INSIDE 12 6 FEATURED 16 CONTENTS JULY 3-16, 2024 Office 6 Industrial 10 Multifamily 12 Retail 16 Finance 22 Law & Accounting 26 CDE News 28 Who's News 37 10 JV office purchase Knightbridge, Westside acquire two Class A buildings in Tech Center North Denver sales Malman Commercial brokers two separate industrial purchases Faculty housing CU Boulder pays $10M for 9-acre, former Regal Cinemas site Experiential retail Magnetic Capital, Trinity Investors buy 16,000-sf building by Avalon Jacka EAGLE – a 120-unit tax credit multifamily community was acquired by a Denver-based affordable housing developer. Ulysses Development Group purchased Eagle Villas Apartments, situated on 8.9 acres at 405 Nogal Road, for $39 million in June. The com- munity was 100% occupied at the time of sale. “Preserving the affordabil- ity of the units at this housing complex has been a top prior- ity for UDG, and it reaffirms our commitment to providing long-term affordable housing solutions to Colorado commu- nities, including our mountain towns, especially when quality housing is at a premium,” said Blaise Rastello, vice president at UDG. The two phases of Eagle Vil- las total 119,172 rentable square feet. Phase I of Eagle Villas comprises 100 units and was completed in 1994. The first phase is subject to a 30-year land-use restriction agreement that was set to expire next year. Phase II includes 20 units built in 1997 that were subject to a 50-year LURA. Northmarq’s Dave Martin and Brian Mooney facilitated the sale on behalf of the seller, Eagle Villas LLC. The team began marketing the property for the seller last year, after 10 years of ownership. The mar- keting process concluded with a “spirited” bid process that led to several “highly competi- tive” offers from a variety of buyer profiles, including sever- al affordable housing investors, a statement from Northmarq said. Ultimately, UDG, along with its partners at Eagle Coun- ty Housing and Development Authority and the Colorado Department of Local Affairs, UDG acquires Eagle Villas for $39 million by Avalon Jacka GREENWOOD VILLAGE – A Colorado-based real estate company acquired a Class A office tower overlooking Inter- state 25 in the Denver Tech Center. Koelbel and Co. purchased Axis Tower, a 12-story marquee office property located at 5613 DTC Parkway, from Buchanan Street Partners in June. The 228,914-square-foot asset sold for $26 million, according to public records. “Koelbel and Co. has a 40-year history building, own- ing and managing office build- ings in the Denver southeast and Denver Tech Center mar- kets, and we are excited to now own one of the marquee buildings in the submarket,” said Koelbel & Co. Vice Presi- dent of Commercial Real Estate Walt Koelbel. “We continue to believe that while the office sector has changed, high-qual- ity buildings in the right loca- tions will hold value and be in demand.” Tim Richey, Chad Flynn, Jenny Knowlton and Char- ley Will of CBRE Capital Mar- kets represented Buchanan Street Partners in the transac- tion, while Koelbel & Co. was unrepresented. Buchanan Street Partners bought Axis Tower for $32.75 million in 2016, according to public records. The company performed renovations cost- ing $10 million on the 1983- built office building between 2018 and 2022. The renovations included interior and exterior common areas, restrooms, a bike room, a lower-level ten- ant lounge, a new building conference room, a 100-person training auditorium, and a new fitness center. The upgrades make the asset “one of the higher-quality buildings in the submarket and the type of property that continues to drive demand for tenants looking for office space,” a statement from Koelbel and Co. said. Axis Tower also features 9-foot ceilings; efficient, 21,000- sf floor plates; structured park- ing with an above-market ratio of 4:1,000 sf; and 360-degree views. The transit-oriented development is adjacent to Interstate 25 and the Orchard light-rail station pedestrian bridge, providing prominent freeway visibility and immedi- ate transportation access. Axis Tower was 80% occu- pied at the time of sale. JLL’s Andy Ross, John Beason and Victoria Blackstock are the leasing brokers for the prop- erty. Kirkpatrick Bank was the lender for the transaction. Rich- ard Morgan, Kirkpatrick Bank senior vice president and head of lending – Denver, said the bank has “tremendous confi- dence” in Koelbel and Co. Koelbel and Co. is a family owned real estate firm with a 70-year history of projects in Colorado, Texas and Nebraska. The firm focuses on underper- forming value-add assets of all classes, including office, flex, light industrial and retail. The company is under its third gen- eration of family stewardship, recently naming Carl Koelbel as president and CEO, accord- ing to previous reporting. s Koelbel and Co. buys 12-story Axis Tower The 12-story Axis Tower, located at 5613 DTC Parkway, boasts an above-market parking ratio of 4:1,000 sf in its on-site parking structure. Please see UDG, Page 20 Ulysses Development Group will institute a new, 60-year land-use restriction agreement for Eagle Villas Apartments following its purchase of the tax credit community.