Colorado-Real-Estate-Journal_414129

Page 24 - August 7-20, 2024 www.crej.com Land by Avalon Jacka AURORA – A joint venture has acquired a master planned community from its master developer. Pacific Ventures Manage- ment LLC, in conjunction with Avanti Properties Group, pur- chased the Horizon Uptown master planned community, located on the southwest cor- ner of the Interstate 70-E-470 interchange. The land sold for $40 million, according to a transaction report from Land Title Guarantee Co. Pacific Ventures will take over as the master developer of the com- munity and will be responsible for the development, manage- ment and future planning. Greg Vogel, Wes Campbell and Max Xander of Land Advi- sors Organization facilitated the transaction, representing the seller, Lend Lease Horizon LLC. Encompassing 503 acres, Horizon Uptown is expected to be home to approximately 3,000 residences, with a mix of single-family and attached for-sale and rental homes. The community features an approved plan for a commer- cial hub, including retail, office, medical and other mixed-use spaces. Horizon Uptown will also include a network of parks and recreational facilities, a K-8 public school and a new fire station. The community’s location provides easy access to Denver International Air- port, downtown Denver, the Fitzsimons Innovation Com- munity, Denver Tech Center and numerous entertainment venues. The initial phases of the mas- ter planned community have already been developed, con- sisting of 654 lots and 350 mul- tifamily units, and a commu- nity park with a dog park, a children’s playground, tennis courts and a trail system. The phases were sold by the previ- ous master developer to vari- ous homebuilders and apart- ment developers. Meritage Homes is actively selling two neighborhoods within the community. DR Hor- ton is set to open an additional two neighborhoods in the com- ing months, and its Ascend at Horizon Uptown luxury apartment community is now leasing. Ascend at Horizon Uptown offers on-site ameni- ties including a resort-style pool, a fitness club, workspace and more. The acquisition is not the first time Pacific Ventures has assumed master developer responsibilities for master planned communities in prog- ress. In 2015, the company was appointed by Oaktree Capital Management LLC as the new master developer for Summer- ly, a 1,677-home community in Lake Elsinore, California. In 2020, the firm was retained by Tricon Residential as the master developer for Bedford, a 1,543- home community in Corona, California. “Horizon Uptown is another opportunity for our team to transition into a community part-way through its life cycle and bring a fresh set of ideas and disciplined management to create a great community,” Pacific Ventures founder and CEO Mark Kehke said. Other News n PARKER – A plot of land will become a day care center following the sale of Parker Homestead Commercial Lot 4. Kapadia Associates Parker Property LLC acquired the 1.63- acre property on the northwest corner of South Chambers and Double Angel roads for $1.2 million in July. The buyer plans to build a new Kiddie Acad- emy early learning center on the property. The buyer was represented by Kendall Graff of The Wood- mont Co. Mitch Trevey of Trevey Commercial Real Estate represented the seller, Parker Homestead Investments LLC. Stewart Title helped to execute the transaction. Based in Maryland, Kid- die Academy offers child care programs for children from 6 weeks to 12 years. The day care company has more than 350 locations nationwide. n ARVADA – A 1.06-acre parcel at the intersection of Indiana Street and West 82nd Avenue sold for $600,000. Metronet Infrastructure Group LLC bought the prop- erty at 14750 W. 82nd Ave. from Brian Lord, the personal representative for the Estate of Muriel L. Lord, in July. The national buyer will use the site to erect equipment for its fiber-optic service company. Tanner Digby of Digby Com- mercial Advisors represented the buyer. Greg Kelley of Re/ Max Professionals represented the seller. s Pacific Ventures purchases Horizon Uptown community Horizon Uptown is expected to have approximately 3,000 residences with a mix of single-family and attached for-sale and rental homes. Tanner Digby Arizona Colorado Texas Utah harriskochersmith.com CIVIL SERVICES SITE PLANNING MASTER PLANNING ENTITLEMENTS UTILITY SERVICES LAND SURVEYING