Amstar on board with Jefferson Park community
Amstar, a Denver-based real estate investment manager, in partnership with Allied Orion Holdings, a Texas- and Colorado-based apartment developer, announced today it will soon start construction on 2785 Speer, a 332-unit apartment project on Speer Boulevard in the popular Jefferson Park neighborhood in Denver.
They are scheduled to break ground this month with a delivery date in the spring of 2015 of the community that had previously been announced.
The five-story bu…
Landscape architect prospers in tough economy
On the long plane ride from Denver to China, landscape architect Craig Karn read the best seller, “The World is Flat,” by Thomas L. Friedman.
“Hey, that is us,” Karn thought, while reading the book about how there are increasingly no geographic or other barriers to doing global business in these days of heightened technology.
“Our tiny little firm is doing this giant, transit-oriented, re…
Kendall coins TINA to describe market
When apartment investment expert Jerry Kendall talks about TINA, he isn’t referring to Fey or Turner.
Rather, Kendall, principal of Greenwood Village-based from Multifamily Capital Advisors, coined the TINA acronym that stands for “There Is No Alternative.”
TINA has never been more relevant for the Denver-area multifamily market than today, according to Kendall.
In the first quarter, the average monthly rent for all apartments set a new record of $992, accordi…
ARA handles large apartment sale
Greystar Real Estate Investments, in a joint venture with Goldman Sachs & Co., last month paid $156 million for four Denver-area apartment communities with a total of 1,003 units.
“This is the biggest single deal so far this year,” said Jeff Hawks a principal with ARA.
Hawks, along with fellow ARA team members Doug Andrews, Terrance Hunt and Shane Ozment represented the seller, Chicago-based Equity Residential Properties.
Earlier, Greystar had purchased about an…
Celebration on Wednesday for 2020 Lawrence
The public is invited May 15 to attend the official grand opening of one of the most energy-efficient apartment high-rises in the nation - the 10-story, 231-unit 2020 Lawrence in Denver’s Ballpark neighborhood.
Tesla Motors will demonstrate how its electric cars can be charged at one of the stations at 2020 Lawrence and details of the nation’s first-of-its kind rooftop greenhouse will be discussed at the even that will be held from 5:30 p.m. to 8 p.m.
The celebration…
Statewide apartment vacancies fall to 4.6 percent
The vacancy rate in Colorado apartments fell to 4.9 percent in the first quarter, down from 5.2 percent in the first quarter of 2012, according to a Colorado Division of Housing report released today.
The first-quarter vacancy rate is also down from 5.2 percent in the fourth quarter.
The vacancy rate had now been down for 14 consecutive quarters.
Vacancy rates varied considerably in different metros of the state, however, with northern Colorado and metro Denver showing s…
Springs rental rates continue to rise
The average rent in the Colorado Springs area rose year over year for the 13th consecutive quarter during the first quarter, , climbing 4.4 percent to $787, according to a report released today.
The report by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region during the first quarter this year was up from $754 during the first quarter of 2012, but was down slightly from 2012’s fourth-quarter average rent of $…
Apartment vacancy rates falls to 4.6 percent
The apartment vacancy rate in the Denver metro area fell to 4.6 percent during the first quarter, dropping to the second-lowest vacancy rate recorded in any quarter since the first quarter of 2001, according to a report released today.
The vacancy rate was down from 2012’s first-quarter rate of 4.9 percent, and was also down from last year’s fourth-quarter rate of 4.9 percent, according to the report by the Apartment Association of Metro Denver and the Colorado Divisi…
Senior center planned for Centennial
Denver-based MorningStar Senior Living and Haselden Construction, recently formed a joint venture and broke ground on a $20 million, 84-unit assisted living and memory care community 14301 East Arapahoe Road in Centennial.
MorningStar and Haselden believe the site is ideal for an assisted-living center, based on demographics showing that the senior population in Centennial is anticipated to grow much faster than in the overall Denver area.
The new center is called MorningStar at…
Value-add apartment deal a winner
Nuevo Oaxaca LLC paid $19.66 million for the 24-building, 288-unit Village by the Park apartment community in Northglenn.The transaction was handled by Joe Hornstein and Josh Newell of Pinnacle Real Estate Advisors.
Sixteen months earlier, 10701 Pecos Street Partners LLC bought and repositioned the property.
Read the entire article in the May 1 to May 14 edition of the Colorado Real Estate Journal.
