October 21-November 3, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 5AA
Multifamily
ness center, in addition to the
units.
Wood Partners was represent-
ed by the ARANewmark teamof
Shane Ozment, Jeff Hawks, Doug
Andrews and Terrance Hunt.
“There was a lot of interest in it
from buyers,” Hunt said.
“Advenir has been pretty active
in Denver and thought it was a
good fit for its portfolio,” he said.
Other News
n
A limited liability company
paid $8.7 million for the 100-unit,
nine-building Fairview Apart-
ments at 15494 E. Mississippi Ave.
inAurora.
The buyer was secured and rep-
resented by
Greg Price,
a vice
president in the Denver office of
Marcus & Millichap.
Price also
is the director of the company’s
National Housing Group
“The buyer saw an opportunity
to acquire an asset very close to a
future light-rail station, within the
rapidly improving Aurora rental
market, which has seen the largest
percent gains in rent over the past
12 months in the Denver metro
area,” Price said.
“Further, the unit mix of the
property is very attractive and rare
in the market for 1970s-era prod-
uct, which includes 20 three-bed-
room units and 10 four-bedroom
units. The older apartment stock
in the Aurora market is mostly
made up of one- and two-bed-
roomunits,” according to Price.
n
A privately held real estate
investment and advisory firm
based in San Francisco and Chi-
cago,
29th Street Capital,
recently
purchased the 58-unit VillageWest
apartment community inArvada.
The price was not disclosed,
but records show it sold for $7.95
million, or $137,069 per unit and
$132.04 per square foot.
The property was built in 1972
on the 2.36-acre site at 12155 W.
58thAve.
The seller was
Cooper Proper-
ties,
a California-based company
winding down its holdings in the
Denver area.
The buyer acquired it in an off-
market deal, avoiding the com-
petitive bidding that is common
in the Denver area for multifamily
properties, according to 29th Street
Capital.
The buyer plans to invest
approximately $1.1 million, or
$19,000 per unit, to improve Vil-
lage West’s exterior, interiors and
amenities, bringing the property
in linewith comparable apartment
communities in the area.
As part of the improvement,
units will receive new appliances,
countertops, fixtures, lighting and
flooring. They also will receive
new energy-saving doors and
windows. The pool and patio area
also will be improved, and a new
dog park will be added.
Repairs are planned for roofs
and balconies. Corridors will get
new carpet, paint and hardware.
Exterior work is expected to be
finished in ninemonths. Thework
on the interiors will be ongoing,
as leases expire and apartments
become available.
“Village West is our second
recent acquisition in the Denver
metro, with others on the hori-
zon as we continue to build our
presence in Colorado,” said
Todd
Jaycox,
a senior vice president of
acquisitions for 29th Street Capital.
“Our goal is to dramatically
improve the property’s physical
condition and offer an updated,
yet affordable, rental option in a
highly desirable suburban loca-
tion. Village West will benefit
greatly from strategic improve-
ments designed to modernize
the community and increase its
appeal,” Jaycox said.
Village West is near Interstate
70 and the new light-rail station
scheduled to open next year.
n
An unidentified buyer paid
$2.54 million, or $105,625 per unit
and $112.71 per sf, for a 24-unit
apartment building at 6465 W.
38thAve. inWheat Ridge.
“My client was in a 1031
exchange and owns another mul-
tifamily property just two blocks
away, so this is a great fit for her
portfolio,” said
Jim Knowlton,
a
senior adviser at
Pinnacle Real
Estate Advisors,
who represented
the buyer in the transaction.
“The buyer plans to renovate
all of the units and hold on to the
property long term,” he said.
n
An unidentified buyer paid
$810,000 for a 12,700-sf, mixed-
use building at 204, 234 and 244
Bridge St. in Brighton.
The building, constructed in
1910, has five apartment units
and five retail spaces.
“The buyer is planning an
extensive renovation of the
property, which includes add-
ing four studio units and giv-
ing the exterior a face-lift,” said
Jim Knowlton,
a senior adviser
at
Pinnacle Real Estate Advi-
sors.
Knowlton represented the
buyer in the transaction.
n
An unidentified buyer paid
$555,000, or $79,286 per unit, for
a seven-unit apartment build-
ing at 1852-1864 W. Mississippi
Ave. in Denver.
Matt Lewallan
and
Kevin
Calame,
both senior advisers at
Pinnacle Real Estate Advisors
LLC,
represented the buyer in
the transaction.
“The buyer is going to be
using this property to house
employees for his company,”
Calame said.
s
Advenir
35th Ave. in Aurora.
Sam Leger
and
Tim Finholm
of
Unique Properties LLC-TCN
Worldwide
represented the land-
lord,
Merritt 777, LLC.
The building, which features
three offices and a conference
room, was constructed in 2006.
The property includes a three-acre
secured and paved yard, and is
less than a half-mile from Inter-
state 70 and Chambers Road.
s
Beverage
Beverage Distributors will continue to occupy the building at 14200 E.
Moncrieff Place while its new facility is being constructed.
Daniel Close. Ryan Arnold
of JLL represented the buyer.
The site is one of the few
located at a signalized, hard
corner in RiNo.
“We had all kinds of activ-
ity, right up until the day of
closing,” said Platt.
The former FedEx build-
ing also received a great
deal of activity because of its
Brighton Boulevard location,
according to listing broker
Trevor Brown of Cushman &
Wakefield. The building was
68,924 sf, but the Regional
Transportation District took
a portion of the property for
expanded rail service, leav-
ing 49,404 sf on 99,308 sf of
land.
Belle Haven Realty sold
the property to the city and
county, which was repre-
sented by Dennis McLin of
McLin Commercial.
s
RiNo
