Colorado Real Estate Journal - August 7, 2019
A Denver apartment community recently traded for $7.51 million. Cherry Creek Square, a 56-unit community at 9900 E. Florida Ave., was purchased by 9900 East Florida LLC from PFPS LLC. Jason Koch of Nexus Commercial Realty LLC represented both the buyer and seller. Cherry Creek Square comprises 40 one-bedroom, one-bath units and 16 two-bedroom, one-bath units. Most of the units have been updated while the building itself has newer windows, exterior paint, pitched roofs, an updated boiler system and 75 off-street parking spaces. The building is located on East Florida Avenue between South Havana Street and South Dayton Street in the Cherry Creek School District. The buyer plans on making improvements to the landscaping and further improving the quality of the units. The seller was able to realize his gained equity and pursue larger assets, added Nexus Commercial Realty. Other News Continental Realty Advisors announced that after 37 years in business its name is changing to Continental Realty Group Ltd. to better reflects its expanded business platform that encompasses not only acquisition, disposition and ownership but also ground-up development of multifamily properties. Established in 1982, the firm has evolved to adapt to real-time changes in the real estate investment industry. Prior to 2007, CRA primarily operated as a multifamily adviser to pension funds and institutions looking to adopt or grow a business line in the multifamily sector. Since then, the company has morphed into a multifamily sponsor, branching out into ownership and real estate fund executions. It has now successfully operated in that capacity for over a decade, participating in over $1.6 billion in acquisitions, renovations, and dispositions. It now is launching a new subsidiary to focus on developing apartment communities that enhance the surrounding community. “The new name reflects who Continental is today,” said David Snyder, president and chairman of the board. “As we continue to grow, we feel it appropriate our name better reflect both our current operations and future endeavors. Continental Realty Group will become the parent company of CRA’s existing operations, as well as a new venture into multifamily development. We are proud to have assembled such an experienced team, all of whom have contributed to our continued success in multifamily real estate. Though our name is changing, our data-driven approach to investing in multifamily properties located in the path of demand will continue to be our focus.” Continental Realty Group is made up of two subsidiaries: Continental Realty Development, its development platform; and Continental Realty Assets, which houses its existing multifamily platform. The new development branch is being spearheaded by Anna Goodrich and Ryan Snyder, with the goal of developing workforce housing in Colorado and other select markets. “We strongly believe that density, affordability and sustainability are key factors in addressing the housing needs in our communities,” said Snyder. “Our current focus is to deliver more workforce housing to high-cost markets as well as land acquisition in opportunity zones.” A 12-unit building in the West Washington Park neighborhood in Denver recently sold for $2.2 million in an all-cash deal. The building at 160 S. Emerson St. was purchased by Washington Intrados LLC from Kathryn B. Anthoney-Smith, according to public records. Kyle Malnati of Calibrate Real Estate represented the seller in the sale of the property, which had been in the seller’s family for 38 years. Pinnacle Real Estate Advisors’ Kevin Calame and Matt Lewallen represented the buyer. also worked on the transaction. The acquisition is the fourth multifamily purchase for the buyer in Denver. The property will be managed by Cornerstone Apartment Services. The community features 11 one-bedroom and one studio apartment units – all of which are corner units. The property was built in 1961. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors LLC handled the sale of an Aurora apartment community. The 12-unit property at 1320 Macon St. sold for $1.43 million, or $118,750 per unit and $193 per square foot. Hornstein and Fetter represented both the buyer and seller. The buyer was Calm Properties LLC and the seller was Macon 93 LLC, according to public records. “The buyer, picking up a property with above-market cash flow, still sees some opportunity to improve rents in this asset and hold this for a long-term, cash- flowing investment. Indeed, the North Aurora submarket has shown the highest rent growth over the past 12 months of all Denver's submarkets, so his bullish position on the area is justified. The seller needed to let go of this asset to complete a refinance of a larger portfolio of properties in the area they own. Like the buyer, the seller sees long-term value in the North Aurora submarket and is now leveraged accordingly,” said Fetter.