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Page 44 - January 3-16, 2018
space. We look forward to turn-
ing our attention to developing
Phase II, whichwill be adjacent to
Granite Place and similar in qual-
ity and size,” she added.
Granite Properties is heavily
invested in Greenwood Village as
owner of Plaza Tower One, High
Pointe Tower and Prentice Plaza.
“We totally believe in the loca-
tion,” said Lawrence. Granite
and Confluent are evaluating
the second building and haven’t
announced plans to begin con-
struction.
“We’re thrilled to build on
our success of identifying prime
locations to develop high-qual-
ity, amenity-rich office space in
metro Denver and look forward
to continuing our relationship
with Granite for additional devel-
opment,” said Marshall Burton,
president and CEO of Confluent
Development.
Granite Properties is a private-
ly held commercial real estate
investment, development and
management company with
offices in Dallas, Houston, Atlan-
ta, Denver and Southern Califor-
nia. It has completed more than
$6.1 billion in real estate transac-
tions and more than 26 million
sf of real estate development and
acquisitions.
Denver-basedConfluent Devel-
opment is a full-service real estate
investment and development
company that owns and develops
ground-up commercial real estate
throughout the United States.▲
Granite
asset Cress Capital has pur-
chased from TA Realty this
year; the sale of two Orange
County, California, buildings
totaling more than 300,000 sf
closed in May.
“Cress’ relationship with
TA has strengthened with our
recent transactions,” said Ryan
Parkin, Cress Capital manag-
ing partner. “Relationships
and reputation are incredibly
important in our industry, and
we look forward to continu-
ing to work together on future
deals.”
In Colorado, Cress Capital
owns 505,000 sf of office/flex
space in Prospect East Business
Park in Fort Collins and 3800
Arapahoe, a 15,474-sf office
building in Boulder. The com-
pany has acquired more than
1 million sf of office properties
in California and Colorado this
year. ▲
Union Tower
a floor care products company.
BonaKemi leases two floors but
doesn’t plan to renew its lease,
which expires at the end of 2018.
Kaiser Permanente doesn’t
currently have expansion plans
for either Waterpark II or III,
according to Bergman.
“The space that we currently
have is all the space we really
need for the next few years. It
was more long term and look-
ing at the financial piece of it,”
he said. “’We’re always looking
at cost savings and how we can
bring down the cost of health
care, and this is just a small way
we can do that.”
Brad Cohen and Larry Thiel
of Transwestern’s Denver Capi-
tal Markets team represented
Matrix in the sale of Waterpark
II and III.
“Several investors expressed
interest in the properties, but
Kaiser Permanente ultimately
exercised its right of first offer to
purchase,” said Cohen.
Matt Anderson, Bill Byrne and
Jason Schmidt of JLL represent-
ed Kaiser Permanente. ▲
Kaiser
Kaiser Permanente’s purchase of Waterpark II and III gives the health care provider ownership of the entire
Waterpark campus.
tures a speakeasy, private
lounge with catering kitchen,
state-of-the-art, 24-hour fitness
center, cardio lab, year-round
lap-style pool, fireside commu-
nal dining and a rooftop deck.
IRET, which focuses on the
acquisition, development,
redevelopment and manage-
ment of multifamily communi-
ties located primarily in select
growth markets, noted in a
release regarding its second-
quarter 2018 fiscal results that
Denver, along with Minneap-
olis-St. Paul, has a healthy and
diverse economy and will be a
key market in IRET’s push to
achieve portfolio growth and
improve operating efficiency.
IRET was founded in 1970
and has corporate offices in
Minot, North Dakota, and
Minneapolis.▲
Dylan
up its curb appeal,” Roy Kim,
a principal at Oak Coast, said
of the planned improvements
to the Aurora Hills property,
which sits on 48 acres and
comprises 47 rental build-
ings.
“There is still some value-
add left to do and upside
in rents as in-place rents
are $1,128 compared with
market rents of $1,216,”
explained Dan Woodward
of CBRE, who represented
the seller with CBRE’s David
Potarf, Matt Barnett, Brady
O’Donnell and Brian Eisen-
drath.
Indeed, Oak Coast does
plan to raise rents to mar-
ket levels at Aurora Hills – a
community that has an aver-
age unit size 300 sf bigger
than the competition – and
also build on economies of
scale in the submarket, where
it owns approximately 2,400
units.
Aurora Hills features one-,
two- and three-bedroom
units with an average unit
size of 1,022 sf. At the time of
sale, the community was 94.8
percent occupied.
Apartments feature
brushed nickel lighting fix-
tures, central heat and air, a
dishwasher and trash dispos-
al. A large number of units
also include one or more of
the following: new counter-
tops, a private balcony or
patio, stainless steel appli-
ances, walk-in closets, wood-
style flooring and updated
cabinets.
Community amenities
include an on-site fitness
center, heated outdoor swim-
ming pool, picnic areas with
grill stations, a splash park,
basketball court, soccer field
with artificial turf and vol-
leyball court.
The property is located near
the intersection of Alameda
Avenue and Peoria Street,
adjacent to the Highline Park
and Ballfields and the Aurora
Hills Golf Course. It also has
easy access toDenver Interna-
tional Airport and downtown
Denver via light rail and is
near Fitzsimons, Lowry and
all the redevelopment hap-
pening in the market.
Pensam Residential of
Miami provided equity
financing for the acquisition.
Brock Yaffe, Charles Halladay
and Lee Redmond of Hol-
liday Fenoglio Fowler LP’s
debt placement team assisted
in securing a $76.7 million
supplemental loan for the
buyer through Freddie Mac’s
CME Program. The securi-
tized loan will be serviced by
HFF, a Freddie Mac Multi-
family Approved seller/ser-
vicer for conventional loans.
BLDG Management, the
property management com-
pany affiliated with BMC
Investments, will manage
the Aurora Hills Apartments.
The firm also manages addi-
tional Oak Coast communi-
ties in the region.
Oak Coast Properties,
which pursues Class B and C
multifamily properties for the
implementation of a value-
add, long-term hold invest-
ment strategy, is looking to
acquire additional Colorado
assets as well as properties
across the Eastern Seaboard,
Pacific Northwest and West-
ern U.S.▲
Aurora
dos being developed. Due to high
construction costs, the product
being delivered is often not con-
sidered entry level housings in
regard to both apartments and for
sale housing. These fundamentals
bode well for older, more afford-
able apartment communities,
where there seems to be pent-up
demand from residents seeking a
place to live,” Colliers noted in a
release about the transaction.
Additionally, Colliers’ Stack,
Morkes and Nguyen represented
the seller in the $17.4 million sale
of Sierra Vista Apartments, a 100-
unit community at 9440 Hoffman
Way inThornton, and the buyer of
a 37-unit Denver community.
Built in 1972, Sierra Vista was
sold to a local investment group.
ACapitol Hill-based investment
group purchased the York Street
GardensApartments in Denver.
The buyer paid $4.4 million, or
$118,919 per unit, for the property
comprising entirely studio units.
Klos Real Estate represented
the seller of the building at 1355
York St., which was constructed
in 1966.▲
Willowbrook
The Willowbrook sold for $8.75 million.