Colorado-Real-Estate-Journal_425682

INSIDE 16 6 FEATURED 19 CONTENTS OCTOBER 16-NOVEMBER 5, 2024 Office 6 Industrial 12 Multifamily 16 Retail 19 Finance 24 Law & Accounting 31 CDE News 34 Who's News 52 12 TOD office Class A 116 Inverness sells at a discount for $15 million Aurora expansion Amazon buys industrial building and land for $91 million Class A multifamily Thompson Thrift breaks ground on 276-unit Switch community Shopping center sale Bridge33 acquires Centennial Promenade for $98 million by Avalon Jacka DENVER – A New York City-based retail real estate development and investment group has entered the Colo- rado market with the purchase of a 210,000-square-foot gro- cery-anchored center in south Denver. KPR Centers acquired Uni- versity Hills, located at 2750 S. Colorado Blvd., from Site Centers for $56.5 million in September. Tom Lagos of Institutional Property Advi- sors, an affiliate of Marcus and Millichap, represented KPR in the off-market transaction. “We consider the greater Denver metropolitan area as among the most economically vibrant and healthiest retail markets in the United States, and we have been extremely diligent in our search to estab- lish a foothold in the region with a signature property,” said KPR Operating Partner Daniel Eisenberg. “Univer- sity Hills provided the rare opportunity to invest in an institutional-quality asset in the heart of Denver anchored by eight major national retail brands, including King Soop- ers, the dominant grocery store in the Colorado market. We intend to add value by implementing our proven asset management protocols designed to improve overall operational efficiencies.” The fully leased asset is anchored by King Soopers. Additional tenants include Michaels, Marshalls, Office Depot, PetSmart, Five Below, Ulta Beauty, Starbucks Coffee, and multiple additional res- taurants and retailers. “We had a relationship with KPR Centers acquires University Hills center by Avalon Jacka FORT COLLINS – A 280- unit garden-style commu- nity in the Willow Springs neighborhood sold for an undisclosed price in Sep- tember. Green Leaf Partners Management Inc. acquired Alvista Harmony, located at 2002 Battlecreek Drive, from an affiliate of Phoe- nix Realty Group and its joint venture partner. Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represent- ed the sellers in the transac- tion. “Fort Collins is one of the strongest multifamily mar- kets in the mountain region driven by its strong job mar- ket, quality of life and diffi- culty to develop new apart- ments,” said Hunt. “Alvista Harmony provides a great opportunity for Green Leaf to continue a value-add renovation strategy that Phoenix Realty Group has proven successful.” Built in 1999, Alvista Har- mony was acquired by the joint venture sellers in 2019. Since the 2019 acquisition, the seller has completed ren- ovations on the clubhouse and common areas, as well as full renovations on 116 units, equating 41% of the total. Previous ownership upgraded 52 units, with an additional 42 units includ- ing finish levels comparable to the classic interior scope. Green Leaf Partners buys Alvista Harmony The 280-unit Alvista Harmony, located at 2002 Battlecreek Drive, includes a mix of one-, two- and three-bedroom apartments averaging 924 square feet. Please see KPR, Page 53 Please see Alvista, Page 53 The 210,000-square-foot University Hills center, located at 2750 S. Colorado Blvd., is anchored by King Soopers and features national tenants including Michaels, Marshalls and Office Depot.