Colorado-Real-Estate-Journal_440793
Page 18 - January 15-February 4, 2025 www.crej.com Multifamily by Avalon Jacka FEDERAL HEIGHTS – A 382- space manufactured home com- munity traded hands for $62 mil- lion in the highest-price manu- factured housing community sale in the state’s history. Denver Cascade Colorado LLC bought Denver Cascade, located at 9650 Federal Blvd., from Denver Cascade LLC in December, according to Adams County public records. The sale was also the largest non- coastal manufactured housing community transaction nation- wide in 2024, with the larg- est being completed in Malibu, California. Denver Cascade spans 48 acres in the north Denver metro area. The community’s central location provides resi- dents with easy access to local amenities, schools and transit. Norm Sangalang, Erik Edwards, Jon Shay, Jex Law- som and Myles McGinnis with CBRE’s Manufactured Housing and RV Resorts team repre- sented the seller in the sale. “This sale not only represents a milestone for Denver’s housing market but also reinforces the growing value of manufactured housing communities as a critical component of the nation’s hous- ing landscape,” said Shay. “We’re grateful for the oppor- tunity to leverage our expertise in the manufactured housing space to spearhead the sale of the Den- ver Cascade community,” added Edwards. “It was a mutually beneficial result for both buyer and seller, which was critical to CBRE given the relationships we have fostered over the years with both sides.” The CBRE team navigated the complexities of the state’s tenant right of first refusal law, ensuring residents were given the oppor- tunity to purchase the property before the sale. CBRE facilitated a transparent process by collabo- rating with all parties. The $62 million sale sets a new precedent for Colorado’s manufactured housing market, emphasizing the sector’s con- tinued strength and resilience, a statement from CBRE noted. The transaction reflects growing investor confidence in the sta- bility and long-term growth of manufactured housing commu- nities as demand for affordable housing increases nationwide. s CBRE brokers largest manufactured home community sale by Avalon Jacka LONGMONT – A national mul- tifamily developer announced the development of a 324-unit Class A community in southwest Long- mont. Thompson Thrift will develop Heritage on Hover near the inter- section of Mountain Brook Drive and South Hover Street. Equity for the project was provided by Thompson Thrift 2024 Multi- family Development Fund LP. Construction is expected to be completed in winter 2026. “Longmont and the surround- ing Boulder area have become a magnet for growth, attracting a thriving population and some of the nation’s fastest-growing pri- vate companies,” said Josh Pur- vis, Thompson Thrift Residential managing partner. “With a strong economy, low unemployment and a highly educated workforce, the demand for quality housing options continues to rise. Heritage on Hover will deliver a modern and luxurious rental experience, providing residents with the style, comfort and convenience that Thompson Thrift communities are known for.” Heritage on Hover will feature three-story buildings with a mix of one-, two- and three-bedroom lay- outs averaging nearly 1,000 square feet. The units will have premium interior finishes, including quartz countertops, stainless steel appli- ances, side-by-side refrigerators, full-size washers and dryers, large walk-in closets, and multiple smart home capabilities. Select homes will feature soft-close cabi- netry, a deluxe closet system with shelving, premium lighting, a dry bar and advanced smart home capabilities. Private patios, balco- nies, yards and detached garage options will also be available. Planned resort-style commu- nity amenities include an outdoor entertainment kitchen and grilling areas, a fully equipped 24-hour fitness center, a heated swimming pool and spa, electric fire pits with seating areas, a billiards and shuf- fleboard area, a dog park, bike storage and a Starbucks coffee bar. The community will also offer an on-site service team, valet trash service, and a user-friendly mobile app. Heritage at Hover is situated near Boulder County Fairgrounds and St. Vrain Greenway, as well as numerous grocery stores, and other retail and dining options. The property is walkable to a Tar- get-anchored retail center and pro- vides connectivity to workforce hubs in Boulder, Fort Collins and Denver via Interstate 25 and state Highway 119. Longmont was recently ranked the No. 1 Boomtown in America by Smart Asset. Boulder County is one of the most educated counties in the country and is home to sev- eral advanced technology com- panies, including IBM, Google, Microsoft, Oracle, Intel, Seagate, Lockheed Martin, Ball Aerospace, Sierra