Colorado-Real-Estate-Journal_421038

INSIDE 14 6 FEATURED 18 CONTENTS SEPTEMBER 18-OCTOBER 1, 2024 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 26 Law & Accounting 30 C DE News 32 W ho's News 47 10 Full occupancy Kaufman Hagan facilitates new leases to lease up 2 buildings Innovation campus Louisville City Council approves plans for Redtail Ridge Office-to-multifamily Denver City Council approves rezoning of vacant office building Outdoor retail Vestar signs six new tenants at Bowles Shopping Center by Avalon Jacka NORTHERN COLORA- DO – A Boise, Idaho-based developer and operator acquired two multifam- ily properties totaling more than 600 units from a local real estate investment and development firm. Roundhouse acquired Cycle Apartments in Fort Collins and Clovis Point Apartments in Longmont from McWhinney for $120 million and $75 million, respectively. The August purchase of the 405-unit Cycle Apartments and the September purchase of the 218-unit Clovis Point Apart- ments marked Round- house’s entrance to the Fort Collins and Longmont markets. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop facilitated both sales on behalf of McWhin- ney. “Roundhouse is commit- ted to providing high-qual- ity housing options across the Western U.S.,” said Roundhouse CEO Casey Lynch. “Our recent acquisi- tions and developments are the result of our strategic focus on high-growth mar- kets and our dedication to building and operating a diverse multifamily portfo- lio over the long term.” Located at 3521 Stanford Road, the 334,444-square- foot Cycle Apartments offers a mix of studios, and one- and two-bedroom apart- ments. The units range from 598 to 1,110 sf, averaging 826 sf. Monthly rents start at $1,521 for studios, $1,683 for one-bedroom units and $2,103 for two-bedroom units. Built in 2018, the three-story property was 92.8% occupied at the time of sale. Units at Cycle Apartments feature contemporary finish- es; kitchen islands; stainless steel appliances; full-size, in-unit washers and dryers; Roundhouse buys 2 multifamily properties by Avalon Jacka LAKEWOOD – A 308-unit multifamily community adjacent to the Belmar Shop- ping District has traded hands for $99.5 million. Cortland acquired the 7166 at Belmar Urban Flats Apartments, located at 7166 W. Custer Ave., from Grey- star. The 302,052-square- foot upscale community sold at a 4.8% in-place cap rate. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop facilitated the sale on behalf of the seller. Built in 2007, the four- story community includes a mix of 145 one-bedroom, 150 two-bedroom and 13 three-bedroom units averag- ing 981 sf. Rents range from $1,788 to $2,799 per month. The property was 95.1% occupied at the time of sale. Each unit includes high ceilings, an in-unit washer and dryer, a dishwasher, hardwood floors, walk-in closets, and granite counter- tops, according to an Apart- ments.com listing. Select units feature master baths with double sinks, kitchen islands, fireplaces, and a pri- vate balcony or patio. Community amenities include a pool and spa; a fitness center; a clubhouse; on-site property manage- ment; conference rooms; and planned resident activities. The property is walkable to numerous dining, retail and entertainment amenities in Belmar – including Target, Whole Foods, and Cinemark Century movie theater – as well as neighborhood parks and nearby bike trails. Both downtown Denver and the foothills are easily accessible via South Wadsworth Boule- vard and West Sixth Avenue. Founded in 2005, Atlanta- based Cortland is a multi- family focused investment, development and manage- ment firm with offices in Denver; Charlotte, North Carolina; Dallas; Green- wich, Connecticut; Hous- ton; Orlando, Florida; and Phoenix. Cortland owns and operates properties in Colorado, Alabama, Arizo- na, Florida, Georgia, Idaho, Illinois, Minnesota, North Carolina, Ohio, Tennessee, Texas and Virginia. The firm’s Colorado portfolio includes 15 communities in the greater Denver metro area and three communities in Colorado Springs. s Greystar sells 7166 at Belmar Apartments The 308-unit community, located at 7166 W. Custer Ave., includes a mix of one-, two- and three- bedroom apartments. Please see Roundhouse, Page 24 Cycle Apartments, located at 3521 Stanford Road in Fort Collins, sold for $120 million in August. Clovis Point, located at 1855 Lefthand Creek Lane in Longmont, sold for $75 million in September.