This Week's Denver Deal Sheet: Golden Apartments Sell For $48M
Walker & Dunlop arranged the $47.5M sale of West 8th, a 99-unit luxury apartment community in Golden.
David Potarf, Dan Woodward, Matt Barnett and Jake Young of Walker & Dunlop represented Confluence Cos., the seller, as well as the buyer, MIG Real Estate.
The property is at 1410 Eighth St.
SALES
A 3K SF retail building at 4880 W. 38th Ave. in Denver sold for $850K. Keith Lenz and Dallas Sandberg of Pinnacle Real Estate Advisors’ Sandberg Monette team represented the buyer and seller. The buyer plans to renovate the property while retaining existing tenants and leasing out the remaining space.
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Three retail properties in the Colorado Springs area changed hands.
The Shops at Powers & Research, a 16K SF retail center in Colorado Springs, sold for $4.7M. SVN Denver Commercial’s Troy Meyer and Kevin Matthews represented the seller, while Lafayette Property Co., the buyer, was unrepresented.
In Fountain, a 4K SF retail property at 7965 Fountain Mesa Road sold for $2M. Meyer and Matthews represented the seller, while CBRE’s Parker Brown represented the buyer, Highlands & Horn Holdings LLC, in its first commercial venture.
A 2K SF retail property at 1590 Briargate Blvd. in Colorado Springs sold for $1.3M, above the list price. Meyer and Matthews represented the seller, JMK Chapel Hills LLC, while Jason Kinsey and Brady Kinsey of Kinsey & Co. represented the undisclosed buyer.
All three properties received multiple offers, according to SVN.
CONSTRUCTION AND DEVELOPMENT
Macerich is moving forward with a $240M redevelopment of shopping center FlatIron Crossing in Broomfield. The project includes HiFi, a 25-acre district anchored by the 345-unit luxury apartment community Novel FlatIron Crossing. Plans also call for new office buildings, multifamily, a hotel and retail, with phased openings beginning in early 2027.
Meanwhile, Macerich’s joint venture repaid a $14.5M mezzanine loan and $14.5M of the first mortgage, securing a 90-day extension on the remaining $140.5M balance, the company announced during a recent earnings call.
FINANCING
The city and county of Denver has authorized $29M in private activity bonds to help finance an adaptive reuse project at 4340 S. Monaco St. in the Denver Tech Center. Shea Properties plans to convert a 124K SF office building into 143 affordable housing units, with construction beginning in 2025 and completion expected in 2026.
The project is the first such conversion in Denver since the beginning of the pandemic, according to the city, and will offer a range of unit sizes and rent levels aimed at households making 30% to 70% of the area median income.
PEOPLE
Christy McDougall has joined CBRE’s Denver office as a senior associate. She brings 25 years of hospitality industry experience, including roles at Marcus & Millichap and Wyndham Hotels & Resorts. McDougall joins the CBRE hotels team, led by Mark Darrington and Larry Kaplan, to provide brokerage and advisory services to hotel owners, investors and developers.
THIS AND THAT
The Aurora Highlands took home a Gold Award for best use of technology at The Nationals, an awards program hosted in Las Vegas by the National Association of Home Builders. The recognition was for The Aurora Highlands’ broker app that streamlines the homebuying process. The community also earned an award for a radio commercial advertising its model home and its “Market in the Alley” campaign.
