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by John Rebchook

At long last, a key block in

downtown is being developed.



Novare Group and partners,

including Denver-based Simp-

son Housing, officially broke

ground Feb. 17 on the 26-story,

354-unit SkyHouse Denver

apartment tower at East 18th

Avenue and Broadway.

“SkyHouseDenverwill elimi-


that has plagued downtown

Denver’s urban landscape for

decades,” urban planner Ken

Schroeppel wrote on his Den-

verInfill blog.

He further described it as a

“parcel in dire need of develop-


Simpson Housing also has

been Novare’s joint venture

partner on SkyHouse River

Oaks, SkyHouse Houston and

SkyHouse Dallas.

“We benefit greatly from

Simpson Housing’s involve-

ment due to their knowledge

and reputation in the multifam-

ily industry and we are excited

about this project in their home

market of Denver,” saidNovare

President andCEO JimBorders.

In addition to SimpsonHous-

ingandNovare, theotherdevel-

opment partner on SkyHouse is

SkyHouse brings 26-story tower downtown

A drawing of the SkyHouse Denver under construction at 18th Avenue and Broadway

by Jill Jamieson-Nichols

Unico Properties became one

of the largest owners of office

properties along the Front

Rangewith its purchase of a 1.5

million-square-foot portfolio

fromW.W. Reynolds Cos.

The deal included 27 Boulder

buildings that reportedly trad-

ed for $168.4 million. Along

with 20 office, flex and indus-

trial buildings in Fort Collins,

which Unico quickly spun off,

the deal involved at least $225

million of real estate, accord-

ing to a knowledgeable source

who wasn’t involved in the


“This transaction, at approxi-

mately 1.5 million square feet,

represents the largest real estate

transaction by square footage

this cycle, and it elevates Uni-

co’s position in this market as

one of the largest office land-

lords in the Front Range,” said

Geoff Baukol, senior vice presi-

dent of institutional properties

at CBRE Capital Markets.

“We feel fortunate to have

uncovered the opportunity

to invest in this extraordinary


said Ned

C a r n e r ,

U n i c o

P r o p e r -




of acquisi-

tions. “This

was a very

large and

c o m p l i -

cated transaction that required

significant creativity and inge-

nuity.We’re thrilled to bework-

ing with W.W. Reynolds, one

of Boulder’s premier real estate

companies, and we look for-

ward to a continued partner-

ship with the company as they

manage the portfolio for us.”

Unico purchased the proper-

ties in partnership with AEW

Capital Management LP, a

global real estate investment


Boulder-based W.W. Reyn-

olds developed the properties

over a 15-year period starting

in 1985. Company President

Bill Reynolds has had discus-

sions with Unico for years and

reached out to the company

when he decided to sell.

“Timing and the strength of

the real estate market in Boul-

der and Fort Collins made this

opportunity to sell a portion of

my portfolio possible,” he said.

“Having personally developed

all of the properties included in

this sale, itwas important tome

Unico boosts Boulder holdings by 1.01M sf

HighPoint is a three-story building with covered parking.

Ned Carner

by Jill Jamieson-Nichols

After buying 1.5 million

square feet of Boulder and

Fort Collins properties from

W.W. Reynolds Cos., Unico

Properties and AEW Capi-

tal Management flipped the

Northern Colorado assets,

which didn’t fit Unicoʼs strat-

egy of growing its Boulder


The prices Unico paid and

received for the 507,005-sf

Fort Collins portfolio weren’t

released, but the assets likely

traded below the price paid

for the Boulder properties,

which was approximately

$166 per sf. The buyer was

Prospect Development Part-

ners LLC, which is affiliated

with The Pauls Corp.

The assets comprise 20 pre-

dominantly flex buildings

in Fort Collins’ largest busi-

ness park, along East Pros-

pect Road, betweenMidpoint

and Sharp Point drives. They

include Midpoint Park, Lake

Center One, One Prospect,

Plum Tree Plaza and River


CBRE Senior Vice President

Tyler Carner, Vice President

Jeremy Ballenger and Senior

Vice President Geoff Baukol

Pauls buys Ft. Collins assets Please see Greater Denver, Page 8 Please see Unico, Page 12 Please see Ft. Collins, Page 14 In this issue…


Calling card

Investors come calling when a

building leased to Verizon hits the market

Inventory down

Coming off a near-record

year, retail property sales slow –

to $659.9 million – in 2014

Shaping the city

Joe Vostrejs and his partners

have renewed and reshaped

Denver’s urban fabric

Taking the reins

The longtime owners of the

Elephant Corral hand over the reins


Greater Denver 4 Boulder County 12 Larimer & Weld Counties 13 Colorado Springs 15 Finance 22 Law &Accounting 26 Property Management 28 CDE 33 Office 2AA Health Care 3AA Industrial 4AA Multifamily 5AA Retail 8AA Who’s News 16AA 4 4 1AA 2AA