Page 8AA —
COLORADO REAL ESTATE JOURNAL
— September 2-September 15, 2015
Multifamily
Recently, ARANewmark sold
a nearby 301-unit apartment
community at 2767 Wewatta St.
for $72.5 million, or $240,864
per unit.
Brian Wynne is the manag-
ing director of development for
Mill Creek and is heading up
the MCRT Brighton project.
“Mill Creek is excited to
become part of the River North
community and part of the
Brighton corridor in particu-
lar,” Wynne said.
“We are huge believers in
the momentum of activity all
around this site and we see the
best of both worlds in this loca-
tion – participating in the excit-
ing energy of the area while
being only a short walk to the
heart of downtown Denver,”
Wynne said.
Units in MCRT Brighton will
feature 9-foot ceilings, 8-foot
doors, built-in closets and
kitchens with stainless steel
appliances, high-end granite
countertops, tile backsplashes
and oversized custom-quality
cabinetry.
Community amenities will
include a resort-style courtyard
and pool, a business and con-
ference center, a top-of-the-line
fitness center, and unobstruct-
ed views of the mountains and
downtown.
Other News
n
The
Inland Real Estate
Group
paid $7.3 million for the
22-unit Ascent Uptown at 1691
Franklin St. in Denver. The pur-
chase price equates to $331,818
per unit. The Ascent opened
in City Park West in 2013 and
was 100 percent occupied at the
time of the sale. Denver devel-
oper
Patrick Henry
developed
it. The sale was a direct deal
between Henry and Inland.
n
An unidentified buyer paid
$2.87 million, or $110,481 per
unit, for a 26-unit apartment
building at 2290 S. Oneida St.
in Denver.
The building was construct-
ed in 1972, is surrounded by
mature landscaping and backs
up to the Highline Canal trail.
Jeff Johnson
and
Greg Bre-
slau,
with the
Johnson Ritter
Team
at
Pinnacle Real Estate
Advisors,
represented both
the buyer and the seller in the
transaction.
“This building is a unique
and rare multifamily property
located between downtown
Denver and the tech center,”
Breslau said.
“The property was well-
maintained by the seller with
numerous capital improve-
ments,” he said.
“The buyer plans to hold the
property long-term and gradu-
ally renovate the units to keep
up with Denver’s increasing
rental market,” Breslau added.
n
An unidentified buyer
paid $990,000, or $247,500 per
unit, for a four-unit apartment
building at 1546 Vine St. in
Denver
The property, constructed
in 1905, has been completely
updated with condo-quality
finishes, hardwood floors, a
new roof and landscaping.
“The seller was consider-
ing listing the property and
allowed us to show the build-
ing before officially taking it to
market and on the first show-
ing we had an offer that was
acceptable to the seller,” said
Robert Lawson,
who handled
the sale with fellow
Pinnacle
Real Estate Advisors’
broker
Jim Knowlton.
“The lack of inventory is cen-
tral Denver is at an all-time
high and well-maintained
buildings in great locations are
selling as quickly as we can get
them in front of buyers,” Law-
son said.
n
Encore Enterprises
plans
a 224-unit apartment building
on the former Environmental
Protection Agency Superfund
Shattuck site along Bannock
Street near Jewell Avenue in
Denver.
KTGY
is the archi-
tect. The EPA completed a $33
million cleanup of the site in
2006.
s
tors, it’s hard to envision a mar-
ket imbalance anytime soon.
Despite the current pipeline,
there was little product deliv-
ered over the past five years
to keep up with demand, and
investors who are savvy enough
to navigate the development
process are taking full advan-
tage and reaping the rewards.
Today’s self-storage develop-
ers are building a different kind
of product than in years past.
The sprawling traditional one-
story metal buildings are giving
way to more modern multistory
designs that resemble an office
building more than a storage
facility. The population migra-
tion back to the urban core is
challenging developers to build
more sf on less land. Not only are
these projects having to go verti-
cal, but also government regu-
lation and consumer demand
is dictating these new facilities
be aesthetically pleasing, more
energy efficient and environ-
mentally friendly as well. Find-
ing infill land for development
at a number that makes financial
sense is challenging. In many
cases an existing building must
be torn down or converted from
its current use, if the structure
allows. Building a more expen-
sive product leaves less room
for error, and developers must
be more patient and thorough
during the site selection process.
Self-storage is a retail business
first and foremost, so high vis-
ibility, population density and
average household income all
weigh heavily into picking a
good site. Finding existing light-
industrial zoning districts that
already allow self-storage and
fit the retail parameters needed
for a successful project are few
and far between. It’s not uncom-
mon to see older self-storage
facilities clustered into small
corridors, which can lead to an
oversaturation of an area.
Many of the projects built
today are staying away from
these corridors and going
through a much longer and
more complex rezoning and
entitlement process to get into
higher-profile areas. These proj-
ects are changing the face of
the industry and filling a much-
needed void in their commu-
nities. So don’t be surprised
if you’re walking out of your
local SuperTarget one day and
a brand-new Class A storage
facility is staring you in the face.
After all, you do need a nice
place to store all the great stuff
you just bought, right?
s
Beartrax is a general contractor with specific focus
on interior and exterior re-development of
multi-family properties.
