This Week’s Denver Deal Sheet
The city of Aurora broke ground on an 81-unit affordable housing development known as the Sapling Grove Apartments this week. Each unit is designed to be affordable for households making between 30% and 80% of Aurora’s median income. That means they will be affordable for single individuals earning between $24K and $62K per year.
Once completed, the complex will also offer an on-site community resource center, a fenced playground and an outdoor recreation center. The project is being developed by Grovewood Community Development, an affordable housing developer based in Denver.
“We believe that with the right opportunities and infrastructure, not just individuals, but entire communities can thrive,” Grovewood Community Executive Director Jo Ellen Davidson said in a press release. “Sapling Grove joins our portfolio of developments across south metro Denver—another branch in our growing network of communities offering residents safe and stable access to quality affordable housing.”
PEOPLE
Northmarq hired Brad Cohen as the firm’s next senior vice president. Cohen has 18 years of industry experience and specializes in office, retail and industrial investment sales. In his new role, Cohen will be responsible for originating, structuring and executing commercial investment sales for institutional, corporate and private owners.
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Sara Croot was named JPMorgan Chase’s regional sales manager for commercial mortgage lending in the Pacific Northwest and Central regions. Croot is based in Denver and is focused on permanent financing of industrial, office and retail properties.
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Allen Rutherford is set to become the next director of construction for St. John Properties. Rutherford will be responsible for day-to-day construction operations and ground-up construction management activities.
SALES
NorthPeak Commercial Advisors brokered the sale of a seven-unit multifamily property at 4101-4115 East Martin Luther King Blvd. in Denver for $1.6M. NorthPeak’s Hunter Schaefer and Jack Sherman represented the buyer and seller.
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NorthPeak Commercial Advisors brokered the sale of a 24-unit multifamily property at 4097 Vance St. in Wheat Ridge for $7.5M. Brokers Kevin Calame and Matt Lewallen represented the buyer and seller.
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Cushman & Wakefield arranged the $3.6M sale of a 36-unit apartment complex in Colorado Springs called Belmont Heights Apartments. Cushman & Wakefield’s Lee Wagner and Jeff Dimmen represented the seller, while the firm’s Pat Knowlton represented the buyer, Anchor Belmont LLC.
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SVN Denver Commercial brokered the sale of a 2,200 SF office building at 2043 Pearl St. in Boulder for $1.7M. SVN’s Steve Kawulok and Brian McCririe represented the seller, Arbor House, a mental health collective. Bryan and Erika Staggs with Key Team Real Estate Corp. represented the buyer.
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NAI Shames Makovsky brokered the sale of a roughly 16-acre plot at 5400-5440 Mclntyre St. in Golden for $5M. NAI’s Cory Dulberg represented the buyer, NexMetro Development LLC, in both transactions.
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Trion Properties, an investment firm headquartered in West Hollywood, California, purchased the 198-unit Trailpoint on Highline apartment complex in Aurora for $41.1M.
LEASES
NAI Shames Makovsky brokered the lease of a 32.5K SF industrial space at 5850 East 58th Ave. in Commerce City for Welch Equipment Co. NAI’s Craig Myles represented the landlord, 5850 East 58th Avenue LLC.
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NAI Shames Makovsky brokered the lease of a 1,900 SF retail space at 3299 Brighton Blvd. in Denver for T3 Enterprise LLC. NAI’s Paul Cattin, Adam Hubschman and Solomon Stark represented the tenant.
THIS AND THAT
A new study by InsuranceRanked.com, an online insurance marketplace, ranked Colorado as the fifth most dangerous state for construction workers after finding high worker fatality rates and low Occupational Safety and Health Administration enforcement in the state.
