Colorado-Real-Estate-Journal_318734

Page 14 - December 21, 2022-January 3, 2023 www.crej.com Multifamily by Jenna Walters DENVER – A student housing property near the University of Denver recently traded hands for $24.5 million. University Lofts, the 36-unit, 98-bed student housing com- plex at 2373 E. Evans Ave., is under new ownership by an undisclosed buyer. California- based Amplify Development Co. sold the property in a transaction brokered by Kevin Larimer of Berkadia Detroit, Brandon Buell of Berkadia Houston, and Nick Steele, Tyler King and Nate Moyer of Berkadia Denver. University Lofts offers stu- dio-, two- and four-bedroom floor plans. Community ameni- ties at the property include a newly renovated lobby, heat- ed underground parking and street-level retail. According to King, the prop- erty garnered strong buyer interest after hitting the mar- ket in April. He attributed the interest to the building’s turnkey nature and master lease with the Uni- versity of Denver. “The asset garnered signifi- cant interest from a mix of stu- dent housing groups as well as high-net-worth individuals who were attracted to the high- quality asset and location across the street from the University of Denver,“ Steele added. Berkadia said it knows of no planned improvements at the property, and operations will continue as normal. Other News n PARKER – The national multifamily division of Centu- ry Communities Inc. recently broke ground on an apartment project in Parker. Century Living is underway on a 300-unit apartment com- plex within the Compark Busi- ness Campus Metro District. Upon completion, the property will offer one-, two- and three- bedroom apartments with bal- conies, quartz countertops, tile backsplashes and smart home packages. Community ameni- ties will include a clubhouse, pool, dog park, fitness center, game lounge and an outdoor kitchen. “We're very excited to announce this project, provid- ing a dynamic and high-qual- ity new living option in fast- growing Parker,“ said Jim Fran- cescon, president of Century Living. “With a range of unit sizes, exceptional amenities, and a convenient location with robust employment opportuni- ties in the southeast business corridor, Compark really offers a complete package for rent- ers.“ Architect KTGY designed the project, slated for completion in the fourth quarter of 2023. n GREELEY – Multifamily developer 71 Northridge Asso- ciates LLC acquired a 9.35-acre parcel at the southeast corner of West Fourth Street and 71st Avenue in Greeley. The buyer purchased the high-density residential-zoned land from CCW Development LL C for $3.25 million in a transaction brokered by Jake Hallauer and Ryan Schaefer of NAI Affinity. According to Hallauer, the site garnered s i g n i f i c a n t interest from a variety of mul- tifamily devel- opers after hit- ting the market approximately a year ago. He said buyers were attracted to the site’s loca- tion a half-mile from a King Soopers-anchored retail center and with proximity to multi- ple parks, three golf courses, a recreation center and public library. “Fortunately, we found a local buyer that knows the area really well, realized the value of the site for its location in the market and jumped on it,” Hallauer commented. The buyer plans to develop approximately 216 apartments on the land. Additional project details were undisclosed. n COLORADO SPRINGS – Primrose Peak View LLC is the new owner of Peak View Apart- ment Homes, the 77-unit multi- family property at 205 S. Chel- ton Road in Colorado Springs. The buyer acquired the asset from John 321 LLC for $11.25 million, or $146,104 per unit. Pat Knowlton of Capstone represented the buyer in the transaction, while Adam Riddle and Jason Koch of Capstone represented the seller. Built in 1970, Peak View Apartment Homes offers three studio, 62 one- and 12 two-bed- room units located at the inter- section of East Fountain Boule- vard and Chelton Road. According to Capstone, the long-time owner decided it was the right time to sell after many years of operating the building. The property garnered strong interest and ultimately received five offers before selling to an experienced buyer, the Cap- stone team noted. While the buyer has been active in other Western markets, the deal represents its first Col- orado investment. After look- ing for the right opportunity for approximately a year, the buyer determined Peak View Apartment Homes met all of its requirements, according to a member of its acquisitions team. The buyer particularly liked the property’s value-add nature and plans to complete a full overhaul of the asset, the member noted. n DENVER METRO – Pin- nacle Real Estate Advisors brokered two multifamily deals in the Denver metro area. The brokerage firm’s Chris Knowlton, Mark Knowlton and Josh Newell brokered the sale of the 22-unit apart- ment building at 3330 Ames St. in Wheat Ridge. According to public records, SPK Limited LLC purchased the 1950s asset from 3330 Ames St LLC for $4.47 million, or $203,182 per unit. Chris Knowlton and Mark Knowlton represented the seller in the transaction, while Newell represented the buyer. Newell commented on the deal: “This was a scenario where, in a competitive bidding environment, we were able to procure the best buyer willing to pay a very healthy price for a property that had rents signifi- cantly below market levels.” Newell, along with Pinnacle’s Connor Knutson, Jake Wax- ter, Barton Thompson and James Few, also brokered the sale of the 17-unit apartment complex at 850 Dexter St. in Denver. The property traded between undisclosed investors for $4.35 million, or $255,882 per unit. Newell, Knutson and Waxter represented the seller, while Thompson and Few rep- resented the buyer. n FORT COLLINS – The eight-unit apartment build- ing at 901 S. Taft Hill Road in Fort Collins is under new ownership. According to pub- lic records, buyer Taft Hill Rd CO LLC purchased the property from Tri-Enterprises LLC for $1.48 million, or $185,000 per unit. Spencer Shaffer of Mar- cus & Millichap represented the buyer in the transaction. Property records show the DU-adjacent housing complex sells in $24.5 million deal by Jenna Walters DENVER – Denver’s tallest mass timber building will soon be underway. In July, a project team com- prising Katz Development, Timberlab, Arup and KL&A Engineers and Builders will break ground on Return to Form, an 84-unit multifamily property at 3495 Wynkoop St. in Denver’s River North neigh- borhood. Upon completion, the 12-story Return to Form prop- erty will offer 16 studio, 32 one- bedroom, 32 two-bedroom and four penthouse units. Four of the units will be designated for affordable housing. The proj- ect will feature a café open to the public on the ground floor, along with a gym and cowork- ing amenities. Additionally, Return to Form will have a rooftop deck and on-site park- ing for resident use. Designed by Tres Birds, the building will be constructed using mass timber, a technol- ogy that utilizes small-diam- eter trees from sustainably managed forests. According to the architectural firm, mass timber provides extraordinary strength, stability and fire resistance since it comprises wood panels that are glued and laminated together. “The recent development of mass timber construction allows us – for the first time in history – to design high- rise building structures out of a renewable resource: trees,” said Michael Moore, founder and design principal of Tres Birds. “This new fire-resistant building material is renewable, hence healthy for the planet. Trees utilize carbon to make oxygen, and vegetation cools the earth. Concrete and the fossil fuels used to make and transport it create more carbon that adds to global warming. We need to be building all of our buildings out of renewable resources and manage those resources well.” The mass timber used for Return to Form will be made from Douglas fir from the Pacific Northwest. The project will feature design elements including exposed wood walls and ceilings and large sliding windows. A small percentage of the building will be made with concrete, including the foundation, stairs and elevator core, Tres Birds noted. s Historic mass timber building to break ground in Denver Developers will break ground on Return to Form in July 2023. University Lofts is under new ownership. Tyler King Century Living is developing a new multifamily project in Parker. Jake Hallauer Please see Taft Hill, Page 28