Colorado-Real-Estate-Journal_381894

Trading hands Stream Realty sells office tower to Matador Equity-led partnership INSIDE Apartment addition Orion Real Estate buys 217-unit Fielders Creek community 14 6 FEATURED Leasing increasing York Street Yards brings on 13 new retail and office tenants in 2023 18 CONTENTS JANUARY 17-FEBRUARY 6, 2024 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 22 Law & Accounting 26 CDE News 34 Who's News 45 Industrial purchase Old Dominion Freight Line buys land for new logistics facility 10 by Avalon Jacka DENVER – A 287-unit luxu- ry apartment community adja- cent to Union Station has sold for $125.5 million in one of the five largest multifamily trans- actions in Denver last year. Greenwood Village-based Griffis Residential acquired Platform Union Station in an all-cash transaction through its Griffis Premium Apart- ment Fund VI in December. The property is financed with a 10-year, fixed-rate, interest- only loan, according to Griffis Residential’s website. The seller was listed as Union Sta- tion Investors LP on Denver County public records. Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer with CBRE’s Denver multifam- ily investment properties team represented the seller, while the buyer did not have a bro- ker in the transaction. “Although it has been a vol- atilemarket in the last year, the buyers were able to see past the near-term disruptions and focus on the long-term viabil- ity of this asset,” Ozment said. Located at 1650 Wewatta St., the 239,396-square-foot Plat- form Union Station includes a mix of studio, one- and two- bedroom units averaging 814 sf. Each unit includes stainless steel appliances, quartz coun- tertops and an in-unit washer and dryer, while select units also offer wood-style flooring, high ceilings and a patio or balcony. Developed by Hol- land Partner Group, the Platform Union Station sells for $125.5M by Avalon Jacka LITTLETON – An Ohio- based real estate investment and operating firm made its fifth acquisition since entering the Colorado market in 2017 for $100 million. Olivine XIV LLC, part of The Connor Group, purchased the 326-unit Olivine apartments from Bowles CrossingOwner LLC, an entity of JP Morgan Investment Management, in December. The sales price of the luxury multifamily com- munity at 8012 W. Long Drive equates to roughly $306,748 per unit. “Littleton is a highly sought- after destination within the Denver metro that provides residents with a community- driven environment and great schools,” The Connor Group CEO Bob Lloyd said. “Couple this with the fact that Oliv- ine has extraordinary ameni- ties and floor plans, and we’re confident it will continue to be a highly desirable place to live.” Walker & Dunlop’s Invest- ment Sales team of Dan Woodward, David Potarf, Matt Barnett, Jake Young and George Hanlon facilitat- ed the sale. “We believe this property fills a crucial void in the mar- ket and is perfectly positioned for continued strong perfor- mance,” Potarf said. Olivine features a mix of studio and one-, two- and three-bedroom apartments. Each pet-friendly apartment includes a designer kitchen with stainless steel applianc- es, full-sized in-unit washer and dryer, stone tile and glass shower, walk-in closet and private patio. Community amenities include an outdoor swimming pool, a state-of-the-art fitness center, a rooftop lounge, a Connor Group buys Olivine for $100 million C2 Media Platform Union Station includes a mix of studio, one- and two-bedroom apartments within walking distance to numerous employers, restaurants and entertainment venues downtown. Please see Platform, Page 22 The Connor Group’s purchase of Olivine, located at 8012 W. Long Drive, marks the firm’s fifth acquisi- tion in the Colorado market since 2017. Please see Connor, Page 22