Colorado-Real-Estate-Journal_342677

Page 12 - May 17-June 6, 2023 www.crej.com Multifamily by Avalon Jacka DENVER – Renovations are nearly complete at a nine-story apartment building across the street from the University of Den- ver campus. Amplify Development Co. acquired Vista Apartments in late 2022 for $41.3 million, shortly after a similar value-add acqui- sition when Amplify bought, upgraded and sold Universi- ty Lofts at 2373 E. Evans Ave. Amplify also recently acquired Westside House, a 21-unit, 40-bed building near Colorado State University in Fort Collins. While Amplify’s housing devel- opments are generally student- focused, the properties also offer amenities sought by young pro- fessionals. Amplify’s extensive plans for upgrades on the Vista Apart- ments include all new appli- ances, cabinets, countertops, millwork, light fixtures and fur- niture. All units in the building will come fully furnished with furniture from University Lofts Co., which provided the current furnishings. One unit, formerly a business center, was upgraded into a residential unit, bringing the total number of units to 85 and bedrooms to 287. New paint and lighting already have been added in the hallways, as well as local art featuring Colorado and Denver themes. Common area carpeting will be redone this summer. The utility infrastruc- ture will also be upgraded to improve energy use. Vista Apartments’ existing amenity decks and game room will also get new furniture, including an “industrial” ping- pong table and all-weather pool table. The fitness center will be renovated into a state-of-the-art business center and study room with modular study pods and a high-end printing and computer lab set up. Because the building is 100% occupied, Amplify will complete the renovations on units during a three-week gap between leases over the summer to avoid dis- rupting residents. The renova- tions are expected to cost between $1.5 million and $2 million. Additional amenities already in place at Vista Apartments include an automatic package locker sys- tem; two levels of above-grade parking; a washer and dryer on every floor; on-site leasing, oper- ations and maintenance teams; a roommate matching service; and a private bathroom for every bedroom. With thousands of pieces of fur- niture being replaced, Amplify sought a solution to reduce waste on the project. Amplify chose to partner with local nonprofit American Samaritan to donate the replaced furniture to econom- ically challenged families, single parents, military families, elderly people and other individuals in need in Denver and along the Front Range. “The replacement of more than 2,700 pieces of furniture through- out the property is just one of the many renovations we have planned to improve the resident experience at Vista, but it will also help those in need in Denver and along the Front Range,” said Alec Paddock, managing director and co-founder of Amplify Develop- ment Co. “Having grown up just outside of Denver, I’m thrilled to be able to partner with Ameri- can Samaritan to have a positive impact on the surrounding com- munities.” Paddock also stated thatAmpli- fy’s donation will be the biggest donation American Samaritan has received in the past five years, noting it took some time for Amplify to find an organiza- tion that could handle a dona- tion that size. Representatives of American Samaritan could not be reached for comment. Other News n METRO DENVER – A mul- tifamily asset built in Lakewood in 1969 has traded hands for $27 million. Aspire Lakewood Apartments, made up of 96 units, sold for $281,250 per unit. Kent Guerin, vice president of investments at Marcus & Millichap’s Denver office, as well as brokers Jason Hornik and Greg Parker, repre- sented the undisclosed buyer. Residents of Aspire Lakewood, located at 12160 W. Nevada Drive, can enjoy outdoor recreation at nearby William F. Hayden Green Mountain Park and Bear Creek Lake Park. The community’s amenities include a fitness center, clubhouse and swimming pool. Units range from one to four bedrooms and include a private patio or balcony. Marcus & Millichap also recently facilitated the sale of an apartment building built in the 1950s. Woodlawn Apartments, located at 1085 W. Lilley Ave. in Littleton, sold for $3.84 million. Marcus & Millichap brokers Greg Price and Spencer Shaf- fer marketed the property exclu- sively on behalf of the seller, an undisclosed limited liability com- pany. Boomer Beatty of Mar- cus & Millichap represented the buyer, an undisclosed limited liability company. The asset, comprised of 24 one- bedroom units, includes ameni- ties such as high-speed internet