This Week's Denver Deal Sheet: Colorado Multifamily Attracts Nearly $1B In Recap Deals
Two significant recapitalizations totaling nearly $1B show the strength of Colorado's multifamily and build-to-rent sectors.
NexMetro Communities secured $300M for a four-asset BTR portfolio, including properties in the Denver and Phoenix metros, with backing from JLL, Blackstone and Artemis Real Estate Partners. The communities feature single-story, high-end homes with private backyards and resort-style amenities, catering to demand in high-growth markets, according to a press release.
JLL Capital Markets' advisory team was led by Kevin MacKenzie, Brad Miner, Michael Joseph, Matthew Putterman and Chris Shea.
“This transaction underscores the strong investor appetite for high-quality BTR assets in growth markets,” MacKenzie said.
Meanwhile, Harbor Group International, alongside The Garrett Cos. and Telis Group, finalized a $630.5M recapitalization for an 11-asset multifamily portfolio spanning 2,192 units. Eight of the 11 properties are in Colorado.
The transaction was facilitated by Walker & Dunlop’s Mo Beler and Aaron Appel. Counsel was provided by Willkie’s Real Estate Department's Carly Saviano.
“This complex recapitalization highlights the strength of institutional investment in quality multifamily developments,” Beler said in a press release.
PEOPLE
Taylor Kohrs, a Thornton-based general contractor, announced several employee promotions for 2025. Notable advancements include T.J. Cavarra to operations manager, Derek Ellefsen to general superintendent and Kat Lewis to marketing manager.
SALES
Pinnacle Real Estate Advisors managed the sale of a 21K SF industrial property at 5095 Peoria St. in Denver for more than $3.1M. The transaction, led by Kristjan Danis, allows buyer PCs for People to expand operations. The property was previously owned by American Paintball Coliseum.
LEASING
CBRE represented The Pro’s Closet in leasing about 29K SF at North Washington Commerce Center in Thornton. The cycling gear retailer, previously based in Louisville, selected the space to better align with its target market. Ryan Link of CBRE brokered the deal, with Kohlberg Kravis Roberts & Co. serving as landlord.
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SideCar PR has expanded its footprint at 1900 N. Grant St. in Denver’s Uptown neighborhood, adding more than 1,900 SF to its original 3,425 SF lease from October. Tributary Real Estate’s Andy Cullen and Jona Behm represented the communications firm, while the owner was represented by Newmark’s Grace Lessard.
FINANCING
Trammell Crow Residential and Cigna secured a $75M refinancing loan for One Seven at Belleview Station, a 250-unit luxury mixed-use community in Denver. The three-year, floating-rate loan, arranged by JLL's Leon McBroom and Mark Erland, replaces the original construction loan. The property in the Belleview Station development includes residential, retail and high-end amenities.
THIS AND THAT
Westminster-based Loenbro has expanded its operations in the Southwest by acquiring Phoenix-area industrial services provider Revolution Industrial. The acquisition enhances Loenbro’s capabilities in data centers and infrastructure. Braemont Capital, which partnered with Loenbro in 2024, supported the deal to drive strategic growth.
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Denver has issued more than 25,000 residential rental licenses since implementing its full licensing requirement for landlords in 2024, according to a report from the Department of Excise and Licenses. The program, which mandates third-party inspections to ensure safe living standards, covers more than 177,000 rental units across the city. To date, Denver has also issued 2,339 warning letters and $94K in fines to unlicensed properties.
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Major investor Land & Buildings is pushing Denver-based Aimco to sell its remaining portfolio after a $520M Miami asset sale. Citing Aimco’s undersized operations and undervaluation in public markets, Land & Buildings estimates a 30% upside to the current share price if a full sale occurs. Aimco’s board is reviewing options, including a potential full-company transaction, with Morgan Stanley advising.