Page 6AA —
COLORADO REAL ESTATE JOURNAL
— November 4-November 17, 2015
Multifamily
We also have quite a bit in the
development pipeline, so that
is taking up quite a bit of our
time, energy and focus.”
Other News
n
TruAmerica Acquistions
II LLC
of Los Angeles paid $71
million to a subsidiary of Wei-
dner Apartments Homes of
Kirkland, Washington, for the
561-unit
Cherry Creek Club
Apartments
at 50001 E. Missis-
sippi Ave. in Glendale.
Dan Woodward, Dave
Potarf
and
Matt Barnett
of
CBRE’s
Denver Multifamily
Investment Properties repre-
sented the seller, Cherry Creek
Club, the subsidiary.
Cherry Creek Club was built
in 1974 along Colorado Bou-
levard in Glendale. It includes
a 14-acre lake, a clubhouse,
lakeside pool and fitness facil-
ity. Most of the buildings
offer expansive views of the
lake, Rocky Mountains and
Denver. The apartment units
are well positioned for inte-
rior upgrades as a value-add
opportunity.
“Cherry Creek Club exhibits
tremendous value-add poten-
tial thanks in large part to the
property’s size, interior reno-
vation opportunities and south
central location,” said Wood-
ward, senior vice president
with CBRE.
“The infill submarket contin-
ues to evolve as residents seek
convenient access to Cherry
Creek, downtown Denver and
the Denver Tech Center,” he
said.
n
Gibraltar Property Man-
agement
bought two proper-
ties from Littleton-based
Asher
Investments.
Gibraltar paid $9.5 million
for the 96-unit Yukon Court in
Wheat Ridge and $10.1 million
for the 93-unit Eagle Crest, a
93-unit property in Lakewood.
Dan Woodward, Dave
Potarf, Matt Barnett
and
Jake
Young
of CBRE’s Denver Mul-
tifamily Investment Properties
represented the seller in the
transactions.
Gibraltar is a Denver-based
firm that specializes in afford-
able housing
Gibraltar plans to complete
renovations on the properties,
which were both constructed
in the 1960s, including new
windows and insulation, high-
efficiency appliances and LED
lighting.
“The plan is to upgrade the
‘bones’ of the building by
increasing energy efficiency
and positioning the properties
for long-term maintenance,”
said
Bill Bivens,
principal with
Gibraltar.
“Our goal is to provide clean,
safe, affordable housing units
that will serve the community
for the next 20 or 30 years,”
Bivens added.
Yukon Court, at 4585 Yukon
Court, is near the Interstate 70
corridor at Wadsworth Bou-
levard. Eagle Crest, 9699 W.
16th Drive, is within walking
distance to the Garrison light-
rail stop.
“Rising housing costs have
forced many millennials and
working families to look for
housing far outside the metro
in areas without access to urban
conveniences,” Bivens said.
“These properties fill a seri-
ous need for affordable hous-
ing that is close to the city with
access to schools, parks and the
mountains.”
s
TruAmerica
family in San Antonio a couple
of times a year, Denver is
home. “We’re in about the best
place you can be. I wouldn’t
move anywhere outside of Den-
ver. There’s no place I’d go,” he
said.
While much of their busi-
ness is on the residential side,
including multifamily, Kboudi
said the current market has him
and Capecelatro running on all
fronts. “We’re selling a lot of
properties all over town – we’re
seeing multifamily deals, we’re
seeing homebuilder deals, we’re
seeing speculative land deals,
we’re seeing retail pad deals,
we’re seeing office deals, we are
seeing mixed-use deals every-
where.”
What makes one deal more
enjoyable than another is the cli-
ent, said Kboudi. “I will take a
small deal where I have a good
relationship with the seller over
a huge deal where I feel like I’m
getting beat up any day of the
week. I like working with peo-
ple who appreciate what we’re
trying to do, which is add value
to their property,” he said.
Deals are not easy to complete
because sellers’ expectations
are high, costs are high, entitle-
ments take time and buyers fear
overpaying for properties. But
Kboudi doesn’t expect prices
to decrease anytime in the near
future, and he is concerned
about escalating home prices.
Yet he also expects more nation-
al and international capital to
enter the market and builders
continuing to buy land they
believe is viable for immediate
development.
“There is so much activity in
the market right now, and there
is so much positive momentum
in Denver right now. I haven’t
seen anything like it before.
Denver is such a great place.
We’ve got job growth, we’ve got
in-migration, we’ve got quality
of life, which is cliché, but it’s
people moving here for no rea-
son whatsoever.”
s
Kboudi
ʻCherry Creek
Club exhibits
tremendous
value-add
potential thanks
in large part to
the property’s
size, interior
renovation
opportunities
and south central
location.ʼ
– Dan Woodward, CBRE
Beartrax is a general contractor with specific focus
on interior and exterior re-development of
multi-family properties.