Brixmor adding Neighborhood Market
New York City-based Brixmor Property Group plans to bring a 55,669-square-foot Walmart Neighborhood Market to its Villa Monaco shopping center in southeast Denver.
The Neighborhood Market will replace a former King Soopers as the anchor tenant in the center on the southwest corner of South Monaco Parkway and East Evans Avenue.
“The new Neighborhood Market will be in the old King Soopers building, but the building might be reconfigured for the Neighborhood Market,” sa…
ULC's W line investments will create 500 jobs
While the first leg of the RTD’s FasTrack transit project opens on Friday â�¯ the 12-mile W line hat connects downtown Denver with Lakewood and Golden â�¯ the Denver-based Urban Land Conservancy has ben buying land along and near the new line for the past six years.
ULC spent almost $14 million acquiring the properties to assure that affordable. Housing and other community services would be available along the line.
ULC used the $15 million…
Forum plans apartments at Kent Place
The Denver-based Forum Real Estate Group today announced the launch of a luxury, 300-unit apartment community at Kent Place, an 11-acre site at South University Boulevard and East Hampden Avenue in Engelwood.
The site, formerly home to the Denver Seminary, is near some of the metro area’s most expensive neighborhoods, including Cherry Hills Village, Buell Mansion and the Wellshire.
“The Kent Place Residences will be among the finest anywhere in Denver, providing the …
McWhinney unveils apartment community
Loveland-based developer McWhinney plans to begin construction this month on its fifth multifamily project, Arbour Commons, in Westminser.
The 394-unit lifestyle community is the second multifamily project developed by McWhinney at the Orchard Town Center master-planned community located off Interstate 25 and 144th Avenue.
Arbour Commons will be north of Arbour Square Apartments, a 300-unit multifamily project developed by McWhinney that opened in the fall of 2011.
…
Terrix handles challenging deal
Kevin Chadwick said he could have shopped a recent acquisition deal to 50 lenders and 49 would reject it.
But Chadwick, a principal of Terrix Financial, only went to about 20 lenders before he found the “needle in the haystack” lender willing to fund a $9.5 million loan for the $15.2 million purchase of an industrial property in Colorado Springs by a California-based investment company.
“It was an interesting deal. It was a challenging deal,” said Chadwic…
Legacy unveils downtown apartment community
Legacy Partners is developing its first downtown Denver apartment community in a decade.
The company’s first project since it opened the Ballpark Lofts in April 2003, is a 212-unit development at 21st and Arapahoe streets in the Arapahoe Square area.
It started construction in March on the five-story, Class A community. It is tentatively called 21 Lawrence. It is scheduled to open in the fall of 2014.
“We’re really excited,” Spencer R. Stuart Jr., a seni…
Hancock addresses BOMA
Denver Mayor Michael B. Hancock addressed issues ranging from taxes to toilets to a downtown Target during a recent meeting with about 30 commercial real estate leaders.
Hancock spoke and answered questions at an invitation-only event in March arranged by the Denver Metro Building Owners and Managers Association, or BOMA.
In addition to local BOMA members, the meeting in the Embassy Suites – Downtown Denver Convention Center Hotel, included Joseph W. Markling, a managing d…
Picerne joins Simpson for DTC apartments
A California-based company has started construction on a 248-unit, transit-oriented development in the Denver Tech Center.
The Picerne Group, based in Southern California, is building the luxury community on 8.7 acres that is a quarter-of-a-mile walk from the Orchard Station T-Rex light rail station.
“The community will appeal to a variety of individuals, from the young employees who work in the Denver Tech Center to the young families who want to live within the Cherry Cr…
Senior living coming downtown
Louisville-based Balfour Senior Living on Tuesday confirmed plans it will build a a $74 million senior living community in downtown Denver, with rents as much as $8,000 per month.
The Balfour at Riverfront Park development will be at 15th and Little Raven streets in Riverfront Park, near Union Station and across from Commons Park. Groundbreaking is slated for February with an opening in June 2014.
Balfour at Riverfront will be the first age-restricted project o…
Containers used for innovative project on Larimer
Denver-based Gravitas Development Group announced today it has broken ground on an innovative retail development in the Upper Larimer area that is constructed out of 29 reclaimed shipping containers.
The nine commercial spaces, with a total 7,360 square feet, will be constructed with containers at 25th and Larimer streets that previously had been used for transporting goods around the world. It will open this summer.
Individual spaces range from 320 to 1,280 sf. Sim…