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Page 16 - January 3-16, 2018
Park Hill Commons
2898 Fairfax Street, Denver
•Park Hill’s newest redevelopment project! A pedestrian-friendly,
RTD-served, live/work/play community
•Featuring Fairfax Row townhomes, the Studios, the Offices, and
the Shops
•The Shops will offer a mix of Class A restaurants and retail stores
surrounding The Square, an open park and gathering place for
residents and visitors, in the center of the project.
•Projected completion Fall 2018
•Park Hill is one of Denver’s oldest and largest neighborhoods.
South of I-70 in close proximity to Stapleton/Northfield.
Bob Bramble | Direct: 720.382.7306
or Charles Nusbaum | Direct: 720.382.7311 |
5570 DTC Parkway, Suite 150, Greenwood Village, Colorado 80111
Website
The properties are located near
the intersection of Sheridan Bou-
levard and West 120th Avenue.
Ten30 was built in 1973 and
comprises predominantly one-
bedroomapartments. It totals 209
units across five buildings on 5.82
acres. Ten49, built in 1974, com-
prises 213 units in 21 buildings
on 11 acres. It consists of only
two-bedroom units.
Both properties have under-
gone recent rebranding and capi-
tal improvements on a portion of
their units, including new floor-
ing, appliances and fixtures.
Community amenities at both
locations include a clubhouse/
leasing office, fitness center,
pool, barbecue areas and on-site
laundry. The Broomfield Com-
mons Open Space surrounds the
properties, and the Eagle Trace
Golf Club is one block away.
More than 2 million square feet
of retailers are within 2 miles,
including Broomfield Place, Sher-
idan Crossing Shopping Center
and Broomfield Town Center.
“With their central Broom-
field location, Ten30 and Ten49
are perfectly positioned to
access two of the metro area’s
major job centers – Interlock-
en and north Denver, includ-
ing Thornton/Westminster.
Several large employers have
announced new or expand-
ed operations in these areas
recently, which will bring even
more job opportunities to the
area,” added Young.
Ten30 was averaging 96 per-
cent occupancy at the time of
sale, while Ten49’s recent aver-
age occupancy was just north
of 97 percent.
Aragon purchased the prop-
erties with its private equity
fund, Aragon Multi-Family
Fund VII.
With the purchase, Aragon’s
Denver portfolio comprises
eight properties and approxi-
mately 2,500 units.
Aragon Holdings is a pri-
vate real estate investment
and fund management com-
pany that forms multifamily
funds to provide monthly tax-
deferred income to high-net-
worth and family office inves-
tors. The company currently
owns and manages properties
in Albuquerque, New Mexico;
Atlanta; Dallas; Denver; Fort
Worth, Texas; Houston; Kansas
City, Missouri; Orlando, Flor-
ida; Phoenix; Salt Lake City;
San Antonio, Texas; and St.
Louis.▲
Ten30
The multitenant retail building
sold for $1.44 million, or $133.22
per sf.
■ Buffalo Run Commercial
Investors LLC acquired a Com-
merce City land parcel at a price of
$2.1 million.
The 13.8 acres of land, at the
southeast corner of 120th Avenue
and Chambers Road, were sold
by Buffalo Run Village Center
Partners LLC.
Avison Young Principal Rick
Egitto andAssociate Sam Crowe,
based in the firm’s Denver office,
represented the seller.
“Our client Buffalo Run Village
had owned this legacy parcel since
the mid-2000s, when the firmwas
an active retail strip center devel-
oper; however, post-recession the
company morphed into a private
placement equity firm,” noted
Egitto. “Accordingly, the firm
required Avison Young to sell the
entire site to one developer, rather
than selling off any of the seven
different parcels that may have
had user interest. This require-
ment made execution difficult, but
ultimately the user interest and a
buyer knowledgeable of the local
area led to the successful comple-
tion of this assignment.”
The buyer, very active in the
Commerce City market with land
holdings nearby, has nowengaged
the Avison Young team of Egitto
and Joella Rodarte to lead the
go-forward sales effort to sell the
individual parcels. The parcels
are located along 120th Avenue
between E-470 and Interstate 76
at the Buffalo Run Golf Course,
and will take advantage of the
continuing residential growth that
is occurring nearby at Buffalo Run
andReunionbydeliveringneeded
retail, recreational and medical/
dental opportunities, according to
Avison Young.
■ A vacant, single-tenant
retail building in Grand Junc-
tion sold to the parent compa-
ny of U-Haul for $2.1 million.
The 85,485-sf building at 2809
North Ave. was purchased by
Amerco. The former Kmart
building was sold by a pri-
vately held operator out of the
Midwest.
Zoned for retail, office and
other commercial uses, the
building sits on 10.34 acres in
the heart of the North Avenue
retail corridor, a major east-
west artery connecting Grand
Junction’s major business dis-
tricts. It is 2 miles from down-
town and is a half mile off Inter-
state 70.
Holiday Fenoglio Fowler LP’s
Chad Murray and Mark Willi-
ford marketed the property on the
behalf of the seller.
“We continue to see opportunity
in well-located vacant retail boxes,
and2809NorthAve.wasnoexcep-
tion, garnering significant inter-
est from traditional retailers and
non-retailers alike,” Williford said.
“The former Kmart provided an
opportunity for U-Haul to expand
its current presence inGrand Junc-
tionwith a highly visible andwell-
trafficked location.” ▲
Confluent
The Ten30, pictured above, and Ten49 properties in Broomfield sold to a
Los Angeles-based buyer.