Colorado-Real-Estate-Journal_431468

Page 16 - November 20-December 3, 2024 www.crej.com Multifamily by Avalon Jacka DENVER – A joint venture completed construction of a new apartment community in Central Park in October. High Street Residential, the residential subsidiary of Tram- mell Crow Co., and its joint ven- ture partner PGIM Real Estate finished Elevon, a 301-unit apart- ment community situated on 3 acres at 3650 Uinta St. Leasing has begun at the 260,835-square-foot community. “Elevon is an incredible transit- oriented development in Central Park, a vibrant, active, and well- located Denver neighborhood,” said Lee Ferguson, senior vice president and multifamily lead for HSR’s Denver office. “This community features abundant retail, entertainment, and dining venues, as well as parks, trails, and opportunities to connect out- doors or indoors. We believe this is a huge draw to a variety of rent- ers who are looking for high-end amenities and a well-appointed living environment. We look for- ward to welcoming our future residents and providing a world- class living experience.” The building was designed by KTGY Architects , and Martines Palmieri Construction served as general contractor. Greystar is overseeing leasing and property management for the building. Elevon includes a mix of studio, one- and two-bedroom apart- ments with luxurious design elements, including 10-foot ceil- ings, private balconies, mountain views from select units, and smart unit technology. Unit interiors feature wood plank-style floor- ing, stainless steel Energy Star appliances, quartz countertops, and bathrooms with tile floor- ing and shower surrounds and quartz vanities. The community features two distinct courtyards, one of which includes a resort-style pool deck, hot tub, cabanas, loungers, an outdoor bar and a grilling area, while the second courtyard includes green space and contem- plative zones. Additional com- munity amenities include ample reserved garage parking, a club- quality second-floor fitness cen- ter, on-site coworking space, a pet spa and dog park, bike storage, an outdoor paseo, storage lock- ers, a leasing lobby, a ride-share lounge, a third-floor club room, and a business center that opens to the pool courtyard. Elevon’s adjacency to Interstate 70 allows for quick access to ski- ing and hiking in the mountains within an hour’s drive. The site offers proximity to 1,250 acres of open space, with ample outdoor recreation options. The asset is steps away from the Central Park light-rail station, providing con- nectivity to downtown Denver and Denver International Airport. High Street Residential special- izes in the development of mul- tifamily housing, with a back- ground in urban infill and mixed- use residential development, as well as the redevelopment or repurposing of existing facilities. The firm has completed more than $4 billion worth of develop- ment, and has a current pipeline of more than 6,500 units. s High Street Residential finishes 301-unit Elevon community by Avalon Jacka ENGLEWOOD – A 66-unit multifamily property south of U.S. Highway 285 sold for $11.93 million in October. Bowaut Inc . sold Villa Para- da, located at 3655 S. Delaware St., to 3655 S Delaware St LLC, according to SKLD Informa- tion Services. Austin Smith, Christian Burgdorf and Adam Riddle of Capstone brokered the transaction. The 49,770-square-foot Villa Parada is a “ b e a u t i f u l l y w e l l - m a i n - tained” com- plex with a mix of 24 one-bed- room and 42 two-bedroom units, according to a statement from Capstone. The property was 97% occu- pied at the time of market- ing. The fam- ily owned and operated prop- erty has been “meticulously kept” since the late 1970s and recently under- went some inte- rior unit renova- tions – includ- ing new kitchens, baths, flooring and finishes – and improvements to the breezeways and exterior, the statement said. Built in 1970, the property has larger units than all of its direct rental competitors in the neighborhood, according to a LoopNet listing. The property is conveniently located near the U.S. Highway 285-South Broadway intersection, providing connectiv- ity to retail, dining, nightlife, the foothills and the greater Denver metro area. The new owners plan to reno- vate units as they become avail- able while making sure the complex remains a safe place residents can call home. They will capitalize on the value-add potential on both the unit condi- tion level and the overall opera- tions of the asset, creating a more efficient property. Other News n DENVER – A Colorado developer acquired