Colorado-Real-Estate-Journal_384814

February 7-20, 2024 - Page 15 www.crej.com Multifamily by Avalon Jacka DENVER – A California-based real estate investment firm bought a brand-new luxury apartment property in the Baker neighbor- hood for $57 million, or $333,333 a unit. Green Leaf Capital Partners, under the entity Green Leaf Jayne LLC, acquired Jayne Apartments in December, according to pub- lic records. Lennar Corp. sold the five-story property under the entity LMC 360 Acoma Property Owner LLC. Representatives for Green Leaf and Lennar could not be reached for comment. The 171-unit community, now named Green Leaf Jayne, is locat- ed at 360 Acoma St. Green Leaf Jayne offers studios, and one- and two-bedroom apartments with quartz countertops, stainless steel appliances, plank flooring with plush carpets in bedrooms, in- unit washers and dryers, over- sized windows, and more. Community amenities include an entertainment courtyard with a pool and spa, two outdoor fire pits, a dog spa and outdoor rec- reation space, a 24-hour fitness center, an outdoor gaming lawn and grill area, a study lounge, and a fifth-level social lounge with city and mountain views, accord- ing to the property website. The property is within a five-minute drive to downtown Denver and Cherry Creek North. CBRE’s Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart and Brad Schlafer repre- sented Lennar in the transaction. “The buyer was attracted to the asset's amenities, quality con- struction, and hard-to-replicate location in the Baker neighbor- hood,” said Hunt, vice chair- man at CBRE. “This property is surrounded by historically pre- served Victorian mansions, and the building’s design embraced the architecture of the area.” Green Leaf has previously invested in numerous proper- ties around the state and cur- rently owns one other Colorado property, named Green Leaf Lofts, in Glenwood Springs. With a focus on Class A or B sub- urban apartments with a strong current return, Green Leaf has additional properties in Arizona, California, Idaho, Nevada, New Mexico, Oregon, Utah and Wash- ington. Since its founding in 2008, the firm has acquired approxi- mately 10,000 units, totaling more than $1.8 billion in acquisitions, according to its website. s Green Leaf buys 171-unit community from Lennar for $57M by Avalon Jacka AURORA – A real estate devel- opment partnership announced plans for 222 new affordable housing units in Aurora’s city center. April Housing, a Blackstone Real Estate portfolio company, and Dominium, a leading afford- able housing owner, developer and manager, will develop Atria at Metro Center, an age-restricted, affordable community at 15025 E. Center Ave. Atria at Metro Center situated on 6 acres, is the third affordable community developed by the partnership. Atria at Metro Center will be available to seniors earning 60% or less of the area median income. Community amenities will include a clubhouse, business center, exercise facility, library and beauty salon, as well as a pocket park and public art. The property is located near the light rail and several major highways, provid- ing access to shopping, medical centers and Denver International Airport. “Creating communities like this one adds to critically needed affordable housing supply while facilitating financially stable, independent lives for seniors,” said Alice Carr, CEO of April Housing. “We are proud to be part of this development project and are grateful for Blackstone’s investment and look forward to continuing to grow our relation- ship with Dominium.” Todd & Associates designed Atria at Metro Center, and Atwell is serving as engineer for the proj- ect. Construction began at the end of January, with WD Construc- tion serving as general contrac- tor. The project is expected to be delivered by fourth-quarter 2025. Blackstone is providing $37 million of tax credit equity to begin development of the com- munity, building on April Hous- ing and Dominium’s develop- ment of 568 low-income tax credit units to date. The new develop- ment brings the partnership’s total to 800 new affordable units, made possible by Dominium and Blackstone’s cumulative $116 mil- lion investment. s April Housing, Dominium announce new senior housing by Avalon Jacka DENVER – A boutique mixed- use property with multifamily units and retail in River North Art District has traded hands for $21.5 million. Berkadia’s Nick Steele and Nate Moyer led the sale of Link 35 on behalf of the seller, Cal- ifornia-based John Evilsizor Realty. San Francisco-based Long Capi- tal Investors purchased the building. The property, which was renamed Larimer 35 fol- lowing the sale, includes 66 multifam- ily units and approximately 