Colorado

Benjamin Square in Eaton, Colorado
Affordable HousingColoradoInvestment SalesNewsWestern

JLL Brokers $5.8 Million Sale of Affordable Housing Community in Eaton, Colorado

by Channing Hamilton

EATON, COLO. — JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton. Benjamin Square consists of 10 buildings. The property was completed in 1979 and 1980. Apartments come in one-bedroom layouts. Amenities include a laundry room, community lounge and covered gazebo. JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. Brikwell was also able to renew and extend the community’s Project-Based Section 8 HAP contract prior to acquisition and loan closing, allowing the property to …

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ColoradoDevelopmentLeasing & MarketingNewsWestern

Thompson Thrift Opens 336-Unit Notch66 Near Boulder, Colorado

by Channing Hamilton

LONGMONT, COLO. — Thompson Thrift has opened Notch66, a 336-unit community in the northern Boulder suburb of Longmont. Notch66 is situated on an 18.4-acre site. Units come in one-, two- and three-bedroom layouts. Select apartments feature detached garages and private yards. Amenities include an early childhood education center for children with an on-site pediatric therapy center, clubhouse, fitness center, pool and dog park. The community is currently over 30 percent leased.

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Carol Nelson Mountain Region Asset Living headshot and quote from article
Build-to-RentColoradoContent PartnerDevelopmentFeaturesIdahoIndustry ContentLeasing & MarketingMontanaNorth DakotaSouth DakotaUtahWesternWyoming

New Supply Tests the Mountain States’ Multifamily Markets

by Sarah Daniels

Population growth in the Mountain states over the last several years has fueled historic apartment construction across Colorado and Utah. The activity has created some supply overhang in the Denver and Salt Lake City markets in particular, but continuing in-migration, housing shortages and the high cost of home ownership could sustain their resiliency, say two of Asset Living’s newest executives in the region. Based in Houston, Asset Living manages assets valued at $55 billion nationwide, including more than 1,750 apartment properties in addition to student, affordable and single-family build-to-rent housing. …

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Palazzo West in Los Angeles
ColoradoInvestment SalesNew YorkNewsNortheastWestern

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

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Alexan Pena Station in Denver
BerkadiaColoradoDevelopmentFinanceNewsWestern

Berkadia Arranges $81.2 Million in Joint Venture Equity for Alexan Pena Station in Denver

by Channing Hamilton

DENVER — Berkadia has negotiated $81.2 million in joint venture equity for the development of Alexan Pena Station, a 578-unit development in Denver. Trammel Crow Residential was the sponsor. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital arranged the joint venture equity partnership on behalf of the sponsor. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Alexan Pena Station will comprise 12 buildings on a 20-acre site. The community will offer one-, two- and three-bedroom …

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Estate at Woodmen Ridge Apartment Homes in Colorado Springs, Colorado
ColoradoInvestment SalesNewsWestern

Inland Private Capital Brokers Sale of 260-Unit Estate at Woodmen Ridge Apartment Homes in Colorado Springs, Colorado

by Channing Hamilton

COLORADO SPRINGS, COLO. — Inland Private Capital Corp. (IPC) has brokered the sale of Estate at Woodmen Ridge Apartment Homes, a 260-unit complex in Colorado Springs. The property is located at 5520 Woodmen Ridge View and consists of 13 residential buildings. Amenities include a clubhouse with a fitness center, theater room, game room, business center, pool and spa, putting green, dog park, bike repair station and outdoor fireplace. The community was 93 percent occupied at the time of sale. IPC brokered the deal on behalf of Colorado Springs Multifamily DST, …

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Allure Apartments in Denver
ColoradoFinanceInvestment SalesNewsWestern

JLL Capital Markets Arranges $68.3 Million Sale of Allure Apartments in Denver

by Channing Hamilton

DENVER — JLL Capital Markets has arranged the $68.3 million sale of Allure Apartments, 252-unit garden-style property located in the Cherry Creek South neighborhood of Denver. Allure Apartments was built in 2002. The community offers one- and two-bedroom units that average 1,010 square feet in size. Amenities include a fitness center, detached garages, a business center, a coffee bar and a resident clubhouse. JLL represented the undisclosed seller and procured the buyer, Gelt Inc. JLL also worked on behalf of Gelt to secure $43.2 million in acquisition financing through Freddie Mac. …

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Hearthstone at City Center in Aurora, Colorado
ColoradoInvestment SalesNewsWestern

Partnership Acquires Hearthstone at City Center in Aurora, Colorado for $74 Million

by Channing Hamilton

AURORA, COLO. — A partnership consisting of Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, has acquired Hearthstone at City Center in Aurora. The 360-unit asset traded hands for $74 million. The seller was not disclosed. Aurora is an eastern suburb of Denver. Hearthstone at City Center is located at 932 South Helena Way. The property features one-, two- and three-bedroom units across 41 buildings on an 18.2-acre site. Amenities include a pool, outdoor grilling and picnic areas, a fitness center and …

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ColoradoInvestment SalesNewsWestern

JTA Real Properties Divests of Three Property Portfolio in Aurora, Colorado, for $9 Million

by Channing Hamilton

AURORA, COLO. — JTA Real Properties LLC has divested of a portfolio of three properties in Aurora. Runt and Bro Laredo LLC acquired the portfolio for $9 million. Marc Lippitt, Phil Dankner, Justin Herman, Will McCauley and Elliott Polanchyck of Unique Properties / TCN Worldwide brokered the deal. The buyer plans to update and renovate the properties, which are located at 1377-1397 Laredo St. and 16415 E. 14th Place. The communities offer a mix of nine studios and 69 one-bedroom units.

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ColoradoInvestment SalesNewsWestern

JLL Capital Markets Adds Wick Kirby to Denver Institutional Multifamily Team

by Channing Hamilton

DENVER — JLL Capital Markets has added Managing Director Wick Kirby to the firm’s Denver institutional multifamily team. In this role, Kirby will oversee multifamily investment sales advisory transactions throughout the Denver metropolitan area. He will work alongside Jordan Robbins and Alex Possick and will report to the Denver capital markets office heads, Senior Manging Directors Peter Merrion and Leon McBroom. Kirby previously served out of JLL’s Chicago office for 15 years. He received a bachelor’s degree from University of Wisconsin-Madison and a master’s degree from DePaul University. He is also …

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