Nevada, and more. Thompson Thrift has been active in the Colorado market for 11 years, developing more than 4,700 units in 11 communities between Fort Collins and Colo- rado Springs. The firm focuses on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. s Thompson Thrift announces 324-unit Heritage on Hover by Avalon Jacka AVON – The co-developers of a new apartment complex in The Village (at Avon) master planned community broke ground in December. Prime West and Columnar Development, along with gen- eral contractor Shaw Construc- tion, began construction on Bosk Apartments, a 242-unit multifam- ily community on 10.6 acres at 400 Crescent Hill Road. Crescent Hill Road was recently completed and will bound the project to the north. The podium development will be delivered in phases one building at a time, with the first units expected by November 2026 and the remaining phases antici- pated within six months after that. The 262,363-square-foot Bosk Apartments will include three four-story buildings with a mix of studios, and one-, two- and three-bedroom apartments. All of the units will have unobstructed views of the valley. Bosk Apartments will feature 9,200 sf of amenities, including a fitness and group studio, a club room, a coffee bar, coworking spaces, and an indoor/outdoor lounge on the top floor of the mid- dle building. The community will also include 470 parking spaces. The property provides immedi- ate access to a trail system to the south. There will also be a bus stop on the north side of the site, offer- ing connectivity to downtown Avon and Vail. Situated within The Village (at Avon), Bosk is proximate to exist- ing retail and office amenities, including Home Depot, Walmart and City Market. The property is a 10-minute drive from Beaver Creek and Vail resorts. OZ Architecture is the architect and Zehren Architects is the land- scape architect for Bosk Apart- ments. The project is being devel- oped in partnership with Traer Creek Land Investment Co., the master developer of The Village (at Avon). Prime West and Columnar had worked through predevelop- ment stages for approximately 18 months before the groundbreak- ing. The co-developers acquired the property in September. For Denver-based Prime West, the project marks its entry into the High Country market, hav- ing been active on the Front Range for four decades. “The Traer Creek folks were really seeking a best-in-class local developer to partner with them, so it was through relationships and reputation that led us to form this partnership with them,” said Prime West President Tim Schli- chting. “We hadn't really sought out a moun- tain develop- ment prior, but this came to us through a rela- tionship. Once we saw the opportunity and started doing our due diligence, everything that we knew about it intuitively, about the supply and demand charac- teristics in the mountains and the barriers to entry, that's really what got us even more excited about.” Jeff Farmer, Prime West vice president of multifamily develop- ment, emphasized the market fun- damentals of the site are “top of class.” Eagle County and Vail Val- ley are undersupplied, with high occupancy rates and strong rent growth, Farmer said. “It’s a market that’s vastly u n d e r s e r v e d from new rental communities, so we had capi- tal partners that were excited to work with us because of that,” Farmer said. JLL Capital Markets arranged a $73 million construction loan for the project from Bank OZK, according to previous reporting. Patterson Real Estate Advisory Group secured $73.6 million of preferred equity financing from EB5 Capital. The Village (at Avon) – a 1,800- acre, fully entitled mixed-use proj- ect – includes the right to retail, housing, open space and com- munity infrastructure. Completed projects within The Village (at Avon) include a mixed-use com- mercial building, an affordable housing complex, a market-rate rental apartment project, a hotel, an ambulance response station, a public works facility, and addi- tional retail. The project is off Inter- state 70’s Exit 168, allowing for connectivity to the High Country and the Denver metro area. s Prime West, Columnar begin work on Bosk Apartments Denver Cascade, located at 9650 Federal Blvd., sold in the highest-priced manufactured housing community sale in Colorado’s history and the larg- est noncoastal transaction nationally in 2024. Thompson Thrift The 324-unit Heritage on Hover development will include a mix of one-, two- and three-bedroom units near the intersection of Mountain Brook Drive and South Hover Street. The 242-unit Bosk Apartments, located at 400 Crescent Hill Road, will include a mix of studios, and one-, two- and three-bedroom units. Tim Schlichting Jeff Farmer
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