Colorado-Real-Estate-Journal_416345

INSIDE 12 6 FEATURED 18 CONTENTS AUGUST 21-SEPTEMBER 3, 2024 Office 6 Industrial 10 Multifamily 12 Retail 17 Finance 28 Law & Accounting 32 CDE News 34 Who's News 48 10 Class A in DTC Joint venture buys 14-story Prentice Point office building Denver data center Stonepeak, CoreSite announce 18-megawatt DE3 Airport apartments Prime West, Cardinal Group open Claro at High Point Palmer Park fitness Vasa Fitness opens 68,000-sf facilit y, its largest ever by Avalon Jacka ENGLEWOOD – A 306-unit upscale apartment communi- ty at the corner of Broadway and Hampden Avenue traded hands in July for $95 million. Avalon Cherry Hills LLC, an entity of AvalonBay Com- munities Inc., acquired the 280,090-square-foot Bell Cherry Hills from Bell Fund VI Cherry Hills LLC, an entity of Bell Part- ners Inc., according to public records. The sales price equates to $310,458 per unit, or $339.18 per sf. Situated at 3650 S. Broadway on 4.56 acres, the two-building, four-story property was built in 2015. The community has been rebranded as Avalon Cherry Hills, according to its website. The community is comprised of studios, and one-, two- and three-bedroom units. Each unit features granite countertops, Energy Star-rated appliances, energy-saving programmable thermostats, and a private patio or balcony. Community ameni- ties include a fitness center, a resort-style pool and spa, an outdoor kitchen, a sky deck, a resident lounge, a game room, a business center, a dog park and grooming station, a ski and bike repair shop, electric vehicle charging stations, and two-con- trolled access parking garages. The property also offers the AvalonConnect Technology package, which includes pre- installed high-speed WiFi in all units and throughout the com- munity, according to the com- munity’s website. Avalon Cherry Hills’ loca- tion provides proximity to more than 401,000 jobs within a 15-minute drive of the property and accessibility via car and light rail to some of Denver’s top employment hubs, includ- ing Swedish Medical Center, Craig Hospital and the Denver Tech Center. The property is also near a variety of local and national dining, entertainment and retail options. CBRE’s Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer represented the seller in the transaction. “Bell Cherry Hills garnered a ton of attention throughout the marketing process from both AvalonBay buys $95 million community by Avalon Jacka WHEAT RIDGE – A luxury health club traded the site of one of its newest facilities in June in a sale-leaseback for $50 million. LTF Real Estate Company Inc., an affiliate of Life Time Inc., sold the 12.19-acre Den- ver West location to MDC Coast 19 LLC, according to SKLD Information Services. Public records list MDC’s address as an address associ- ated with San Diego-based Realty Income Corp. Life Time bought the prop- erty at 3501 Clear Creek Drive for $3.79 million in 2022, according to Jefferson County public records. The company then developed the new facility, which opened in April. The recent sale-lease- back of the property is part of a broader strategy by Life Time to work with its REIT partners to grow the business in an “asset-light manner,” a representative of the com- pany said in a statement to CREJ. The nearly 111,000-square- foot Life Time Denver West location features an expan- sive workout floor; six group class studios; three indoor and four outdoor pickleball courts; indoor and outdoor pools with a water slide; locker rooms with rejuvena- tion suites; and cold-plunge pools. Additional amenities at the three-story club include a Kids Academy for learn- ing and playing; a fast-casual restaurant; a full-service spa; and more. The club also offers coworking space with sit-to- stand desks, open table and seating areas, a conference room, printing capabilities and more. Life Time offers a variety of group fitness classes, with more than 130 classes weekly. The facility also offers person- al trainers, hands-on stretch sessions and group training classes, including Arora pro- gramming for members 55 and older. The Denver West location is Life Time’s seventh in the state, joining additional facili- ties in Broomfield, Centen- nial, Cherry Creek, Colorado Springs, Parker and Westmin- ster. The company has plans to open another location in Boulder in 2025. Life Time operates in 31 states and Canada. The com- pany currently plans to open another 11 locations nation- wide through 2026, according to its website. s Life Time sells 12-acre Denver West facility Life Time’s newest Colorado location, situated on 12.19 acres at 3501 Clear Creek Drive, sold for $50 million. Bell Cherry Hills – comprised of two, four-story buildings situated on 4.56 acres at 3650 S. Broadway – was rebranded as Avalon Cherry Hills following its acquisition by AvalonBay Communities. Please see AvalonBay, Page 22