Colorado-Real-Estate-Journal_433492

INSIDE 14 6 FEATURED 18 CONTENTS DECEMBER 4-17, 2024 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 23 Law & Accounting 28 CDE News 34 Who's News 44 10 Premier facilities Mobile TV Group buys office building to occupy and lease Bolder Innovation Blue Vista acquires two-building Class A industrial portfolio Upscale living Greystar purchases 312-unit community in Dove Valley Racing simulators F1 Arcade plans debut in Magnetic Capital-owned building by Avalon Jacka CASTLE PINES – A Chi- cago-based property trust acquired a recently completed 214-unit luxury villa and town- home community off Interstate 25 between Lone Tree and Cas- tle Rock in November. CPRF Citadel at Castle Pines LLC purchased Citadel at Cas- tle Pines, located at 353 Edge View Circle, from Watermark at Castle Pines Co LLC for $101 million, or $471,963 per unit, or $352.76 per square foot, accord- ing to Apartment Insights. The buyer entity is associated with RREEF Property Trust, and the seller is affiliated with project developer Thompson Thrift. DanWoodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop facilitated the sale. “Citadel at Castle Pines was developed due to the impres- sive rental market in Castle Pines, where our comparable communities have high occu- pancy rates,” said Josh Purvis, Thompson Thrift Residential managing partner. “This trans- actionmarks yet another devel- opmental success story under our belts.We take great pride in providing excellent returns for our investment partners while delivering high-quality com- munities to our residents.” Citadel at Castle Pines was delivered in December 2023. The 288,158-sf property con- sists of 89 buildings on 16.04 acres. The community includes 154 one- and two-story paired villa-style homes and 60 three- story townhomes; ranging from 712 to 2,145 sf, each unit comes with one to four bed- rooms, according to the com- munity’s website. Apartments inCitadel atCas- tle Pines include stainless steel appliances with French doors; quartz countertops and white subway tile backsplashes; cabi- netry with soft-close doors; Citadel at Castle Pines sells for $101 million by Avalon Jacka DENVER – A global alter- native investment manager purchased a 398-unit luxury apartment community north- west of the Denver Tech Cen- ter in October. DTC MF Owner LLC bought the 357,701-square-foot Bell Denver Tech Center, situated on 6.88 acres at 4380 S. Monaco St., from Bell Fund VI Denver Tech Center LLC for $126.56 million, according to Apart- ment Insights. The sale price equates to $317,987 per unit, or $353.81 per sf. The seller entity is affiliated with Bell Partners Inc., and the buyer entity is associated with Ares Wealth Management Solutions. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop’s Denver Investment Sales team brokered the sale. The team did not comment on the sale. Bell Denver Tech Center last sold for $99.2 million in 2017, according to Denver County public records. Built in 2008, Bell Denver Tech Center is comprised of studios, and one- and two- bedroom units in a single four-story building. The com- munity is currently 90% occu- pied, according to Apartment Insights. Apartment features, which vary from unit to unit, include 9- to 11-foot ceilings, breakfast bars, built-in desks with shelv- ing, crown molding, custom- designed cabinets, electric fire- places, energy-efficient stain- less steel appliances, garden- style tubs, hardwood-style vinyl plank flooring, kitchen islands, large closets, mod- ern track lighting, mountain views, patios or balconies, and USB charging outlets in kitch- ens and bedrooms. Bell Denver Tech Center offers several newly renovated community amenities, includ- ing a 24-hour fitness center, a clubhouse and a social lounge with a coffee bar. Additional community amenities include a heated resort-style pool and spa/hot tub, three picnic areas with charcoal grills, two gas grill areas at the pool, a fenced and gated dog park, an inter- net café, an outdoor courtyard with a fireplace lounge, an outdoor sundeck with WiFi access, bike storage and a parking garage. The commu- nity offers additional services such as controlled access, and Ares buys 398-unit community from Bell Please see Citadel, Page 17 The 288,158-square-foot Citadel at Castle Pines includes one-, two-, three- and four-bedroom units ranging from 712 to 2,145 sf. The 398-unit Bell Denver Tech Center, located at 4380 S. Monaco St., includes a mix of studios, and one- and two-bedroom units. Please see Ares, Page 17