a 2-acre vacant land parcel for $1.5 mil- lion in October, with plans to build townhomes. Second Story Development Ltd. purchased the property at 6144 N. Rifle St. from Rail Stop LLC , according to Denver Coun- ty public records. The seller’s LLC has an address affiliated with real estate and economic development company LC Fulenwider Inc. Capstone’s Adam Bellin, Tay- lor Burns and Travis Hodge bro- kered the transaction between the buyer and seller. “The project near Peña Station is a great example of multiple groups coming together to fulfill the need for more townhomes in an area with an outsized number of apartments,” said Samir Patel of Second Story Development. Patel said the Capstone team was instrumental in navigating the “unique” transaction. The sale marked Second Story’s first trans- action with Capstone. The seller obtained entitle- ments for the site, which is situ- ated within the Peña Station Next master planned community. The buyer will build 32 townhome units on the property. The site is located two blocks from the Peña light-rail station, 12 minutes from Denver Inter- national Airport and 28 minutes from downtown Denver. n LONGMONT – Kaufman Hagan Commercial Real Estate brokered two multifamily sales in Longmont in October. Kaufman Hagan’s Ryan Floyd and Brandon Kaufman rep- resented the buyer in both off- market transactions. Re/Max’s Keith Kanemoto represented the undisclosed seller in both transac- tions. Kaufman noted that while the deal seemed “very straight- forward … the lending hurdles were still enormous, which was a surprise throughout.” An undisclosed buyer pur- chased La Vista Estates, located at 3035 17th Ave., for $1.35 million, or $168,750 per unit, or $180 per sf. The eight-unit property totals 7,484 square feet. “The sale of the La Vista Estates at 3035 17th Ave. marks a significant opportunity for the new owners,” said Floyd. “This eight-plex, located in Boulder County, features a two-story building with 7,484 square feet and eight two- bedroom, 1 ½-bathroom units, making it an excellent choice for low-rise investors. Posi- tioned in the vibrant Longmont area, the property offers con- siderable growth potential. The new owners plan to capitalize on this attractive investment, leveraging the flourishing real estate market to maximize returns and enhance the prop- erty’s appeal.” The same undisclosed buyer bought 45 Denver Way for $1.78 million, or $147,917 per unit, or $247 per sf. The 12-unit property totals 7,200 sf. Floyd and Kaufman also represent- ed the buyer in the off-market deal, who completed the upleg of a 1031 tax-deferred exchange in the transaction. “This well-maintained 12-unit property is an exciting investment opportunity in a highly sought- after area and is in the perfect location for a small garden apart- ment building,” Floyd said. “With 12 one-bedroom units at 600 square feet each, the property is surrounded by quaint single-fam- ily homes in the coveted Boulder County.” The two properties are situated less than a quarter mile from each other. The seller, a local family, owned both properties. n DENVER – A 12-unit multi- family property in Congress Park sold for $2.25 million, or $187,500 per unit, in October. An undisclosed buyer acquired the property at 1306 N. Elizabeth St. The seller is listed as 1306 Elizabeth Street LLC on Denver County public records. North- Peak Commercial Advisors’ Hunter Schaefer and Jack Sher- man represented both the buyer and seller in the transaction. “This sale had uniquely aggres- sive terms, including a six-day close, all-cash, no contingen- cies, and hard earnest money day one,” Schaefer said. “We were pleased to deliver above- market pricing for our seller at a current 5.03% cap rate and $372 per square foot. Addition- ally, we were able to leverage NorthPeak’s strong marketing platform to internally source another out-of-state 1031 buyer and deliver a reduced brokerage fee to our seller … The seller is looking forward to simplifying his investments.” The deal was the NorthPeak team’s second of the year with the out-of-state buyer and third of the year with the seller, Schaefer said. The listing process included 15 tours and six offers over the six-month listing period. s Capstone brokers $12 million transaction of Villa Parada High Street Residential and PGIM Real Estate completed the 260,835-square-foot Elevon, located at 3650 Unita St., in October. The 66-unit Villa Parada, located at 3655 S. Delaware St., was family owned and operated by the previous owner since the late 1970s. Austin Smith Christian Burgdorf Adam Riddle