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Page 6AA — COLORADO REAL ESTATE JOURNAL — June 17-June 30, 2015
$200,000 per unit,” Potarf said.
He said the Monterey is in
good shape.
“I think the physical asset was
really nice,” Potarf said.
“It was built in 2002, so it prob-
ably isn’t a true value-add deal,
but the units probably could use
some minor upgrades,” he said.
The Monterey also benefits
from its west-side location, he
said.
“Demand is very strong from
renters on the west side and there
is little land available for new
construction,” Potarf said.
Potarf said that theDenver-area
apartment market is so strong
that even if interest rates rise
later this year, as many expect,
it would have little impact on
demand from investors.
“Investors will just find differ-
ent ways to purchase properties,
if interest rates do rise,” Potarf
said.
Other News
n Trammell Crow Residential
plans to develop an eight-sto-
ry, 164-unit apartment building
at 3300 E. First Ave. in Cherry
Creek.
“This will be one of the first
projects to break ground in Tram-
mell Crow Residential’s build-to-
core strategy and we are excited
to be a long-term owner and
neighbor in Cherry Creek,” said
Matthew Schildt of TCR.
“It is already a fantastic place
and we are confident that it will
become even better over time,”
Schildt continued.
“We continue to focus on
developing extremely high-
quality residential projects in the
highest-quality infill locations in
the Front Range,” he said.
TCR plans to break ground
this month, with completion
near the end of 2017.
The seller was Ogilvie Proper-
ties Inc., a value-add investor,
which specializes in reposition-
ing commercial real estate in the
Denver area.
“I don’t think we could have
had a better buyer than TCR to
complete this complex transac-
tion,” said Stuart Ogilvie, presi-
dent of his namesake company.
“TCR will bring a top-class
apartment development and we
will bring a first-class retail and
office redevelopment,” to the site.
“Together we bring a much
needed mixed-use project to the
Cherry Creek East community,”
Ogilvie added.
The land, slightly less than
an acre at the southwest corner
of East First Avenue and Cook
Street, was sold to TRC by the
Denver ARA Newmark Land
Services team of Chris Cowan
and Steve O’Dell.
“This was an extremely unique
opportunity in the Cherry Creek
submarket that came with sev-
eral layers of deal complexity,
including replacing a parking
requirement for an existing office
building and a rezone,” Cowan
said.
“In the end, Ogilvie Proper-
ties and TCR were able to see
the bigger vision and success of
a mixed-use development and
able to overcome all obstacles,”
Cowan said.
“This will be an irreplaceable
asset for TCR.”
n An unidentified buyer paid
$1.92 million, or $147,615 per
square foot, for a 13-unit commu-
nity at 1521 Humboldt St.
The property, built in 1930, is
just off East Colfax Avenue near
Cheesman Park.
Jeff Johnson and Matt Ritter,
with the Johnson Ritter Team at
Pinnacle Real Estate Advisors,
assisted the seller and the buyer
in the transaction.
“This is an attractive property
due to its excellent location and
vintage building characteristics,”
Johnson said.
“The property was well main-
tained with many upgrades,
including an updated electrical
system, he said.
The buyer owns other proper-
ties in Denver.
“The buyer is excited to add
this property to his Denver port-
folio,” Johnson said.s
A look at the Alexan Cherry Creek, being developed by Trammell Crow
Residential.