Colorado-Real-Estate-Journal_305668

Office 6 Industrial 10 Multifamily 14 Retail 20 Finance 22 Law & Accounting 28 CDE News 32 Who's News 41 Popular product Two outdoor storage sites sell in separate deals INSIDE Campus update Development team selected for CU Denver project New tenancy New user signs lease, another occupies Block 162 8 18 12 FEATURED Growing portfolio Cohen Rojas Capital Partners adds apartment complex to holdings 14 CONTENTS OCTOBER 5-18, 2022 by Jenna Walters DENVER – A joint venture partnership with a long-term strategy for Denver’s Cher- ry Creek North submarket recently acquired an office building in the neighborhood. Corum Real Estate Group and Koch Real Estate Investments purchased the 140,832-square-foot property at 210 University Blvd. for $67.7 million, or approximate- ly $480 per sf. Peter Merrion, Mark Katz and Hilary Barnett of JLL Capi- tal Markets Investment Sales and A d v i s o r y brokered the transaction on behalf of the undis- closed seller. Addition- ally, a JLL Capital Markets Debt Advisory team led by Kristian Lichtenfels, William Haass and Leon McBroom secured a five-year, interest- only, fixed-rate loan for the acquisition. A national bal- ance sheet lender provided the funds. The exact loan amount was undisclosed. Built in the 1980s, 210 Uni- versity features approximate- ly 13,000 sf of ground-floor retail space and one of the largest parking garages in Cherry Creek North, boasting a 3.1:1,000 parking ratio. The nine-story building is 89.4% Joint venture buys Cherry Creek North office by Jenna Walters FRONT RANGE – Walker & Dunlop recently brokered two Front Range multifamily deals totaling $165.5 million. New York-based Phoenix Realty Group acquired Axis at Nine Mile Station, the 336-unit apartment community at 3257 S. Parker Road in Aurora. The buyer purchased the asset from Larama r for $99.5 million, or $296,130 per unit. Dan Wood- ward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop exclusively brokered the transaction. Built in 1980, Axis at Nine Mile Station offers eight studio, 108 one- and 220 two-bedroom units averaging 1,054 square feet. Community amenities include two pools and two fitness centers. According to Young, the asset garnered significant interest, resulting in 11 tours and mul- tiple offers. The buyer plans to make some green improvements at the property, Young noted. It adds the asset to a portfolio of similar multifamily properties across several Western states. The Walker & Dunlop team also brokered the $66 million sale of Caden Apartments, the 235-unit community at 7575 E. Arkansas Ave. in Denver. The Paskin Group purchased the asset. Caden Apartments encom- passes 15 two-story buildings on 11.4 acres. The property fea- tures one- and two-bedroom units averaging 865 sf. Com- munity amenities include a central clubhouse and a large dog park. As with Axis at Nine Mile Station, the property saw strong interest and received multiple offers after hitting the market in May. Young said buyers were especially attracted to the investment’s value-add oppor- tunities. The Paskin Group plans to complete interior and exterior capital improvements and unit renovations. The buyer adds the asset to a list of more than two dozen holdings. s Walker & Dunlop brokers Front Range sales Axis at Nine Mile Station recently sold for $99.5 million. Jake Young The office building at 210 University Blvd. in Denver recently traded for $67.7 million. Please see Cherry Creek, Page 24 Peter Merrion

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