access, updated windows and floors, air conditioning, heating, refrigerators and ovens. Wood- lawn Apartments is located roughly 25 minutes south of Denver and three minutes east of downtown Littleton. n PUEBLO – G Light Equity announced its acquisition of the Royal Plaza Apartments for $8 million, marking a significant investment in future growth in the Pueblo real estate market. The complex, sold by Royal Plaza Partners, includes 100 units with floor plans ranging from studios to two-bedroom units spread across eight build- ings at 85 Scotland Road. Located in the Belmont neighborhood, the property is close to the Colorado State University Pueblo campus and offers easy access to major highways, shopping centers and recreational facilities. G Light Equity has plans to update the interiors and exteriors of the building and renovate the swimming pool area. G Light Equity will retain the current property management company, Griffis/Blessing . The transaction is only the sec- ond to include over 50 units in Southern Colo- rado this year, according to Gavin Light of G Light Equity, who also noted the company is “thankful” to close the deal and add the property to its portfolio in a declining multifam- ily market. A March CoStar report found that multifamily transaction volume fell in February 2023 to the lowest volume since August 2020, amounting to a 74% drop in transaction volume year over year nationwide. In Pueblo, sin- gle-family transaction volume has dropped 39% year over year, according to a report from the Pueblo Association of Realtors Inc. n DENVER – Affordable hous- ing developer Gorman & Co. purchased a land parcel in south- west Denver for $5.15 million. Gorman & Co. intends to build approximately 100 units of affordable housing utilizing low-income housing tax credits. The developer has initiated more than 1,200 affordable apartments in 13 projects in the Denver metro area and High Country since expanding to Colorado in 2014. The I-MX-5-zoned properties, located at 1900 S. Osage St. and 1901 Navajo St., were sold by Ruby River LLC and Ruby River Navajo LLC. The 1.5-acre site overlooks Ruby Hill Park, and the South Platte River Trail is walkable from the property. The property received a high amount of interest because the land was priced at a lower price per square foot for land relative to other sites in the area, which were mostly industrial, according to a state- ment from Henry Group Real Estate. Boston Weir and Patrick Henry led the Henry Group Real Estate team that facilitated the sale. n METRO DENVER – Pinna- cle Real Estate Advisors LLC bro- kered multiple multifamily sales in the Denver metro area in April. Carr Crossing, a 19-unit build- ing built in 2020, sold for $6.78 million, roughly $556,579 per unit, or $424 per sf. The prop- erty is located at 1091 Carr St. in Lakewood. Josh Newell and Jim Knowlton, both of Pinnacle, represented the undisclosed seller and out-of-state buyer, respec- tively. 1400 W. Mississippi Ave., a 24-unit building in Denver, sold for $3.7 million, amounting to $154,167 per unit, or $209 per sf. The building was built in 1963. Newell also represented the undisclosed seller, and Pinnacle’s Connor Knutson and Jake Wax- ter represented the undisclosed buyer. An Edgewater asset, located at 2015-2045 Depew St., sold for $2.6 million. The eight-unit property sold for $325,000 per unit, or $334 per sf. Newell, Knutson and Wax- ter represented the seller, while Barton Thompson and James Few of Pinnacle represented the buyer. The names of the seller and buyer were not disclosed. A six-unit property in Wheat Ridge sold for $1.15 million. The property, located at 6720 W. 37th Place, includes one-, two- and three-bedroom units on a near- ly 12,000-sf lot. Quentin Shore, Chris Knowlton and Jim Knowl- ton of Pinnacle facilitated the sale. n DENVER – NorthPeak Com- mercial Advisors LLC secured the sale of an eight-unit property for $1.74 million NorthPeak’s Austin Bengford, Greg Johnson and Conner Piret- ti represented the seller in this transaction. “For decades, the property was under the ownership of a single family and was well cared for by one of the city’s more prominent management companies,” said Bengford. “After receiving mul- tiple offers, we closed for $85,000 above our asking price, which is a testament to the unwavering demand for quality multifamily assets in Denver.” The 6,259-sf property, situated at 606-622 S. Pecos St., sold for $216,875 per unit, or $277 per sf. s Amplify winds down renovation, donates furniture The Vista Apartments building is Amplify Development Co.’s third acquisition in Colorado and second near DU since 2021. Gavin Light