Colorado-Real-Estate-Journal_393745

Prime office space Albany Road acquires Prime Center at Northridge INSIDE Garden style Berkadia facilitates MLG Capital’s purchase of Lowry North 12 6 FEATURED Mixed-use retailers The Fremont and 21 Fitzsimons welcome four new tenants 16 CONTENTS APRIL 3-16, 2024 Office 6 Industrial 8 Multifamily 12 Retail 16 Finance 20 Law & Accounting 26 CDE News 28 Who's News 42 Class A industrial Westfield, Reinsurance Group of America buy Centerpark 8 by Avalon Jacka AURORA – A joint ven- ture partnership between two real estate investment firms acquired a 360-unit multifamily community southeast of Auro- ra City Center for $74 million, according to public records. The Bascom Group and an affiliate of Oberndorf Real Estate Management LP, for- merly known as The Axton Group, purchased Hearthstone at City Center in March, mark- ing Bascom’s 10th acquisition in the city and 37th in the state. “We are thrilled to make yet another multifamily invest- ment in the city of Aurora and state of Colorado,” said Jim Singleton, Bascom senior vice president and principal of acquisitions. “Despite a challenging transaction market, we are find- ing select o p p o r t u - nities that we antici- pate will be strong investments for our company and our highly valued partners such as Obrem.” The low-density, garden-style community, situated on 18.25 acres at 932 S. Helena Way, features apartments in 41 one- and two-story buildings. The property was bought in 2015 by seller Star Hearthstone LLC, an entity with an address affiliated with California-based Steadfast Cos., for $53.4 million, according to Arapahoe County public records. Terrance Hunt, Shane Ozment, Andy Hellman, Jus- tin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller in the transaction, Bascom, Obrem buy 360-unit community by Avalon Jacka JOHNSTOWN – A Scott- sdale, Arizona-based real estate investment and land asset management company acquired Johnstown Cross- ing, a 118-acre parcel in Weld County. Walton Global purchased the parcel from Platte Land Water LLC for $10.2 million in February, according to SKLD. The parcel, located on the southeast corner of Weld County Road 48 ½ and Parish Avenue, features water rights and has direct frontage on Weld County 48 ½ and state Highway 60. The land is intended for both single- and multifamily homes, a statement from Wal- ton Global said. Walton Global has had “great meetings” with Johnstown representatives to confirm what the town would like to see on the property but is still in the early planning stages, Rob Nixon, Walton Global senior vice president, West region, said. “There is significant demand for d e v e l o p - ment-ready land to satis- fy the hous- ing needs of an expand- ing popula- tion and the growing number of house- hold formations,” Nixon said. “Colorado is a highly desirable place to live, and we’ve seen an increasing call for develop- ment in regions just outside of the metropolitan areas, which is why we are confident in our investment in Johnstown.” A statement from Walton noted the property is “well-sit- uated within a path of growth” to bolster housing supply as the region’s population surges. The property offers accessibil- ity to Interstate 25 and proxim- ity to neighborhood amenities including Johnstown Plaza, The Promenade Shops at Cen- terra and Northern Colorado Regional Airport. The land is adjacent to Roo- sevelt Middle School and Let- ford Elementary School. The property is within a 25-min- ute drive to Colorado State University in Fort Collins and an hour’s drive to downtown Denver. Major nearby employ- ers include HP, Intel, Avago Technologies, Novusag, MicroFocus and Enlitic. “At Walton Global, we are consistently looking to identify prime land located in paths of growth while ensuring that these sites remain profitable for our investors,” said Walton Global Vice President of Land Anthony Ybarra. “Johnstown Crossing demonstrates great potential for a future commu- nity due to its location within the Denver- Fort Collins metro area, and proxim- ity to great s c h o o l s and large employers within the region.” NorthernColoradohasexpe- rienced significant growth in the past decade. Weld County is among the fastest-growing counties in the state, seeing a 45.9% increase in popula- tion since 2010. The county is expected to continue a steady pattern of growth in the future. Walton Global is committed to providing support to the housing supply in areas with strong growth potential like Weld County, a statement from Walton said. The firm manag- es 12 assets throughout Colo- rado and plans to continue its presence and expansion in the state. In July, Walton Global purchased Serenity North, a 52-acre parcel that is part of the Serenity Pointe master plan in Parker, according to previous reporting. The firm also recent- ly acquired the land for the Stonebreaker master planned community, a 209-acre parcel in Dacono, according to Wal- ton Global’s website. s Walton Global acquires Johnstown land Rob Nixon Anthony Ybarra Please see Hearthstone, Page 44 The 360-unit Hearthstone at City Center, located at 932 S. Helena Way, includes 41 buildings on 18.25 acres. Jim Singleton