10,000 square feet of ground-floor retail located at 3418 Larimer St. “RiNo is undoubtedly the most dynamic submarket in Colora- do,” said Steele. “The amount of development that has occurred in the neighborhood over the last several years is staggering. It has become Denver’s most vibrant live/work/play neighborhood. Residents of Link 35 have imme- diate access to a long and growing list of restaurants, bars, breweries, retail and entertainment options.” Built in 2015, Link 35 features 28 studios, and 26 one-bedroom and 12 two-bedroom apartments. Community amenities include a gym, a dog and bike wash, and outdoor plazas. Current retail tenants include Lekker Coffee & Watering Hole, Campo Juice + Kitchen and Himchuli. Rose- mont Barbershop & Grooming and Lovely Bride will open soon. Steele highlighted the property’s ease of access to other areas of Denver, including downtown and Denver International Airport via the A Line light rail as well as Interstates 25 and 70. Other News n DENVER – The Depart- ment of Housing Stability and Mile High Ministries marked the grand opening of a 61-unit afford- able apartment community in the Cole neighborhood. Clara Brown Commons, located at 3701 York St., offers income-restricted rental housing for households earning up to 80% of the area median income, with nearly a third of the apartments reserved for households earning less than 30% of the area median income. The four-story building features a mix of one- to three-bedroom units. Each unit comes with a full-size refrigerator/freezer, elec- tric range with recirculating hood, dishwasher, washer and dryer, ceiling fans and coat closets. Clara Brown Commons includes community amenities such as a conference room, fit- ness room, children’s playroom, bike storage, sunroom, balcony and roof patio, as well as on-site resident services including adult education and job services to increase economic stability. The community meets 2020 Enterprise Green Communities certifiable standards, featuring Energy Star appliances, electric vehicle charging stations, photo- voltaic solar panels and storm- resistant construction materials. The $27.5 million project received $1.85 million in develop- ment financing from HOST, as well as additional funding from its public financing partners, including the Colorado Housing and Finance Authority and the Colorado Division of Housing. n AURORA – A 21-unit multi- family property near Lowry Park sold in January for $2.56 million, or $228 per sf. The 11,250-sf property at 750 Dayton St. sold with a cap rate of 5.92%. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer in the sale. “The buyer owns other prop- erties nearby and saw this pur- chase as a strategic acquisition at a solid $122,000 per unit cost basis,” Hornstein said. "There is a good opportunity to update units and increase rental rates in the near term." n DENVER – A 16-unit mul- tifamily property off East Colfax Avenue sold in December for $2 million. BR8 1415 Yosemite LLC pur- chased the property at 1415 Yosemite St. from 1415 Yosemite LLC, according to Denver County public records. The 9,446-sf build- ing, named the Plainsmen Apart- ments, includes on-site laundry, off-street parking and a private, fenced-in outdoor common area, according to a LoopNet listing. The property sold at a 6.4% cap rate. Dan Hawthorne of NorthPeak Commercial Advisors represent- ed the seller. “Amidst recent lending chal- lenges, navigating this transaction presented its complexities; how- ever, we successfully orchestrated a competitive scenario, attract- ing multiple offers and ultimate- ly landing on one that aligned favorably with the seller’s terms and price,” Hawthorne said. n AURORA – Pinnacle Real Estate Advisors LLC facilitated two separate purchases of multi- family properties off East Colfax Avenue. A 12-unit property located at 10444 E. 14th Ave., in an Auro- ra opportunity zone, has sold for $1.32 million. The 8,424- sf property was built in 1971. Barton Thompson and James Few of Pinnacle represented both the buyer and seller in the transaction. The buyer and seller were both undisclosed. An eight-unit property, located at 1732 Paris St. near Anschutz Medical Campus, sold for $1.12 million. The 4,368-sf property was built in 1960. Thompson and Few also represented the undisclosed seller in the transaction. The buyer was also undisclosed. s Link 35, 66-unit multifamily property, sells in River North Dominium The 222-unit Atria at Metro Center, located at 15025 E. Center Ave., will serve seniors earning 60% or less of the area median income. The 66-unit Link 35, which was renamed Larimer 35, also includes 10,000 square feet of ground-floor retail. Nick Steele Nate Moyer