Colorado-Real-Estate-Journal_465855

INSIDE 14 6 FEATURED CONTENTS JUNE 18-JULY 1, 2025 Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 23 Law & Accounting 25 CDE News 30 Who's News 40 10 Flagship lease Cherry Creek School District leases 57,000 sf at Metropoint II Industrial portfolio Principal Asset Mgmt. buys five Denver assets in $153M deal Downtown living Wood Partners breaks ground on Alta Flatirons in Superior 18 New retail center Evergreen Devco debuts Frederick’s first King Soopers store by Avalon Jacka COLORADO SPRINGS – A California-based real estate investment firm acquired a Class A multifamily property in the Cimarron Hills neigh- borhood from the project developer. NALS Apartment Homes acquired Upland Flats, situat- ed on 15.5 acres at 2645 Akers Drive, from Thompson Thrift in May. The 300-unit asset traded for $81.18 million, according to SKLD Infor- mation Services. Thompson Thrift earned a 2024 Multi- family Innovation Award for the garden-style community. “The successful sale of Upland Flats reflects the strong appeal of our thought- fully designed communi- ties in dynamic markets like Colorado Springs,” said Thompson Thrift Residential Managing Partner Josh Pur- vis. “From the community’s award-winning design to its prime location near major employers and retail, Upland Flats embodies our commit- ment to creating exceptional living experiences for today’s renters.” Equity for the develop- ment was provided by the Watermark 2021 Multifam- ily Development Fund III LP. Matt Barnett, Dan Wood- ward, Jake Young and Dave Potarf of Walker & Dunlop brokered the transaction. “This transaction is another example of sustained investor interest in high-growth sec- ondary markets, especially when paired with institution- al-quality assets,” Potarf said. “Colorado Springs continues to demonstrate strong fun- damentals, including positive population trends, solid job growth and a favorable busi- ness climate – all of which contribute to a compelling multifamily investment opportunity. Our team was pleased to support both par- ties in executing a smooth, strategic deal that aligns with their long-term objectives.” Built in 2023, Upland Flats includes a mix of one-, two- and three-bedroom units ranging from 697 to 1,316 square feet in nine three-story buildings. Units include high- quality finishes, including gourmet-bar kitchens with granite or quartz countertops and tile backsplashes; stain- less steel appliances; designer light fixtures; walk-in closets; garden tubs; and full-sized washers and dryers. The community is currently 91.7% leased. The 297,762-sf community features numerous resort- style amenities, including a pool with a spa and sundeck, a 24-hour fitness center, dog park, outdoor kitchens and a barbecue area, a clubhouse, a business center, a courtyard, fire pits, a bike repair shop, NALS Apartment Homes buys Upland Flats by Avalon Jacka COLORADO SPRINGS – A national affordable housing developer is set to bring a new housing project to southeast Colorado Springs. Lincoln Avenue Commu- nities is developing Bradley Ridge Apartments, a 336-unit affordable multifamily proj- ect on 20.18 acres southwest of the Bradley Landing Bou- levard-Bradley Ridge Drive intersection. The development plan was recently approved by the city of Colorado Springs , which induced bonds for the project in May. Project partner Pikes Peak Real Estate Foun- dation anticipates closing all the tax credits for the project in the fall. Groundbreaking is anticipated at the beginning of 2026, with final delivery expect- ed in 2028. Additional partners include Way Architects P.C. serving as architect, CSI Inc. serving as general contractor, Kimley Horn serving as civil engi- neer, NES serving as landscape designer, and Studio B serving as interior designer. The project is estimated to cost a total of $151 million. The city issued private activity bonds totaling $76 million to finance the project. PPREF will close on the land for the project later this year and provide a ground lease to Lincoln Avenue Communities, providing the developer with flexibility to finance the ameni- ties, including the early child- hood education center. PPREF recently received $4.85 million in funds for Bradley Ridge Apartments from the Propo- sition 123 Land Banking pro- LAC develops Bradley Ridge Apartments The 297,762-square-foot Upland Flats includes a mix of one-, two- and three-bedroom units ranging from 697 to 1,316 sf in nine three-story buildings. Please see NALS, Page 40 The 336-unit Bradley Ridge Apartments will include a clubhouse, fitness center, three play- grounds, two dog parks, walking trails and an early childhood education center managed by Early Connections Learning Center. Please see LAC, Page 40