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…
Rental home vacancy falls to 1.7%
The vacancy rate for rental single-family homes, townhomes and other small properties across metro Denver fell to 1.7 percent in the fourth quarter, according to a state report released today.
The vacancy rate was 2.1 percent in the fourth quarter of 2012 and 2.3 percent in the third quarter of last year, according to the report by the Colorado Division of Housing.
The lowest vacancy rates were found in Jefferson County and Douglas County where the vacancy rates were 1.3 percent…
Average rents set record in Springs
The average rent in the Colorado Springs metro area rose year-over-year for the 12th consecutive quarter during the fourth quarter of 2012, according to a report released today.
The average monthly rent at the end of last year was $790, according to the Colorado Division of Housing and the Apartment Association of Southern Colorado. Apartment Realty Advisors, or ARA, also is a major sponsor of the report.
The average rent was $775 reported during the fourth quar…
Apartment industry a $2.1 billion economic engine
The Denver-area apartment industry contributed $2.1 billion to the metro-area economy in 2011, according to a national report released today.
The report by the National Multi Housing Council and the National Apartment Assocation showed that apartment constructed and operations in the Denver area in 2011 also supported 16,000 local jobs.
In addition, apartments and their residents contributed $19.4 bi…
HFF arranges $74 million in financing
HFF announced on Monday that it has arranged a $74 million loan for the refinancing of 1400 Wewatta and 1401 Wynkoop, two Class A contiguous office buildings totaling approximately 300,000 square feet in downtown Denver.
HFF worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity, to secure a permanent loan through a national life insurance company correspondent lender.
The two buldings are on nearly two acr…
Nichols taps Greystar at King Soopers site
Developer Randy Nichols has brought in Greystar Real Estate Partners as an equity and joint venture partner at his downtown Denver site will include a King Soopers.
While neither Nichols nor the brokers on the land sale by Greystar would confirm a sales price, records indicate Greystar paid $21 million for the site at 20th Street and Chestnut Place.
The site will include a full-service, 47,00…
Broe buys $80 million portfolio
The Denver-based Broe Real Estate Group today announced it has acquired for cash an off-market, $80 million portfolio of non-performing loans and real estate owned property from a billion dollar regional bank.
Broe has acquired more than $500 million total in distressed real estate assets to date.
“2012 was a strong year for us, and we expect that 2013 will be even better,” said Pat Broe, CEO, Broe Real Estate Group. “We have a strong interest in continui…
McWhinney joins Union Station team
Loveland-based McWhinney has joined the Union Station Alliance group as the managing member of the team that is redeveloping Union Station.
Union Station Alliance includes Larimer Associates, Sage Hospitality, REGenLLC and Urban Neighborhoods
McWhinney is an real estate investment and development company, responsible for large-scale multi-use developments in Colorado such as Centerra in Loveland and North Park in Broomfie…
Apartment community coming to Denver
MKS Residential, a Southern California-based developer, plans to build a 341-unit apartment community on a key, 5.24-acre site it bought at the southwest corner of Cherry Creek Drive South and South Cherry Street in Glendale.
The land is within the 24.8-acre Cherry creek Corporate Center, which has 593,714-square-feet of office space.
Steve O’Dell and Chris Cowan, principals of the Denver office of ARA, sold the land on behalf of the sellers, a joint venture between DCPA D…
RedPeak buys Burnsley
Denver-based RedPeak Properties confirmed today it has purchased the Burnsley Hotel in Denver from Joy Burns. Burns converted the building at 1000 Grant St. into a hotel about 30 years ago. RedPeak plans to convert the 17-story building back to an apartment building, returning it to its original use.
Burns sold it as part of an effort to reduce the scope of her real estate portfolio.
The building was constructed in 1963 as an apartment building. In 1969, Joy and Frank…
Gingsborg honored by CSU
Veteran shopping center developer Allen Ginsborg has been named the 2012 Real Estate Entrepreneur of the Year by the Everitt Real Estate Center at Colorado State University - College of Business.Ginsborg is the managing director and principal of NewMark Merrill Mountain States.
The company owns and is redeveloping the Twin Peaks Mall in Longmont.
The award was presented by Eric Holsapple, the executive director of the Everitt Real Estate Center.
"Northern Colorado is extr…
Union Station renovation kicks off in December
The RTD has approved the lease of the historic Union Station building to the veteran development team of Sage Hospitality, Larimer Associates, REGen LLC and Urban Neighborhoods.
The team plans to transform the historic building into a mixed-use, transit-oriented hub with a planned opening in mid-2014. The building will close to the public on Dec. 1 and construction will begin Dec. 3.
“It’s been a long journey, but our dream to see this historic landmark come ba…
Construction kicks off on apartments near Union Station
Atlanta-based Wood Partners has broken ground on the Alta City House, a five-story, 281-unit luxury apartment community near Union Station.
Wood Partners, the largest apartment developer in the country, is developing the community with East West Partners.USAA Real Estate is providing the financing for the community at 1801 Chestnut Place.
In 2007, USAA Real Estate provided the financing for the Glass House…
Capitol Hill gets green apartment
The Denver-based Forum Real Estate Group has opened a five-story, 57-unit, Class-A and energy efficient apartment building in Capitol Hill, which it believes is the first new apartment building in the neighborhood in at least a decade.
The Logan is at East Sixth Avenue and Logan Street, on vacant land that Forum purchased in 2011.
“This…
Statewide apartment vacancies drop
The vacancy rate in Colorado apartments was down during the third quarter of 2012, falling year over year statewide and in Colorado Springs, Metro Denver, Grand Junction, and in the Ft. Collins-Loveland area.
According to a report released Thursday by the Colorado Division of Housing, the combined vacancy rate for Colorado was 4.6 percent during the third quarter. The vacancy rate during the third quarter was down from 2011’s third-quarter rate of 5.0 percent, and was…
Target confirms Tamarac Square store
Target announced on Wednesday it will open the long-anticipated 135,000-square-foot store at the former Tamarac Square site in Denver next July.
The Tamarac Square Target will be constructed at the corner of East Hampden Avenue and South Tamarac Drive. This is one of 11 U.S. Target stores announced to open in 2013.
The new Target will hire about 200 people, according to Mark…
DaVita, others honored at DU, DMCAR conference
The $110 million DaVita world headquarters building in downtown Denver on Thursday was named both the “Overall Project of the Year” as well as the “Office Property of the Year” at one of the largest and most prestigious gatherings of commercial real estate officials in Denver.The DaVita project in the Central Platte Valley at 2000 16th St. was lauded at the 18th annual Rocky Mountain Commercial Real Estate Expo and Fall Forecast sponsored by the University …
DMCAR names president
Scott Peterson, the director of office properties and general counsel with Ringsby Realty, has been installed as the the 2012-2013 president of the the Denver Metro Commercial Association of Realtors.
Peterson will serve a one-year term as president of the association which represents approximately 2,000 commercial brokers in the Denver metro area.
In addition to his more than 13 years of commercial real estate experience, Peterson, brings an experienced and pragmatic legal pers…