Colorado-Real-Estate-Journal_307990

Office 6 Industrial 10 Multifamily 14 Retail 18 L aw & Accounting 28 Finance 30 CDE News 35 Who's News 48 Breaking ground PepsiCo underway on manufacturing facility near DIA INSIDE HQ Switch Virta Health to relocate to Denver from San Francisco New tenants Several tenants secure space at 9+CO development 20 6 12 FEATURED Luxury project Trailbreak Partners plans 330-unit MF in Denver’s Golden Triangle 16 CONTENTS OCTOBER 19-NOVEMBER 1, 2022 by Jenna Walters CENTENNIAL – A Bloom- ington, Minnesota-based real estate company recently sold an apartment property it com- pleted and stabilized earlier this year. The Doran Group, as the affiliated entity Doran-CSM Centennial LLC, sold Lyra Apartments, the 215-unit property at 9641 E. Geddes Ave. in Centennial. According to public records, the property sold to CSR-Lyra Holding LLC for $95 million, or $441,860 per unit. Jordan Robbins of JLL brokered the transaction. Lyra Apartments offers studio, one-, two- and three- bedroom units ranging from 600 to 1,800 square feet. Com- munity amenities at the prop- erty include a clubroom, busi- ness center, fitness center with a group fitness room, game room with a sports simula- tor, a dog park and spa, an outdoor pool and spa, grilling stations and fire pits. Addi- tionally, the property features fully enclosed, heated park- ing for residents. According to The Doran Group, Lyra Apartments reached 95% sta- bilization within a few months of its opening in April. “This project enjoyed tre- mendous activity out of the gate,” said Kelly Doran, founder of The Doran Group. “We came in on budget from a design-build and manage- ment perspective and sur- passed our already high leas- ing and rent projections for the community with a strong on-site team, desirable com- munity and in-home ame- nities, expert branding and marketing, and competitive rents.” According to Doran, Lyra Apartments hit the market weeks after opening and gar- nered significant interest from buyers attracted to its qual- ity construction and design. The asset’s location proximal to the Denver Tech Center and Interstate 25 also proved desirable, Doran noted. Lyra Newly built apartments sell for $95 million by Jenna Walters CENTENNIAL – A Green- wood Village-based multi- family investment company added a Denver area asset to its growing portfolio. Griffis Residential is the new owner of 360 Degrees, the 304-unit apartment property at 7700 E. Peak- view Ave. in Centennial. The buyer acquired the asset from seller EverWest Real Estate Investors for $115 million, or $378,289 per unit. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop exclusively bro- kered the transaction. Built in 2014, 360 Degrees offers 31 studios, 211 one- and 62 two-bedroom apart- ments averaging 818 square feet. Community amenities include a year-round resort- style pool, an outdoor fire pit and grilling stations, a rooftop deck and an electric vehicle charging station. According to Potarf, 360 Degrees was originally list- ed for sale late last year but was pulled from the market after several weeks. When the property was recently relisted, it garnered sig- nificant inter- est and quick- ly received a desirable offer from Griffis Residential, Potarf said. Following closing, the property was renamed Griffis at Fiddler’s Green, signal- ing a rebrand by the buyer. When asked about additional planned changes, Potarf said the buyer expressed interest in making some improve- ments, though specifics were undisclosed. Griffis Residen- tial could not be reached for comment on the acquisition or planned renovations. The buyer adds the asset to a portfolio comprising a dozen other Denver area apartment communities. Additionally, it owns several assets in Austin, Texas; the Seattle metro area; the Port- land, Oregon, metro area; and Southern California. s Griffis Residential acquires MF for $115M The 360 Degrees apartment property in Centennial was renamed Griffis at Fiddler’s Green following its recent sale. Dave Potarf Lyra Apartments sells stabilized following its opening last spring. Please see Lyra, Page 22

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