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Page 4 — Health Care Properties Quarterly — January 2018
Health Care News
Construction manager Pinkard
Construction, with owner Frasier
Meadows and Hord Coplan Macht
Architects, recently held a celebra-
tion and blessing of Frasier Mead-
ows’ upcoming master plan expan-
sion.
The event kicked off the
$90-plus-million (soft costs) con-
struction project with a ceremonial
demolition of the flood-damaged
assisted living building on Frasier’s
20-acre Boulder campus.
“Truly, Frasier’s past is the foun-
dation that inspires our future
dreams. After the devastating 2013
flood that greatly affected us, a
new genesis of our master plan
began to take shape. It’s been four
years of planning and working with
the residents, staff, the city and
our master plan partners to arrive
at this point – and we couldn’t be
more pleased for the future of Fra-
sier,” stated Frasier President Tim
Johnson.
For the ceremonial demolition
of the old assisted living building,
residents, guests and staff were
allowed to take turns operating
huge backhoes to take “swipes” at
the old building.
Designed by Hord Coplan Macht
Architects, Frasier’s master plan
expansion includes 98 additional
independent living apartments, a
new arts and education building,
an expanded wellness center and
extensive renovations of dining
venues.
Frasier is Colorado’s only CARF-
accredited continuing care retire-
ment community. It is located at
350 Ponca Place in Boulder.
Littleton medical office building
trades at 7.82 percent cap rate
A medical office property at 7325
S. Pierce St. in Littleton recently
sold at a 7.82 percent cap rate.
The unidentified buyer paid $2.33
million, or $177.34 per square foot,
for the more than 13,000-sf build-
ing.
Built in 1984, the property has
undergone numerous capital
improvements over the past year.
Pinnacle Real Estate Advisors
LLC’s Jeff Johnson, co-founder and
principal with the Johnson Ritter
Team, represented the seller in the
transaction.
“After completing extensive reno-
vations to the property and stabi-
lizing the tenant base, the seller
was able to offer the buyer a true
turnkey investment property,” stat-
ed Johnson.
Pinnacle also recently announced
the sale of the Metro Urgent Care
located at 7320 N. Federal Blvd. in
Westminster.
The 4,018-sf building sold for $1.7
million, or $423 per sf.
Rob Edwards and Tom Ethington,
principals of the firm, represented
the seller in the transaction.
“We received a lot of interest
on the property given the Metro
Urgent Care is strategically located
along a major retail corridor that
sees over 55,000 vehicles per day,
coupled with a brand new 7-Eleven
and Starbucks currently under
construction next door,” stated
Edwards. “The seller was pleased in
our ability to find an all-cash buyer
who was willing to close quickly
within 98 percent of list price.”
Leisure Care, MGL partner on
Belleview Station project
Seattle-based senior housing
management company Leisure
Care has partnered with local
development firm MGL Partners to
bring a new, contemporary senior
living option to the Belleview Sta-
tion area in May.
Offering independent living,
assisted living and memory care
services, The Carillon at Belleview
Station will provide residents with
a modern and active environment
featuring high-end amenities com-
monly associated with a luxury
hotel.
“We are looking forward to our
new residents seeing firsthand
what it feels like to live in a Leisure
Care community,” said Terry Raisio
of Leisure Care. “And we are very
happy to extend The Carillon brand
to the Denver market after an
extremely successful partnership
with MGL bringing The Carillon at
Boulder Creek to fruition.”
Located in the Denver Tech Cen-
ter’s mixed-use Belleview Station
neighborhood, residents will have
convenient access to the Belleview
Station light rail and the surround-
ing neighborhoods. Amenities
include a ground-floor restaurant
with open views to the kitchen
and chefs, and fireside seating.
The Carillon at Belleview Station
will feature a wellness suite on the
second floor with a salon and spa,
in addition to a fitness center. Resi-
dents also will enjoy views of the
mountains from the 1,500-square-
foot sky lounge on the top floor,
which includes a full-service bar,
TV and an outdoor terrace. Valet
services also are available.
“We are excited to bring a new
contemporary, stylish and comfort-
able option to Denver seniors who
want to live in a transit-oriented
neighborhood with lots of retail
options nearby, such as restau-
rants, shopping and more,” said
Mike Gerber of MGL Partners. “It’s
also a convenient location for those
who have family members working
in the nearby areas.”
Managed by Leisure Care, The
Carillon at Belleview Station will
feature six floors and 163 apart-
ments, including 139 independent
and assisted living suites and 24
memory care suites. Leisure Care
also bring its lifestyle-enhancing
services, including its signature
health and wellness program and a
full-service in-house travel agency.
Model apartments will be avail-
able to view in February at the
project at 4855 S. Niagara St. in
Denver.
CA Senior Living starts work on
Atria Englewood community
CA Senior Living LLC, the senior
housing investment and develop-
ment division of Chicago-based
CA Ventures, recently started con-
struction on Atria Englewood, a
seven-story, 130-unit senior living
community in Englewood.
Atria Senior Living will operate
the community, which will offer a
mix of assisted living and memory
care apartments when it opens
in summer 2019. Atria is a lead-
ing operator of independent living,
assisted living, supportive living
and memory care communities,
with nearly 200 locations across
the U.S. and Canada, including two
in the Denver area and a third in
Longmont.
“The acquisition of this site in a
dense, affluent community near
Denver reflects our commitment to
Frasier Meadows
The Frasier Meadows master plan expansion will include 98 additional independent living apartments.
The more-than-13,000-square-foot building in Littleton sold as a turnkey investment.