Colorado-Real-Estate-Journal_372210

November 15-December 5, 2023 - Page 19 www.crej.com Land Hotel by Avalon Jacka SEDALIA – A historic ranch in Douglas County has traded hands for the first time in more than 100 years. Consisting of 473 acres of land, the Duncan Ranch, locat- ed at 4587 N. Perry Park Road, sold for $2.5 million. The prop- erty includes seven buildings built between 1889 and 1909 and one building built in 1990, according to Douglas Country records. The Estate of Wil- liam Graham Duncan III sold the property to an undisclosed buyer in October. Camille Courtney of Courtney Associ- ates represented the seller, and Matt Call of NavPoint Real Estate Group represented the buyer. “The buyer intends to honor the history of the ranch and restore it to its former glory as one of the more historic work- ing ranches in all of Douglas County,” said Call. Originally named the Jona- than House Farm, the plot of land was purchased by James Beeman in 1876 and sold to W.G. Duncan in 1918. The homestead, barns and land had been owned by Duncan family for more than 100 years before the sale. The property has water rights from West and East Plum Creeks and is pro- tected by a conservation ease- ment held by Douglas Land Conservancy. s Duncan Ranch in Douglas County sells for $2.5 million by Avalon Jacka DURANGO – A real estate development company that spe- cializes in commercial, market- rate, affordable and senior hous- ing developments has begun the conversion of a former hotel into an affordable multifamily com- munity. The Residences at Durango is a $35 million adaptive reuse of a hotel situated on 5.3 acres on the south side of U.S Highway 160 by Indianapolis-based develop- er TWG. TWG is serving as the contractor on the project, while TWG Development is serv- ing as architect and TWG Con- struction is serving as engineer. Located at 21382 U.S. Highway 160 West, the 83,286-square- foot property will have 120 units restricted to households with incomes between 30% and 60% or less of the area median income. The project is expected to be completed in early 2025. The project marks the first time TWG has converted an existing hotel into affordable housing. The site was formerly home to the Best Western Rio Grande Inn, built in 1957, which featured a hot tub, sauna and seasonal outdoor pool, as well as an on-site bar and grill. The hotel will be converted into 72 studio, one- and two-bedroom units. New construction will add two three-story buildings with 48 units offering a mix of two- and three-bedroom units. The city of Durango selected TWG through an in-depth pro- cess. “This unique deal required the talent and passion of so many, and we are excited to partner with the city of Duran- go to transform the site of this former hotel into a flourishing living community,” said Ryan Kelly, vice president of tax credit development at TWG. The development of Residenc- es at Durango was facilitated by partnerships with the Col- orado Housing and Finance Authority, R4 Capital, Colora- do Division of Housing, city of Durango, Project Moxie and RCH Jones. “The Residences at Durango motel conversion project is part of the city’s multipronged strat- egy to address housing chal- lenges throughout our commu- nity,” said Eva Henson, Duran- go housing innovation manager. “Housing is a top priority for our City Council, and increasing the community’s inventory of below-market housing units is crucial to ensure that everyone in Durango has a secure, afford- able place to call home.” Community amenities will include a business center, exer- cise facility, central laundry facil- ity, playground, picnic area, and common area Wi-Fi. The Resi- dences at Durango is planned to be a National Green Building Standard Bronze community. Other News n BYERS – The former Lazy 8 Motel has traded hands for $550,000. Maverick Holdings LLC pur- chased the 3,741-square-foot property at 75 W. U.S. Highway 40 from Kareen Lyons in Sep- tember. Nick Beach and Heath Honbarrier of Trevey Commer- cial Real Estate represented the buyer, and Jeff Sams of JTS Realty represented the seller in the transaction. The property is located near Interstate 70 and Main Street in downtown Byers, with quick access to retail amenities. s TWG begins adaptive reuse project in western Durango by Avalon Jacka ARVADA – A 2.4-acre land par- cel off the corner of Kipling Park- way and West 58th Avenue has sold for $2.9 million. Arvada 5810 Miller St MF LLC, an investment and development group from Santiago, Chile, acquired the land from 5810 Miller LLC in an all-cash transac- tion. Alfonso Silva of Silva- Markham Part- ners, in collabo- ration with Luis Hernandez with Pioneer Group Realty, served as transaction bro- kers in the sale, representing both the buyer and seller. Local interest in the property was limited, prompting the seller to explore international marketing ave- nues, Silva said. Silva was con- nected to the buyer through a friend’s recom- mendation, given Silva and the investment group’s shared Chil- ean origins. The buyer plans to build a mul- tifamily development on the land with 64 units, including a mix of two- and three-bedroom units in 24 townhomes, 16 duplexes and 24 detached single-family cottages. The townhomes will be approximately 1,400 square feet. Duplexes will be about 1,132 sf. Cottages will be about 824 sf. Each unit will have an open floor plan and access to semipri- vate courtyard spaces and on-site parking. The development will also feature interior open court- yards with playgrounds, barbe- cue pits, vegetable gardens and more. Specific details of the devel- opment are still to be determined. Once completed, the project is expected to yield more than $30 million in sales, with units starting in the mid-$400,000s. The project is expected to fill a need in the missing middle housing in the area, Silva noted. While the purchase marks the buyer’s entrance into the Denver market, it has made prior invest- ments in the U.S., including com- mercial acquisitions in Dallas. s Arvada land parcel sells to become multifamily development The 473-acre property features eight buildings, with the majority being built between 1889 and 1909. A 64-unit multifamily development with a mix of townhomes, duplexes and cottages is planned for the 2.4-acre land parcel. Alfonso Silva Luis Hernandez The former Best Western Rio Grande Inn will be converted to 120 affordable housing units. The former Lazy 8 motel is situated off Interstate 70 in downtown Byers.