This Week's Denver Deal Sheet
A 105-unit apartment building in Denver's Lower Highland neighborhood reportedly sold for $40.5M. The Denver Business Journal reported that Seattle-based Timberlane Partners purchased the building at 2828 Zuni St. on Aug. 30.
In 2015 the building was sold to an institutional investor for $32M. This latest purchase was via Timberlane Acquisition Fund, the firm’s closed-end real estate fund used to acquire multifamily assets. The sale was Timberlane’s first acquisition in Denver.
SALES
Pinnacle Real Estate Advisors arranged the sale of Eliot Flats, a multifamily property at 3233 Eliot St. in Denver. The asset traded for $8.8M. Built in 2015, Eliot Flats offers 30 studio units and 10 one-bedroom units.
Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal. The name of the seller was not released.
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Centennial Promenade, an 826K SF shopping center in Centennial, was purchased for $98M on Aug. 30 by Seattle-based Bridge33 Capital. The 45-acre property is just off I-25 near Ikea. Its tenants include Total Wine & More, Michaels, Petco and Golf Galaxy.
Centennial Promenade is the 15th-largest shopping center in metro Denver, according to the Denver Business Journal. It was previously owned by Ohio-based Site Centers Corp.
LEASES
The New York-based fitness franchise Pvolve is opening Colorado locations for the first time. Franchisee Cali Kyle told the DBJ that the studio’s Denver location, a 3.2K space at 1610 Little Raven St., costs about $500K to renovate. That studio, in the city’s Lower Highland neighborhood, is not yet open for business.
The company is also expected to open another Pvolve studio in Boulder next summer.
CONSTRUCTION AND DEVELOPMENT
Evergreen Devco Inc. broke ground on its new industrial space at 805 Rosemary St. in Commerce City. The 6.9-acre site will feature a 54K SF industrial building with a 3-acre outdoor storage yard, according to MileHighCRE.
Evergreen purchased the property earlier this year for $3.5M. Kirk Vanino and Matthew Nora with Lee & Associates will list the building.
FINANCING
RedPeak Properties has obtained $51M in financing for Elowyn Townhomes in southwest Denver. The property, at 4725 W. Quincy Ave., features 211 one- and two-bedroom units on 14.7 acres. Originally built in 1975, the community was renovated in 2014.
Tony Nargi and Eric Tupler of JLL capital market debt advisory originated the five-year, fixed-rate, Fannie Mae loan, which features full-term interest-only payments. JLL Real Estate Capital LLC will service the loan.
