This Week's Denver Deal Sheet
A 255-unit multifamily project by Koebel and Co. called Tempo Nine Mile, broke ground at the 22-acre Point at Nine Mile master-planned development in Aurora. The market-rate rental building, which will feature a range of one-, two- and three-bedroom units up to 1,300 SF, will eventually be connected to RTD’s Nine Mile Station by a planned pedestrian bridge.
The project is a joint venture with Chicago-based real estate services firm Draper and Kramer, which is entering the Colorado market for the first time, Mile High Development and Urban Roots Development.
PEOPLE
BH3 Management, an investment and development firm with offices in South Florida and New York, is expanding into Denver, signing an office lease in Cherry Creek. The Denver-based team will be led by Chief Operating Officer (and Denver native) Michelle Gruber.
***
Colorado Springs-based Luczak Real Estate will leave Coldwell Banker and join Keller Williams, where it will rebrand as Luczak Group. Founder Greg Luczak brings along his entire team of 15 agents and five staff.
SALES
Westside Investment Partners purchased the 24-story Denver Club Building for $14.5M, BusinessDen reports. The purchase price works out to $52.80 per SF. Seattle-based Unico Properties last purchased the building, for $30M in 2015.
The deal does not include the building's 19th or 20th floors, which are owned separately by the Denver Club, a social organization.
***
A 17K SF industrial building on 2 acres at 3788 Wheeling St. in Aurora sold for $3.47M. The buyer was represented by Lee & Associates in the deal.
CONSTRUCTION AND DEVELOPMENT
Atlanta-based Wood Partners broke ground Monday on its $90M, 216-unit residential project across from Empower Field at Mile High, the Denver Business Journal reports.
The developer said they liked the location because of its proximity to Empower Field, where the Denver Broncos play and other events are hosted throughout the year.
***
Century Communities Inc. broke ground on Century Living, its 300-unit apartment project in Parker. It will be one of several significant additions near downtown Parker, which also has a newly planned $275M development in the works, as Bisnow reported earlier this week.
