Page 8 —
COLORADO REAL ESTATE JOURNAL
— June 15-July 5, 2016
Multifamily
approach all of our projects,”
Jaudes said, noting the new
supply includes a number of
student, affordable and senior
apartments in Fort Collins.
Cycle Apartments will deliv-
er its first units in mid-2017,
with build-out within approxi-
mately 22 months.
Units will average 825 square
feet, ranging from 590 sf for
a studio to 1,119 sf for a two-
bedroom unit.
Monthly rents are projected
to start at $1,200 for a stu-
dio, $1,350 for a one-bedroom
apartment and $1,600 for two
bedrooms. Targeted renters
include young urban profes-
sionals and baby boomers
looking to downsize.
The Weitz Co. is the gen-
eral contractor for Cycle Apart-
ments, and McWhinney Real
Estate Services will manage the
property.
Sanders said Johnson Nathan
Strohe’s design of the apart-
ments “is founded in Fort Col-
lins history, from agriculture
to railroads and education, to
name a few. With historical
cycles comes continual rein-
vention, changing without
losing roots. From harvests to
seasons, cycles are enjoyed and
awaited. Cycles are not only a
part of life, they are an essential
process to growth.”
s
“We consider it our mission to
build sustainable communities
and provide economic oppor-
tunities through the creation of
high-quality housing for working
families near transit, jobs and com-
munity amenities,” said Michael
Gardner, principal at Gardner
Capital.
“We feel this development’s
proximity to the DeLaney Farm,
the new light-rail line and near-
by retail is conducive to working
families and we’re excited to be
a part of this effort in Aurora,”
Gardner said.
Gardner prides itself on devel-
oping energy-efficient, sustainable
communities.
“This project will utilize very
high-efficiency appliances and
heating/cooling systems to keep
the utility costs for residents to a
minimum,” Puffer said.
He doesn’t knowwhether it will
be LEED certified or receive a sim-
ilar designation.
“We are exploring various cer-
tifications but have not made a
decision yet,” Puffer said.
“We areworkingwith our archi-
tect and contractor now to final-
ize those decisions, but we expect
this project to be a showplace for
sustainability physically and pro-
grammatically through our part-
nership with Delaney Farms.”
CHFA, as part of an 18-page
report, said the Alameda View
will meet all mandatory require-
ments of Enterprise Green Com-
munities.
In addition, there is a goal of
40 percent interior water savings
and 20 percent annual energy cost
savings.
“Tenants will benefit from
the lower water and energy
use through lower utility bills,”
according to the CHFAreport.
CHFAwent on to say it expects
50 percent of the construction
waste will be recycled. The com-
munity alsowill include low-VOC
materials and sustainable and
environmentally sound flooring.
“Tenants will also have excel-
lent access to public transporta-
tion with seven bus lines within a
quarter-mile of the site,” according
to CHFA.
This is not Gardner’s first project
in the Denver area.
This summer it will begin con-
struction on a 107-unit, affordable
housing apartment on Morrison
Road in Denver’s Westwood
neighborhood.
St. Charles Town Co. is the lead
developer on that project, while
Gardner is the investor partner.
That development, the El Cori-
zon, replaces 70 mobile home
parks – the Belmont and Shady
Nook.
They had been condemned two
years ago.
“We had been talking with the
owners about helping them rede-
velop the parks but the economics
were very challenging,” according
to JordanZielinski, a partner at the
St. Charles Town Co.
He said Denver City Council-
manPaul Lopezgot the cityand its
Office of Economic Development
to help “with the costs of relocat-
ing the families to decent and safe
homes. We worked long and hard
to address the multiple challeng-
ing scenarios with the families in
the community to make the rede-
velopment possible.”
Gardner Capital also is working
on a project in Boulder to provide
permanent supportive housing
for at-risk homeless youths who
are 18 to 24 years old.
Other News
n
An unidentified buyer paid
$2.4 million, or $120,000 per unit,
for a 20-unit apartment building
built in 1961 at 5351-5361 Everett
St. inArvada.
The community near Olde
Town Arvada was renovated in
2014.
Jeff Johnson
and
Matt Ritter,
with the
Johnson Ritter Team
at
Pinnacle Real Estate Advisors,
represented the seller in the trans-
action.
Josh Newell
of the
Newell
Team
at Pinnacle represented the
buyer.
“With the sale of 5351-5361
Everett St., our clients were able to
finish the down-leg of their multi-
property 1031 exchange, position-
ing them for a significant expan-
sion of their portfolio,” Ritter said.
n
An unidentified buyer paid
$1.43 million, or $89,375 per unit,
for a 16-unit apartment building
at 901 Jasmine St. in Denver. The
sale price equates to $336.36 per
square foot.
Kevin Calame
and
Matt Lewal-
len,
senior advisers at
Pinnacle
Real Estate Advisors,
represented
the sellers in the transaction.
“The seller has owned this
property for a long time and felt
this was a great market to sell
and redeploy the money in other
areas,” Calame said.
n
An unidentified buyer paid
$825,000, or $101,250 per unit, for
the eight-unit La Nila apartments
at 2561 Jellison St. in Lakewood.
The property was constructed
in 1959.
Josh Newell,
a senior adviser
at Pinnacle, represented both
the local seller and buyer in the
transaction.
s
Cycle
Farm
This map shows the expected market area for Alameda View.
A map showing where Alameda View is going to be built
