Chicago-based Evergreen Real Estate Group will open a satellite office in Denver after winning its bid to develop a 2.7-acre city-owned lot in Globeville. Formerly home to a car dealership, the mixed-use site — purchased by the city and county of Denver in 2019 — will ultimately feature 170 units of affordable housing, about half of which will be three- and four-bedroom units, and 20K SF of commercial space.
Evergreen will join two other partners selected for the project: Rocky Mountain Communities, a nonprofit that owns and manages affordable housing across Colorado, and the GES Coalition, a grassroots group focused on health and housing issues in Globeville and Elyria-Swansea. Evergreen is seeking approval for a 99-year lease agreement with the city, which will continue to own the site.
“With this project, we’re not only creating quality rental housing where none previously existed, but also ensuring its long-term affordability,” Evergreen Project Manager Javonni Butler said in a press release. To be eligible, future tenants will need to earn between 30% and 80% of area median income, according to a press release.
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PEOPLE
Concord Summit Capital will expand its presence by bringing in a new hire, Daniel Eidson, as managing director of its Denver office. Eidson was previously a director at the New York Mortgage Trust.
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Bryce McNeely joins Blue West Capital as an associate. He had previously been a partner at the Urban Collective.
SALES
Bell Partners acquired Touchstone Apartments — a 292-unit complex in Broomfield — for $117.5M. The property, which will be rebranded Bell Broomfield, was part of a larger, $313M sale that includes other acquisitions in Atlanta, Los Angeles County and Frisco, Texas.
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The LeClaire-Schlosser Group of Marcus & Millichap sold Dove Valley Outdoor Storage, an Englewood boat and RV storage facility with over 600 units, including covered spaces and outdoor parking spots, to a local partnership group for an undisclosed price.
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North Capitol Hill’s Uptown Terrace, a 34-unit residential property including two buildings over 17.5K SF, sold to Quantum Capital for $8.4M. CBRE represented the seller, Cohen Rojas Capital Partners.
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Pinnacle Real Estate Advisors sold a two-story, 12K SF office property at 735 South Xenon Court in Lakewood for $2.15M. Pinnacle Vice President Eric Shaw represented the seller, an entity named 735 S Xenon LLC.
CONSTRUCTION AND DEVELOPMENT
Lincoln Avenue Capital broke ground on a 240-unit affordable housing development in north Colorado Springs. The project, Interquest Ridge, is expected to be complete in 2024. The development is the latest residential project in the northern part of the city, which has grown quickly in recent years as a result of population increases in the Front Range as a whole.
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