Colorado-Real-Estate-Journal_395989

Boulder office Schnitzer West works through entitlements for Terra Boulder INSIDE Living in Five Points Ivanhoé Cambridge, Greystar open 230-unit The Dorsey complex 14 6 FEATURED Core retail asset M&J Wilkow, MetLife buy Chapel Hills East retail center 16 CONTENTS APRIL 17-30, 2024 Office 6 Industrial 8 Multifamily 14 Retail 16 Finance 27 Law & Accounting 32 CDE News 42 Who's News 54 New industrial Pivot Denver fills in former Denver Merchandise Mart site 8 by Avalon Jacka AURORA – Berkadia’s JV Equity & Structured Capital team secured $81.23 million in joint venture equity for a yet- to-be-built multifamily devel- opment near Denver Interna- tional Airport. Cody Kirkpatrick, Chin- may Bhatt and Noam Frank- lin of Berkadia represented the sponsor, Trammell Crow Residential, in arranging the joint venture equity partner- ship with MBK Rental Living for the 578-unit Alexan Peña Station community. Bank OZK is the lender for the project. “Authentic, global capi- tal relationships matter more than ever given the volatility and inefficiency present in the capital markets today,” said Kirkpatrick. "Our team's exclu- sive focus on equity capital and commitment to develop- ing these relationships both domestically and abroad have proved essential in helping our clients navigate the mar- ket to optimize their capital structures. We are thrilled for TCR and MBK to kick off a new relationship with Alexan Peña Station." “Working with a devel- oper of TCR’s reputation and deep market experience was paramount to finding such a quality partner for this proj- ect in MBK Rental Living,” Kirkpatrick continued. “The rich history and enviable track records that these two firms have in common will ensure their shared vision for this site results in a positive outcome for all stakeholders.” Berkadia arranges $81.23M in JV equity by Avalon Jacka COLORADO SPRINGS – A national real estate private equity firm acquired a 260-unit garden-style community in the Wagon Trails submarket. Massachusetts-based North- land purchased Estate at Woodmen Ridge, located at 5520 Woodmen Ridge View, from Inland Real Estate Group for $67.7 million in March, according to SKLD. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young facilitated the sale. Potarf said the asset received “quite a bit of interest” from firms around the country dur- ing the marketing process, not- ing that the Colorado Springs market is still an “attractive, institutional, growing” mar- ket. The nearly 259,000-square- foot Estate at Woodmen Ridge includes 13 walk-up buildings, each comprised of 20 units. The community includes a mix of one-, two- and three- bedroom units averaging 996 sf. The community’s amenities include a clubhouse and resi- dent lounge, swimming pool, fitness center, entertainment and theater room, community kitchen, outdoor fireplace and grilling stations, and a dog park. Estate at Woodmen Ridge was appealing to Northland due to its “prime” location adjacent to Centura St. Fran- cis Hospital and proximity to the Briargate and Northgate employment and retail cor- ridors, said Northland Direc- tor of Investments Everett Palozej. “Given the asset’s high-qual- ity construction and thought- fully designed floor plans, combined with the explosive growth seen in Colorado Springs, Estate at Woodmen is poised to achieve positive long-term performance,” Palozej said. Northland plans to improve the “well-maintained” prop- erty’s curb appeal by mod- ernizing exterior finishes Northland buys Estate at Woodmen Ridge Norris Design Trammell Crow Residential’s 578-unit Alexan Peña Station will include a mix of one-, two- and three- bedroom units in 13 buildings on a 20-acre site. Please see Berkadia, Page 20 The 260-unit Estate at Woodmen Ridge, located at 5520 Woodmen Ridge View, includes a mix of one-, two- and three-bedroom units in 13 buildings. Please see Northland, Page 20