This Week’s Denver Deal Sheet: $112M Loan Secured For Capitol Hill Multifamily Project
Denver-based Trailbreak Partners secured a $111.5M construction loan from Affinius Capital to develop Kaia Residences, an 18-story, 295-unit multifamily project at 808 N. Lincoln St. Denver's Capitol Hill neighborhood.
The development will feature studio to three-bedroom apartments, street-level retail, upscale amenities and 290 parking spaces.
SALES
A newly built Brakes Plus facility at 18702 Cottonwood Drive in Parker sold for $3.3M with a 20-year triple-net lease. Brett MacDougall and Michael DeSantis of Unique Properties/TCN Worldwide represented the buyer, DS Real Estate Holdings.
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A 3K SF student housing property at 929 11th St. in Boulder sold for $1.7M, or about $604 per SF. Phil Dankner and Daniel Feenstra of Unique Properties/TCN Worldwide brokered the transaction.
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A 6K SF multitenant industrial property at 5612 Newland Way in Arvada sold for $975K. Marc Lippitt and Justin Herman of Unique Properties/TCN Worldwide represented the seller, Harold Wisehart. The buyer, 5612 Newland Way LLC, said it plans to occupy the building and make minor improvements.
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Virginia Village Shopping Center, a 49K SF retail center at South Holly Street and East Florida Avenue, was sold to a Denver-based private partnership. Originally built in 1957 and modernized in 2020, the center was 80% leased to 11 tenants at the time of sale. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller, Virginia Village Associates LTD. The purchase price was not disclosed.
LEASES
Black & Read leased 17K SF at 6655 Wadsworth Blvd., a former Dollar General. Earl Duffy of Unique Properties represented the tenant, while Rich Otterstetter of Crosbie Real Estate Group represented the landlord.
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REP Fitness has leased an additional 6K SF at 10855 Dover St. in Westminster’s Walnut Creek Business Park, bringing its total footprint there to 40K SF. The company, which has occupied 34K SF at 11059 Dover St. since 2022, will use the new space for engineering, a testing lab and research and development. It plans to hire 10 more employees over the next year. Vince Furfaro of St. John Properties represented the landlord.
PEOPLE
Sean Holamon, formerly with Capstone Companies, joined Cushman & Wakefield as an executive director on the firm’s Colorado multifamily capital markets team. He will collaborate with Kevin Phelan in Denver and Pat Knowlton in Colorado Springs.
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Rocky Mountain Communities, an affordable housing nonprofit, appointed Christi Smith, Chuck Wehrwein and Kyle Henderson to its board of directors. Smith is director of Rocky Mountain programs at Enterprise Community Partners and will serve as chair of RMC’s Fund Development Committee. Wehrwein is executive vice president of business enterprises, innovations and strategic partnerships at Housing Partnership Network. Henderson is principal at Southpaw Development and a member of the Colorado Middle Income Housing Authority.
THIS AND THAT
Leasing has started at Tempo Nine Mile Station, a 255-unit multifamily facility at 12150 E. Dartmouth Ave. in Aurora. The property is part of 22-acre master-planned development The Point. The five-story project, developed by a joint venture of Draper and Kramer, Koelbel and Co., Mile High Development and Urban Roots Development, features studios to three-bedroom apartments, an outdoor pool, coworking spaces, a rooftop fitness center and 3K SF of retail. The project architect is KTGY, and Brinkmann Constructors served as the general contractor.
