Colorado-Real-Estate-Journal_357401

Class A health care Healthcare Realty buys diversified multitenant office building INSIDE Aviation corridor Anonymous buyer purchases Bellaire Ranch from Avanti Residential 14 6 FEATURED Amazon-proof DMV-anchored Westgate Shopping Center trades hands 18 CONTENTS AUGUST 16-SEPTEMBER 5, 2023 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 20 Law & Accounting 26 CDE News 32 Who's News 43 Made in USA Meyer Burger makes first American market investment with new lease 10 by Avalon Jacka DENVER – A Colorado- based investment group bought a 587-unit multifamily property in one of the largest real estate transactions in Cher- ry Creek history. The Broe Group purchased The Seasons of Cherry Creek, a Class A community situated on 5.2 acres at 3498 E. Ells- worth Ave., in an off-market deal. Seasons Residential II LLC sold the 530,575-square- foot property for $225 million, according to public records. “TheSeasonsofCherryCreek has been a premier property in the Cherry Creek neighbor- hood for decades,” said Broe Group Senior Vice President of Asset Management and Opera- tions Josh Mesner. “Colorado is a very important market for Broe. We've got a deep histo- ry here in Cherry Creek. The chance to acquire one of the prominent assets here in the Cherry Creek neighborhood was just a great opportunity for the organization.” The Seasons at Cherry Creek includes multiple floor plans with one, two or three bed- rooms in three buildings. The Aspen and Birch buildings, situated at 3333 and 3329 E. Bayaud St., were completed in 1988, while the Cedar build- ing, located at the property’s primary address of 3498 E. Ells- worth Ave., was completed in 2010. Mesner noted the asset is currently 95% occupied and approximately 97% leased. The asset’s amenities offer a luxury experience for resi- dents, including 24/7 concierge access, premium coffee bars, a resort-style pool, custom art, a dog park and spa, and access to Country Club Towers & Gar- dens spa services. The property also features a gym and fitness center, a club room, a game room, a business center, and on-site laundry. The property affords both city and moun- tain views and walking access to retail and dining in Cherry Creek. The Broe Group has no set plans for upgrades at this time, Mesner stated, but the com- pany will focus on reaching out to residents in its initial weeks of ownership to get feedback on the community and “craft an operational plan from there to ensure Broe best serves its residents.” “We've got a lot of long-term residents [at The Seasons of Cherry Creek], which speaks to the strength of the prop- erty within the community,” Mesner said. “We have resi- dents that have been there since 1990, more than three decades, and their experience with the community over that time is really important to us.” The Seasons of Cherry Creek is situated several blocks from The Broe Group buys 587-unit Seasons by Avalon Jacka DENVER – An independent private capital fund adminis- tration provider has opened a new local office. Gen II Fund Services LLC relocated its Denver office into a 73,000-square-foot space at 6900 E. Layton Ave. in Bel- leview Station, a mixed-use development. The Class A office on the building’s 14th and 15th floors represents a significant expansion from the firm’s former 66,984-sf Denver footprint, providing a mod- ern, expansive workspace on the building’s top floors for its growing staff. Gensler acted as the architect and mechani- cal engineer for the space, and Provident Construction was the general contractor. “We're very pleased to wel- come Gen II to Belleview Sta- tion and know that the compa- ny's employees will be able to enjoy all of the restaurants and amenities located right out the front door of their office build- ing," Trey Warren of Front Range Land & Development Gen II relocates to new office in DTC The sale of the 587-unit The Seasons at Cherry Creek community is one of the largest real estate trans- actions in the submarket’s history. Gen II will temporarily offer the top floor of its new office at Belleview Station for sublease as it pur- sues its growth strategy amid a hybrid work schedule. Business Wire Gen II CEO Steven Millner cut the ribbon at the firm’s office opening ceremony. Please see Broe Page 15 Please see Gen II, Page 24