Parker Apartments Sell For $133M: The Denver Deal Sheet

Bell Partners paid $133M for a 400-unit Parker apartment complex, rebranding it as Bell Parker Ranch. 

The North Carolina-based firm acquired the Montane Apartments located at 18301 Cottonwood Drive from Canada’s Starlight Investments. The deal marks a $13M gain over Starlight’s 2019 purchase price. 

Built in 2018, the garden-style property includes studios to three-bedroom units and features a lazy river, clubhouse and green space. Bell now owns or manages 7,400 apartments across 21 communities in metro Denver. 

JLL Capital Market Senior Managing Director Jordan Robbins brokered the deal.

FINANCING

Marcus & Millichap Capital Corp. arranged $9.8M in bridge financing for a 97-unit multifamily property in Wheat Ridge. The loan supports Tabor Lake Apartments at 12100 W. 44th Ave., a former Howard Johnson motel recently converted by a local developer. The three-year loan includes 12 months of interest-only payments and a 30-year amortization. Amenities at the market-rate complex include a fitness center, business center, dog park and storage units.

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Riverside Investment & Development secured a loan extension and recapitalization for 1900 Lawrence. The $242M loan on the 700K SF office tower was extended by Bank OZK through mid-2027. Riverside and equity partner Convexity committed $34M more for leasing efforts at the property, which was delivered in June 2024 and reportedly has more than 50% in active lease negotiations.

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JLL arranged $36.7M in refinancing for Park 36, a 275K SF Class-A industrial complex in Broomfield. The three-building property developed by Stockbridge and Lincoln Property Co. sits at 800–830 Hoyt St. near the intersection of Highway 36 and Highway 287. Completed in phases between 2019 and 2024, the project includes dock-high and grade-level doors, 566 parking spaces and flexible floor plans starting at 17K SF.

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JLL secured $65.5M in construction financing for a 310-unit apartment project in RiNo. The 16-story development at 3850 Blake St. is being built by Formativ and will include 12K SF of amenities and a mix of studio, one- and two-bedroom units. Nearly 40% of the units will be affordable to residents earning 70% of AMI. The transit-oriented project broke ground in June and is slated for completion in Q3 2027.

SALES

Marston Park Plaza, a 90K SF retail center in Littleton, sold for $17.9M. JLL arranged the sale on behalf of Miller United Real Estate and secured $11.2M in acquisition financing for buyer Ziff Real Estate Partners. At 5066 S. Wadsworth Way, the property is 88% leased to 18 tenants, including Veterinary Emergency Group, The Tile Shop and Wag 'N Wash.

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A 4-unit multifamily property in Broomfield sold for $763K. Located at 1291 W. Third Ave., the value-add property includes four garage spaces and sits near the planned Northwest B-Line light rail. Pinnacle Real Estate Advisors’ Luke Salazar, Robert Lawson and Jim Knowlton represented the seller.

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A 9-unit apartment building in Littleton sold for $2.1M. The 7K SF property at 801 W. Prentice Ave. had been fully renovated and was acquired through a 1031 exchange. Pinnacle Real Estate Advisors’ Andy Monette, David Barocas, Corey Sandberg and Dallas Sandberg represented both the buyer and the seller.

CONSTRUCTION AND DEVELOPMENT

Metropolitan State University of Denver is building its first student housing project. The 12-story, $117M mixed-use building — dubbed Summit House — will rise at 12th Street and Auraria Parkway and include 550 beds, retail and the university’s Classroom to Career Hub. It’s the first phase of the two-building Living and Learning Hub developed in partnership with Columbia Ventures. Completion is expected in 2027.

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A Whole Foods-anchored shopping center is planned for Denver’s Central Park neighborhood, according to plans reported by the Denver Business Journal. The site development plan filed with the city outlines a 36K SF grocery store and three additional retail and restaurant buildings at 3979 Central Park Blvd. Alberta Development Partners is listed as the developer, with The Mulhern Group as the architect. The 6.4-acre site will include 350 parking spaces, including electric vehicle charging spots.

THIS AND THAT

Populus was named one of 10 winners in the 2025 ULI Americas Awards for Excellence. The downtown Denver hotel was recognized by the Urban Land Institute for its carbon-positive design and environmental stewardship. It was the only Colorado project to make the list, which included developments from New York, Toronto, Santiago and others.

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A proposal to reduce building heights in parts of downtown Castle Rock has been postponed. The ordinance would cap new development at four stories in certain areas that currently allow up to six. The Castle Rock Town Council voted to refer the matter to the Downtown Development Authority for more stakeholder input before reconsidering it at a future date.