This Week's Denver Deal Sheet: Bell Partners Expands Colorado Multifamily Portfolio With $186M Acquisitions
Bell Partners, one of the nation’s largest apartment investment and management firms, expanded its Colorado footprint with the acquisition of two Denver-area apartment communities for $185.8M.
The deals include the 360-unit Bell Parker, formerly Cherrywood Village, in Parker, purchased for $103.3M; and the 240-unit Bell Lafayette, formerly Luna Bella, in Lafayette, acquired for $82.5M. Both properties were purchased on behalf of Bell’s Value-Add Fund VIII.
“Our deep local presence in our 12 target regions enables us to find quality assets in submarkets where we see a favorable growth outlook and attractive intrinsic value,” Bell Chief Investment Officer Nickolay Bochilo said in a press release.
The company also acquired Bell Kendall West, a 228-unit property in Miami, for $78.5M, bringing the total for the three transactions to $264.3M.
PEOPLE
CBRE promoted Todd Papazian to vice chairman, the highest title for brokers at the company. Based in Denver, Papazian leads a team that has completed over 5,100 transactions spanning 78M SF and $12.8B in transaction value over 16 years.
SALES
The Koll Company reentered the Denver market with a $15.8M all-cash acquisition of a 142K SF industrial building at 17450 E. 32nd Place in Aurora. The California-based company secured the property, home to tenant RK Mission Critical through 2029, as part of its strategy to grow its 6M SF industrial portfolio across the western U.S.
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Cushman & Wakefield facilitated the sale of Longmont Medical Campus, a 104K SF medical outpatient facility at 1551 Professional Lane in Longmont. Profere Partners sold the property, which was 92% leased and anchored by University of Colorado Medicine.
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Pinnacle Real Estate Advisors facilitated the off-market sale of a 5,589 SF retail building and liquor store business at 2035 S. Broadway in Denver for $4.66M. Levi Saxen and Jack Eberwein of The Saxen Team represented both the buyer and seller in the transaction.
LEASES
Workforce management company Aspect expanded its space at WeWork Canyon 28 in Boulder to 3,600 SF. CEO Darryl Kelly said the collaborative environment and design were key factors in encouraging employees to return to the office.
CONSTRUCTION AND DEVELOPMENT
AdventHealth Parker Hospital has begun construction on a 186K SF, seven-story bed tower addition. Led by design partners Boulder Associates and SmithGroup with DPR Construction as the general contractor, the project will increase the hospital's capacity to 329 beds. Phase 1 includes expanded emergency and operating facilities, six new operating rooms and 30 medical-surgical beds per floor on Levels 3 and 4. The remaining floors remain as shells for future use.
THIS AND THAT
CoreSite, a colocation data center provider, marked the remodeling of its downtown Denver headquarters with a ribbon-cutting ceremony attended by Mayor Mike Johnston and Councilman Chris Hinds. CoreSite has been headquartered in Denver for 21 years, recently signed an 11-year lease extension and operates two data centers locally with plans for a third called DE3.
