Colorado-Real-Estate-Journal_387420

Central location Choozle leases CBD office, moves out of RiNo INSIDE Luxury living GreyStar begins leasing at 348-unit FoundryLine 18 6 FEATURED Fitness in 40,000 sf Life Time leases former Boulder Colorado Athletic Club space 24 CONTENTS FEBRUARY 21-MARCH 5, 2024 Office 6 Industrial 12 Multifamily 18 Retail 24 Hotel 26 Land 28 Finance 34 Law & Accounting 40 CDE News 42 Who's News 58 'Irreplaceable' industrial BKM Capital buys small-bay, light-industrial building 12 by Avalon Jacka METRO DENVER – A 434- unit apartment portfolio com- prised of two newly construct- ed properties in the Denver metro area has traded hands for $132.5 million. Affiliates of Harbor Group International purchased The Prospector Modern Apart- ments, a 238-unit community located at 3360 Esker Circle in Castle Rock, and Ladora Mod- ern Apartments, a 196-unit community located at 18590 E. 61st Ave. in Denver, from The Garrett Cos. CBRE’s Terrance Hunt, Shane Ozment, Andy Hell- man and Justin Hunt repre- sented the seller. The trans- action is the latest in a string of sales arranged by CBRE’s Denver multifamily invest- ment properties team, includ- ing Platform Union Station at 1650 Wewatta St. in Denver and Fielders Creek at 3205 W. FloydAve. in Englewood. “Denver has had a consis- tently strong growth rate and is expected to attract more resi- dents as the city's investment in transportation and infra- structure creates additional jobs and opportunities in the mar- ket,” said Greg Heller, Harbor Group managing director of acquisitions. "As newly devel- oped, well-located apartment communities, Ladora Modern and Prospector Modern will benefit from the area's growing population." Both Class Aproperties were built in 2023 and are approach- ing lease-up. Ozment noted the communities leased at a “high- er velocity” than similar assets in the same submarkets. “This sale is a good sign for the market as our top bidders were institutional buyers that were attracted to the scale that Apartment portfolio sells for $132.5 million by Avalon Jacka DENVER – A Los Angeles- based venture capital firm acquired an apartment com- munity for $68.25 million. Gelt Venture Partners bought the 252-unit Allure Apartments at 1300 S. Wil- low St. from Srgmf III Willow Denver LLC, an entity regis- tered to an address associated with Sares Regis Group. Jor- dan Robbins of JLL represent- ed the seller in the transaction. Each unit at Allure Apart- ments feature a private patio or balcony, plank wood-style flooring, and central heat and air conditioning, with select units having spacious walk- in closets. The pet-friendly, gated community’s amenities include a business center and a 24-hour fitness center. Built in 2003, the property’s leasing office and all units were reno- vated by the previous owner. Gelt partner and Chief Invest- ment Officer Josh Satin said the previous owner’s ren- ovation work on Allure was to a “scope that I would have done myself. “They had done a fantastic jobmakingAllure what I think it needs to be, and it took out all the legwork for us,” Satin added. “Now we have a great asset in a location we believe in long term that we can own and operate.” Because of the renovations, Gelt plans to perform just minor maintenance on the property to “make the tenants’ living experiences as positive as possible,” Satin said. Gelt also owns the Willow Point Townhomes, located down the street at 8500 E. Mississippi Ave., which was a contributing factor for the purchase, according to Satin. “I alwayskept tabsonAllure, with the main reason being I liked the location,” said Satin. “It was a perfect complement to Willow Point Townhomes, which is all three-bedroom townhome units. Allure is all Gelt purchases 252-unit Allure Apartments C2 Media The 196-unit Ladora Modern Apartments features two- and three-bedroom townhome floor plans averaging more than 1,000 square feet. Please see Harbor, Page 27 The 252-unit Allure Apartments at 1300 S. Willow St. recently underwent renovations on the leasing office and all units. Please see Gelt, Page 27 Josh Satin