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October 2017 — Health Care Properties Quarterly — Page 23
Urgent care facility sells for
$708.72 per square foot
The CareNow Urgent Care build-
ing in Aurora sold Oct. 3 at a price of
$4.43 million, or $708.72 per square
foot.
The facility at 5620 S. Parker Road
was sold by an unidentified seller.
The buyer was represented by Jules
Hochman and Justin Brockman of
Pinnacle Real Estate Advisors LLC.
Sable Care sells for $45,000 per
licensed bed
A New York-based health care real
estate investor acquired the Sable
Care and Rehabilitation Center in
Aurora for $5.4 million, or $45,000 per
licensed bed.
The new owner will lease the 120-
bed facility to a regional operator
with an existing footprint in Colo-
rado.
Blueprint’s Christopher Hyldahl and
Gideon Orion were the lead advisers
on the transaction. Blueprint repre-
sented the seller, a publically traded,
California-based real estate invest-
ment trust, for which the offering
represented a strategic noncore dis-
position. A selective and confidential
marketing campaign positioned the
asset as a value-add play in which an
operator with synergies in the region
and local market could unlock sub-
stantial value, according to Blueprint.
At the outset of marketing, trailing
12-month operational performance
yielded $5.95 million in total revenue
with overall occupancy at 56 percent.
The Sable Care facility at 656 Dil-
lon Way is located close to the Uni-
versity of Colorado Hospital and CU
Anschutz medical campus.
Northstar, Balfour partner on newly
completed Stapleton facility
Northstar Commercial Partners
completed Balfour Senior Care’s lat-
est senior living community.
Northstar partnered with Balfour
on the 63,000-square-foot, 74-resi-
dence location at 2979 S. Uinta St. in
Stapleton.
“This community and these resi-
dences are exceptional,” said Brian
Watson, chairman and CEO of
Northstar. “A heartfelt congratu-
lations to all involved in making
this possible, as it will be our local
seniors who truly benefit from the
quality of care and lifestyle Balfour
will help provide here.”
“The neighborhood and vicinity
will benefit tremendously from this
new addition,” added Don Marcotte,
director of development at North-
star. “The Balfour Stapleton com-
munity will not only provide some
of the best care in the state to its
senior residents, it will also bring
with it new jobs and opportunities
to the area.”
The facility, Balfour at Stapleton,
will support residents who require
assistance for day-to-day activities
as well as individuals living with
dementia and Alzheimer’s.
In addition to Stapleton, North-
star is currently working to finalize
another development for Balfour in
Ann Arbor, Michigan, a $51 million,
151-residence where construction is
expected to begin this year. North-
star also is ready to complete other
senior care locations in Las Cruces,
New Mexico, and Bloomington, Illi-
nois, for another operator, and plans
to continue its work in the senior
living and care space throughout the
United States.
Howell completes first phase of
renovation for Denver Health facility
Howell Construction recently com-
pleted the first phase of a two-phase
renovation for Denver Health’s Pavilion
MACUTE Center for Eating Disorders,
which first opened in 2008, becoming
the only medical inpatient eating disor-
der treatment program in the country.
This project includes the renovation
of approximately 23,000 square feet,
consisting of 30 patient rooms, nurse
stations, nourishment center, waiting
room, equipment/supply rooms and
mechanical/electrical rooms. Phase 2 of
this renovation began in mid-June and
is scheduled for completion in Novem-
ber.
Howell’s extensive experience working
in Denver Health’s occupied facilities set
this project up for success, as they were
faced with the challenge of construct-
ing directly over an outpatient surgery
center and below an active inpatient
adolescent psychiatric unit, according to
the company.
RTAArchitects was the architect for
the renovation.
Renovations complete at Kentucky
Circle Village community
Renovations are complete to Kentucky
CircleVillage, an 8-acre, income-restrict-
ed apartment community for seniors
age 62 and older.
The upgrades brought the communi-
ty’s 172 homes up to date while ensur-
ing continued affordability at the site for
at least another 20 years.
The $3 million project received financ-
ing from several public and private
sources, including the Denver Office of
Economic Development.
Established by a group of local church-
es in 1959, Kentucky CircleVillage con-
sists of 125 single-story, semi-detached
bungalows nestled along the loop of
Kentucky Circle, just east of Colorado
Boulevard. An additional 47 units were
added within a multistory building in
2000. A total of 147 of the units are for
seniors whose income does not exceed
$35,280 annually (60 percent of the area
median income).The remaining 25 units
are leased at market rate to seniors.
“We’re working tirelessly to make this
a market and city that works for every-
one, and it’s critical that we preserve
the affordable housing options that
exist today,” said Denver Mayor Michael
B. Hancock. “We’re proud to play a role
in improving the Kentucky CircleVil-
lage community, and in turn, extending
affordability for residents today and well
into the future.”
Property renovations included storm
door replacement, new roofing, siding
and masonry repair, painting, improved
exterior lighting, furnace replacement,
installation of low-flow toilets and fau-
cet aerators, and major upgrades and
repairs to landscaping and drainage
systems.
Kentucky CircleVillage is owned in
partnership by Senior Homes of Colora-
do Foundation, Inc., a nonprofit organi-
zation (jointly owned by First Plymouth
Congregational Church in Englewood,
American Baptist Churches of the Rocky
Mountains and Green Mountain Pres-
byterian Church in Lakewood) and tax
credit investor Midwest Housing Equity
Group.
“We are thrilled to be able to continue
our mission of offering affordable hous-
ing to seniors for even more decades to
come, and certainly very thankful for
our partners that made this renovation
project possible,” said Julie Hoebel, exec-
utive director, Kentucky CircleVillage.
The OED provided $410,000 in financ-
ing to help support the preservation
of affordable units at Kentucky Circle
Village. Other public financing part-
ners include the Colorado Housing and
Finance Authority and the Colorado
Division of Housing.▲
News
The 120-bed facility in Aurora will be operated by a regional group with an existing footprint
in Colorado.
Balfour at Stapleton comprises 74 residences.
The renovation at Denver Health included 30 patient rooms and nurse stations.
The CareNow Urgent Care facility sold for $4.43 million.