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Page 8 — COLORADO REAL ESTATE JOURNAL — June 17-June 30, 2015
Providing innovative engineering consulting solutions since 1971.
Greater Denver
The six-story building at 7595 E.
Technology Way was constructed
in 1999 as part of the JD Edwards
campus and is one of the newest
and highest-quality assets in the
DTC, Farrar said. It is one of the
few properties in the submarket
that offers a structured parking
garage with underground con-
nectivity to the office building.
The parking ratio is just over
4:1,000 sf.
DTC Crossroads occupies a
strategic corner location fronting
both Interstate 25 and I-225. It is
within a short walk of the Bel-
leview light-rail station, hotels,
restaurants, a new 1,400-unit
apartment community and other
amenites.
Geoff Baukol, Mike Winn and
TimRichey of CBRE are the listing
brokers.
Vancouver, Ontario, Canada-
based City Office REIT is focused
on owning high-quality office
assets in markets primarly in the
Southern and Western United
States.Withpreviouslyannounced
acquisitions still to close, its portfo-
lio will reach 2.7 million sf.s
pool,” Stucker said.
The area also has strong demo-
graphics.
The average household income
within a three-mile radius is
$62,218, while within a five-mile
radius it is $73,607, according to
JLL’s research.
Meanwhile, Santa Fe Drive and
West Hampden Avenue, com-
bined, draw about 130,000 vehi-
cles daily.
“It is a high-visibility site,”
Stucker said.
As this sale indicates, there is no
shortage of interest from inves-
tors in Denver-area multifamily
housing, Stucker said.
That is a trend he expects to
continue.
“There is an amazing amount
of capital available for real estate
investments in general, and Den-
ver is the darling of the invest-
ment industry,” Stucker said.
For one thing, despite record
rents and values, Denver pro-
vides a better deal than investing
on either the West or East coasts,
he said.
“You can pay a slightly higher
cap rate in Denver and the delta,
or difference, of the return on
your investment yield is greater
in Denver than on either coasts,”
Stucker said.
“You can achieve a measurably
better return on your investment
than on either coast,” he said.
Other News
n Phoenix-based Evergreen
Development recently complet-
ed the 250-unit Outlook Little-
ton apartment community on
16 acres at West Mineral Avenue
and South Platte Canyon Road in
Littleton.
The community includes 10,000
square feet of retail space.
Outlook Littleton is near a light-
rail stop and the Aspen Grove
ShoppingCenter andmiles of hik-
ing and biking trails, including the
Platte River trails.
“OutlookLittleton isoneof three
multifamily development projects
that we have underway in the
Denver area,” saidJeffWikstrom,
vice president ofmultifamily com-
munities for Evergreen Develop-
ment. “Our other multifamily
communities under development
are located in Golden and in the
Denver Tech Center.”
The two- and three-story com-
munity in Littleton includes:
• A resort-style pool and hot
tub, clubhouse, billiards and
business center;
•Afitness center, running track,
dog park and dog wash;
• A community garden and
great lawn;
• A bike and ski maintenance
facility; and
• Detached, private garages.
Rents begin at $1,215 a month
for a one-bedroomunit and $1,599
for a two-bedroom unit.
“Outlook Littleton will be a
family friendly community with
convenient shopping and din-
ing options, and access to plenty
of outdoor activities,” Wikstrom
said.
Denver-based Kephart is the
architect. Rand Construction
Corp. is the contractor.
Building and Land Technol-
ogy, based in Stamford, Connecti-
cut, is Evergreen’s equity partner.
“Evergreen’s concept for the
apartment community, combined
with a highly attractive site loca-
tion, initially attracted us to the
project,” said Greg Bates, fund
manager at BLT. “Evergreen
has delivered exactly the resi-
dent experience that we hoped
to achieve. Outlook Littleton is a
fantastic community and a great
addition to the local area. We
are pleased to be a part of the
project.”s