Colorado-Real-Estate-Journal_480332

INSIDE 12 6 FEATURED CONTENTS SEPTEMBER 3-16, 2025 Office 6 Industrial 10 Multifamily 12 Retail 16 Finance 23 Law & Accounting 28 C DE News 36 Who's News 47 10 Headquarters move Raven Space Systems relocates to Broomfield Commerce Center New self-storage VanWest opens 92,000-sf state-of- the-art self-storage facility Affordable housing Evergreen, Shanahan bring rental and for-sale housing to Baker 16 Retail reinvestment Buyer buys mixed-use and restaurant for a second time by Avalon Jacka DENVER – A joint venture has delivered the first phase of a nearly 600-unit multifam- ily community in northeast Denver, with additional phas- es anticipated in the coming months. MBK Rental Living, with Trammell Crow Residential, partnered to develop Alexan Peña Station, a 578-unit project that will total 564,604 square feet. The initial phase, called Alexan Peña Station West, was delivered in June, about 14 months after the initial ground- breaking. Located at 6355 N. Ceylon St., three buildings in the west phase have been com- pleted. The first building in the second phase is expected to be completed in first-quarter 2026, with completion of the full proj- ect anticipated in summer or fall of next year. “The Denver International Airport and surrounding areas have seen tremendous economic growth and become major employment centers,” said Jarvie Worcester, Tram- mell Crow Residential manag- ing director for the Mountain States division. “Every day, tens of thousands of people commute to this submarket for work, as nearby hous- ing options have been limit- ed. With that as a backdrop, Alexan Peña Station aims to provide a conveniently locat- ed, luxury community with best-in-class amenities to give residents an opportunity to live comfortably in closer proxim- ity to where they work.” The completed 20-acre proj- ect will include a mix of one-, two- and three-bedroom apart- ments across 15 buildings, delivered in two phases of 289 units each. Approximately 8%, or 46 units, of the apartments will be affordable for house- holds earning up to 60% of the area median income. Unit features include stone coun- tertops, hard-surface flooring, front-control ranges, roller shade window coverings, stainless steel appliances, four Joint venture builds 578 multifamily units by Avalon Jacka CENTENNIAL – A Minne- apolis-based developer began work on the first phase of its newest Denver area develop- ment. United Properties broke ground on the 255,250-square- foot Phase 1 of Inova industrial campus in August. Located on the southeast corner of East Easter Avenue and South Lima Street, the 43-acre campus will eventually feature up to five Class A industrial buildings. Murray & Stafford is serving as general contractor for the project, and Powers Brown Architecture is serving as architect. Delivery of Phase 1 is anticipated in second-quarter 2026. “Breaking ground on the first phase of Inova comes at an opportune time, as demand for industrial space in the southeast submarket remains strong,” said United Properties Senior Vice President of Commercial Development Connor McCar- thy. “With its prime location and convenient access to Inter- state 25, this site is exception- ally positioned to meet market needs and support long-term success.” Phase 1 will include two buildings, with Building 1 mea- suring 113,770 sf and Building 3 measuring 141,480 sf. The project can also accommodate build-to-suit developments up to 200,000 sf. Phase 1 includes Expanded BP100 zoning, allowing for office and light-industrial uses. Building 1 will feature 24-foot clear height, four drive-in doors, 32 dock-high doors and a 1.71:1,000-sf parking ratio, and Building 3 features 28-foot clear height, four drive-in doors, 42 dock-high doors and a 2.09:1,000-sf parking ratio. Both buildings will have ESFR sprinklers and 3-phase power, with 3,000 amps in the larger building and 2,500 amps in the smaller building. The sur- rounding area is home to mul- tiple major corporations and United Properties begins Phase 1 of Inova Alexan Peña Station will deliver a total of 578 multifamily units and numerous amenities in two phases to the airport submarket. Please see Alexan, Page 14 Please see Inova, Page 14 The first phase of Inova industrial campus will comprise a total of 255,250 square feet in two buildings at the southeast corner of East Easter Avenue and South Lima Street.