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by Jennifer Hayes

A Denver-based multifam-

ily investment and manage-

ment firm is keeping true to

its plans to be “always buy-

ing, always

s e l l i n g ”



recent dis-


of a pair of


S p r i n g s



G r i f f i s

Re s i den -

tial sold the Sagebrook and

The Oasis in separate trans-

Springs apartments sell for $88.8 million

The Sagebrook apartments, one of two communities recently sold by Griffis Residential, sold to a

Boulder buyer for $48.8 million.

David Birnbaum

by John Rebchook

Last year was one for the

record books when it came to

apartment sales in the Denver


Cary Bruteig, principal of

Apartment Appraisers &

Consultants, reported there

was a record $3.25 billion in

multifamily building sales in

the Denver area in 2014.

Bruteig, in his Apartment

Insights quarterly report,

which tracks sales of apart-

ment communities with at

least 50 units, showed that the

sales volume was about 78

percent higher than the $1.8

billion in sales in 2013.

However, the volume of

20,273 units sold last year as

only 41.5 percent higher than

the 14,326 units sold in 2013.

When just communities

with 100 or more units are

included, which has been

the metric that Bruteig has

been using for more than two

decades, the total came to just

under $3.1 billion in sales.

“The next highest was $2.5

billion in 2012,” for the sale of

communities with at least 100

units, Bruteig said.

Not only did more units

sell, but also they fetched sub-

stantially higher prices, Bru-

teig reported.

The average unitʼs price

was $157,051, 25.2 percent

more than the average unit

sales price of $125,403 in 2013.

On a per-square-foot basis,

sales averaged $181.29 in

2014, 21 percent higher than

$140.14 per sf in 2013.

Monthly rents, meanwhile,

booked a “stunning” 12 per-

cent year-over-year gain,

according to Bruteig’s report.

The rent increases came at

a time when the inflation rate

hovered around 2 percent.

Almost certainly, that pro-

vided the biggest the larg-

est increase ever in terms of

“real” dollars and not just

nominal dollars.

Apartment experts said

that Bruteig’s report is right

on target.

Jeff Hawks, a principal of

the Denver office of ARA,

said it is important to put last

year’s apartment market into

historical perspective.

“I would say it is highly

likely that we hit sales last

year of 50 percent higher

than our previous biggest

year,” Hawks said.

“I think the $3.2 billion in

sales is bigger than what the

entire market sold during the

decade of the 1990s,” Hawks


Investorsʼappetite for Den-

ver-area apartments drove

up prices to never-before-

seen levels, he said.

“For the first time, we saw

multiple transactions above

$200,000 per unit and some

cases of more than $300,000

per unit,” Hawks said.

“Even the 1970s value-

add properties were going

for more than $100,000 per

unit,” he added.

Few analysts predicted

such a gangbuster year.

“I didn’t see it coming,”

Hawks said.

Buyers pay a record $3.25B for apartments

by Jill Jamieson-Nichols

A global company will

make a big statement in Den-

ver with a move to a high-

profile building near Denver

International Airport.

Kärcher North America

leased an 87,000-square-

foot Class A office building

at Interstate 70 and Peña

Boulevard for its North

American headquarters.

The building at 4555 Air-

port Way is next to Prologis’

operational headquarters,

and, like Prologis, Kärcher

Kärcher will lease the building at 4555 Airport Way from Prologis.

Kärcher leases building near DIA for NA headquarters Please see Kärcher, Page 6

Please se

e Apartments, Page 13 In this issue…


Adding up

CapRidge Partners has added two

more assets to its Denver portfolio

Big time

A Denver commercial real estate

company that decided to “go big” now

is part of DTZ, the third-largest

company of its kind in the world

Nice move

Lowe Enterprises Investors

pays $51 million for an apartment

community in ‘a great value-add play’

First purchase

A California-based company

buys Greenbriar Plaza Shopping

center in its first Colorado acquisition


Greater Denver 4 Boulder County 10 Larimer & Weld Counties 12 Colorado Springs 13 Finance 15 Law &Accounting 18 Property Management 20 CDE 25 Office 2AA Health Care 3AA Industrial 4AA Multifamily 5AA Retail 6AA Who’s News 13AA 4 8 1AA 6AA Please see Buyer, Page 24 Please see Buyers, Page 24