This Week’s Denver Deal Sheet
BMC Investments bought Advenir Del Arte, a multifamily property in Aurora comprised of 351 units across 17 buildings. The property at 151 S. Joliet Circle was originally built in 1986 and offers apartments and townhomes.
This will be one of 11 workforce housing communities owned by BMC, and its fifth in Aurora. BMC plans to rebrand the community to The Joliet at Lowry and invest heavily in renovations.
The property will be managed by Willow Bridge Property Co.
The price was not announced. The deal was financed by Freddie Mac, with a deal arranged by CBRE.
SALES
California-based Tourmaline Capital has purchased Aurora City Place, a 360K SF retail space, for $58M.
The complex is situated on 42 acres, with some of the property stretching down to Alameda Avenue, just north of the Aurora Town Center mall. Much of the land is surface parking lots. Tenants include Michaels, PetSmart and FiveBelow.
According to public records quoted by the Denver Post, PREP Property Group purchased the site in February 2020 for $51.4M.
PEOPLE
Rocky Mountain Communities, the Denver-based affordable housing nonprofit, has hired Su Chae as vice president of finance.
Su brings 13 years of experience in nonprofit accounting and finance to RMC. As vice president of finance, she will oversee all finance and accounting functions for RMC.
Prior to joining Rocky Mountain Communities, Su worked as the director of finance and accounting for NextFifty Foundation. She has also worked for Habitat for Humanity of Metro Denver, Seniors’ Resource Center and Heather Gardens Association.
LEASES
Stratus Surfaces, a Texas-based stone wholesaler, announced plans to open a 57K SF warehouse and showroom in Denver’s Central Park neighborhood in September.
The facility, at 9575 E. 40th Ave., will be the company's sixth location and its first in Colorado. The company has spent the past several months building out its Denver space. Among the additions are a five-ton crane used for moving and loading stock.
Aviva Sonenreich and Josh Sonenreich, with The Warehouse Hotline, represented Stratus Surfaces. Todd Witty, of CBRE, represented the building owner.
CONSTRUCTION AND DEVELOPMENT
Brinkmann Constructors announced the completion of two Denver projects.
In partnership with Palisade Partners, Brinkmann recently completed construction on 4228 Kalamath St., a 132K SF multifamily community. The three-story residential building added 117 units to Denver’s Sunnyside neighborhood, a rapidly growing transit-oriented area.
And along with Texas-based Lovett Industrial, Brinkmann recently completed the construction of a 201K SF industrial project in Denver at 70th Avenue and Broadway. The property is a Class-A, single-building industrial development in Twin Lakes with direct access to Interstate 25, Interstate 76 and Interstate 270.
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FlatIron Crossing has announced the details of the new mixed-use community coming to Broomfield.
FlatIron by Crescent Communities is a five-story, 345-unit luxury multifamily project at FlatIron Crossing, the shopping center in Broomfield. The project will continue to be anchored by AMC Theatres to the south and will include 65K SF of dining, entertainment and retail surrounding green space for gatherings and events.
THIS AND THAT
Chez Artiste, a Denver arthouse movie theater that opened in 1972, will permanently close this week.
At 4150 E. Amherst Avenue in University Hills Plaza, Chez Artiste has been operated by California-based Landmark Theatres since 1992. The theater specialized in foreign language and independent films.
Landmark will continue to operate two other movie theaters in the metro Denver area: the Mayan at 110 Broadway in Denver and the Landmark Greenwood Village near Interstate 25 and East Belleview Avenue.
