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MAY 6-MAY 19, 2015

by John Rebchook

To say that Bell Partners’ first

apartment community pur-

chase in the Denver area was

a big one would be an under-


Bell Partners, based in

Greensboro, North Carolina,

paid a record $255 million for

a Denver-area apartment com-

munity with its recent acquisi-

tion of Horizons at Rock Creek

in Superior, according to public


It is not only the most ever

paid for an apartment commu-

nity in theDenver area, but also

apparently is the fourth-most

expensive property ever pur-

chased in the metro area.

According to research by

ARA Newmark, which han-

dled the sale on behalf of Den-

ver-based Simpson Housing,

only three properties have ever

sold for more.

They are:

• The Wells Fargo Center,

known as the “Cash Register”

building at 1700 Lincoln St.,

which in 2012 sold for $387


• The FlatIron Crossing mall

in Broomfield, which in 2012

sold for $323 million; and

• The Park Meadows Mall

in Lone Tree, which in 1998

sold for $270 million. (The Park

Meadows Mall was sold again

in 2004 as part of a $12.6 billion

portfolio purchase by General

Growth Properties, but a new

deed wasn’t recorded.)

The $255 million price tag

for the 1,206-unit Horizons at

Rock Creek, which has been

renamed as Bell Flatirons,

despite its size, is not the big-

gest apartment sale in U.S. so

far this year, however.

The apartment building in

New York City, for example,

earlier this year sold for $575

million, or $1,000 per square


“New York, San Francisco

and possiblyChicago are about

the only cities where you are

likely to find apartment sales

that are bigger than this one,”

Hunt said.

And while, according to one

report, the most expensive

building to sell in the first quar-

ter of this year in San Francisco

was amere $22.38million, mul-

tifamily buildings there com-

mand a much higher price per


Apartment buildings sell for

far more than the $211,442 per

unit that Bell paid for the Supe-

rior community.

One 12-unit apartment build-

ing in San Francisco, for exam-

ple, sold earlier this year for

$666,667 per unit.

Last year, anapartment tower

inManhattan sold for $395mil-

lion, or $556,384 per unit.

“When buildings are selling

for $550,000 per unit, it doesn’t

take long to hit some pretty

big numbers,” said Hunt, who

handled the sale to Bell Part-

ners along with fellow ARA

Newmark brokers Jeff Hawks,

Doug Andrews and Shane


However, it is quite the

feather in Denver’s cap that a

company is willing to spend

a quarter-billion dollars on a

single asset, according to Hunt.

“It shows a great deal of con-

fidence in Denver’s growth

potential that a company

would make such a big finan-

cial investment here,” Hunt


Bell pays record $255M for apartments

The former Horizons at Rock Creek is loaded with amenities, including four pools and a beach.

by Jill Jamieson-Nichols

IBC Holdings’ bet on an

empty office building in Pan-

orama Business Park paid off

with a $24.26 million sale to

Centura Health.

Centura paid about $151 per

square foot for the 160,572-

sf Class A building at 9100

E. Mineral Circle. The health

care provider will consoli-

date corporate functions from

multiple locations, bringing

approximately 500 employees

to the building.

“We were pleased with the

outcome. We appreciated

working with Centura over

several months,” said IBC

Managing Director Marty

Farnsworth. “It’s an active,

good real estate market that

seems to be firming up, so it

was a good transaction.”

IBC bought the building

from a lender for $11.25 mil-

lion, or $70 per sf, in late 2013.

It was among only a handful

of available blocks of Class A

office space over 150,000 sf in

the southeast suburban office


Built in 1989 and formerly

occupied by United Launch

Alliance, the building offers

40,000-sf floor plates, uninter-

rupted glass lines, a 99-seat

auditorium, lunchroom, and

showers and lockers. It has

power feeds to two different

Xcel power stations.

IBCHoldings spent approx-

imately $1 million renovating

the building and was nego-

tiating a lease with Centura

Health when Centura opted

to acquire the property. Cen-

tura did not purchase two

acres of adjacent land that

would have increased park-

ing from about 3:1,000 to


“I think users in southeast

Denver continue to value

sites that have as good acces-

sibility to light rail as they

can. Certainly with this loca-

tion, you’re a five-minute

walk to light rail, if not less,”

said DTZ Executive Manag-

ing Director Doug Wulf, who

represented IBC Holdings

with DTZ’s Dan Miller.

Besides proximity to the

Dry Creek Station, the prop-

erty is immediately accessible

to “some of the best ame-

nities in southeast Denver,”

said Wulf, citing numerous

restaurants at Park Meadows

shopping center and along

County Line Road. “It’s a

tough location to beat.”

The building also is distinc-

tive architecturally. Plus, “The

site has incredible mountain

views that will be unobstruct-

ed forever. It always has been

a corporate headquarters

building and will continue to

be,” Wulf commented.

Ty Ritchie of CBRE repre-

sented Centura Health in the



IBC’s bet pays off with sale to Centura

Centura Health will consolidate corporate functions into the building at 9100 E. Mineral Circle.

Please see Bell, Page 18


Greater Denver 5 Boulder County 16 Larimer & Weld Counties 17 Colorado Springs 19 Finance 21 Law &Accounting 24 Property Management 26 CDE 30 Office 2AA Industrial 4AA Multifamily 5AA Senior Housing 6AA Retail 7AA Who’s News 16AA In this issue… Transformation

A high-profile corner in Boulder

begins its transformation as

construction of two hotels and

an office building gets underway

Charting course

Blair Madden Bui employs

her own style to carry

on her grandfather’s legacy

Retail exchange

A Glendale retail center

trades for $7.05 million in

a double 1031 exchange

Fast & furious

An apartment community

hit by a fast and fierce

hailstorm garners 20 offers