisitions in urban markets located in Northern California.
“Sack Properties has all the right characteristics the Canyon Catalyst Fund is looking for in a partner,” says Bobby Turner, chairman and CEO of Canyon Capital Realty Advisors. “We are confident that this new partnership will help an already high-quality group of real estate managers expand from their base in San Francisco to San Jose and other urban markets in Northern California.”
“We see our new partnership with Canyon as a great opportunity to leverage our multifamily investment capabilities and take advantage of the growing number of value-add opportunities in Silicon Valley and other urban communities in Northern California,” says Kirby Sack, president and CEO of Sack Properties.
Cushman & Wakefield completes sale of redevelopment site
Montclair, N.J.—The sale of a Montclair redevelopment site has closed, paving the way for a mixed-use project at 638 Bloomfield Ave., announced Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group. DCH Automotive Group sold the parcel, which for many years served as home to a car dealership, to a co-development partnership of LCOR and The Pinnacle Companies.
Located on the town’s west end, Phase I of the redevelopment plan is to include 259 residential units, 571 parking spaces, 23,055 square feet of office space and 22,340 square feet of retail. The project will incorporate an existing parking deck on the site. A second phase of the redevelopment will include a boutique hotel. The new ownership plans to develop the entire property to LEED green building standards.
“Downtown Montclair’s urban renaissance is well underway and picking up momentum, with a number of local initiatives, which will be further enhanced by the new upscale residential, retail and office components of Phase I of the Montclair Center Gateway Redevelopment Plan,” notes Cushman & Wakefield’s Brian Whitmer, who handled the assignment with team members Andrew Merin, David Bernhaut and Gary Gabriel.
“This is a premier, highly visible site prime for mixed-use development,” Whitmer adds. “It sits at the intersection of Valley Road—within walking distance to a Whole Foods, many exciting restaurants and shops, and an NJ Transit commuter rail station servicing Manhattan commuters.”
