ColRich Multifamily, a San Diego-based investment firm, purchased the 318-unit Belmar Villas apartment community at 700 S. Reed Court in Lakewood for an undisclosed sum.

The property includes 17 buildings and a leasing office on about 18 acres. Floor plans range from one to three bedrooms, and the community includes amenities such as a pool, fitness center, playground and basketball court.

CBRE’s Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer represented the seller.

“We received tremendous interest on this opportunity given the asset’s value-add potential and coveted westside location, despite volatility in the capital markets,” Hart said in a news release. “The buyer saw this as a great opportunity to create additional scale in this micro-location as they own the property next door.”

SALES

Gelt Venture Partners, a Los Angeles-based investment firm, purchased the 252-unit Allure Apartments complex at 1300 S. Willow St. in Denver for $68.25M. JLL’s Jordan Robbins represented the buyer and seller in the transaction.

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A single-story flex building at 7006 S. Alton Way in Centennial that totals nearly 10K SF sold for $2.2M. Matt Kulbe and Jordan Burgess of NavPoint Real Estate Group represented the seller. Trent Rice of Pinnacle Real Estate Advisors represented the buyer.

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A two-story Class-A medical rehabilitation building at 1055 S. Perry St. in Castle Rock was purchased for $13.5M. Matt Call and Mike Quinlan of NavPoint Real Estate Group represented the seller, while the buyer was unrepresented.

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A 2,700 SF retail building at 1525 N. Williams St. in Denver sold for $850K. The seller was represented by Hudson Cramer and Brett MacDougall of Unique Properties, while the buyer was represented by Amanda Tompkins of Henry Group Real Estate.

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An eight-unit multifamily building at 1734 Paris St. in Aurora sold for $1.1M. Kaufman Hagan’s Kevin Woolsey represented the seller.

CONSTRUCTION AND DEVELOPMENT

Colorado School of Mines and Saunders Construction unveiled the school’s new  Labriola Innovation Hub at 1318 Maple St. in Golden this week. The building is named after Mines alumni Frank Labriola and his wife, Mary Labriola, and includes classrooms, student meeting spaces and campus makerspaces.

THIS AND THAT

Denver International Airport was awarded a $26.6M grant from the Federal Aviation Administration to improve its baggage handling system.