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APRIL 18-MAY 1, 2012

by John Rebchook

The Glass House in River-

front Park likely will go down

in history as the fastest-sell-

ing condominium high-rise in

Denver, and most likely the

fastest-selling major condo

project ever built in the Mile

High City.

The same developers of the

Glass House, Wood Partners

and East West Partners, have

teamed up again and hope

history will repeat itself, only

this time with a luxury rental

community.

The frenzy from buyers for

the Glass House was epic.

“We broke ground in 2005

on the Glass House and we

literally had thousands of

people interested in buy-

ing them,” during the next

two years, said Tim McEn-

tee, director of Atlanta-based

Wood Partners, which co-

developed Glass House with

Denver-based East West Part-

ners in Riverfront, the once

forlorn railyards at the edge

of downtown Denver, which

has been transformed into

one of the city’s toniest neigh-

borhoods.

“We sold units at the Glass

House as fast as we could

build them,” McEntee said.

“We didn’t get too greedy.

You could buy a unit from

the $200,000s to $1 million.

We were the right product,

at the right price point at the

right time.”

Now, McEntee is looking

for the same kind of mar-

ket magic with the Alta City

House, a $62 million, 280-unit

luxury apartment community

in the heart of the Union Sta-

tion/Riverfront area.

“I absolutely do think we

can be equally as success-

ful with Alta City House,”

McEntee said.

Construction will begin in

August on Alta City House,

just west of Union Station on

a full city block at the foot

of the 18th Street pedestrian

bridge and bordered by 18th

and 19th streets and Chestnut

Place. It is within 100 feet of

a new light-rail station and

blocks from the new train to

the Denver International Air-

port that is scheduled to open

in 2016.

While the sales success of

the Glass House was widely

documented, what is not well

known is that it started out

life as a rental property.

“We developed it in col-

laboration with East West

Partners and financed it

with BlackRock Capital as

an apartment development,”

McEntee said.

An exit strategy was always

to convert the apartment units

at the Glass House to condos

at some point, but that all

changed during the construc-

tion.

“Glass House was a $100

million apartment project,

which is a big deal,” McEn-

tee said. “Rather than do

condo presales, we decided

to just finance it as an apart-

ment project with the idea

that at some point we would

convert them into ‘for-sale’

units. But during construc-

tion, we decided that the best

and highest use was condos.

It was an immediate hit.”

At the same time Glass

House was built, it acquired

the nearby land for a second

phase that is now City House,

another condo project.

But it also had more land,

which was later expanded to

the full block where construc-

tion of Alta City House is

planned.

The land is zoned for a

23-story building, but Alta

City House will be a fraction

of the allowable height, with

Duo hopes to repeat Glass House success

Wood Partners plans to start construction on the $62 million Alta City House in August.

by Jill Jamieson-Nichols

McWhinney’s efforts to get

into the Fort Collins apartment

market paid off with the acqui-

sition of a 16.1-acre site on the

city’s growing east side.

McWhinney plans to build

the Trails at Timberline, a 314-

unit ClassAcommunity, on the

property at the northeast corner

of Timberline and Drake roads.

It purchased the land, through

an entity called DTMF Invest-

ments LLC, from SCMultifam-

ily LLC for $3.55 million.

The Loveland-based com-

pany beat out several other

prospective buyers, including

national apartment developers,

to acquire the site, according

to Ryan Schaefer, president of

Chrisland Commercial Real

Estate Inc., who represented

the seller with Chrisland’s Jake

Hallauer.

“This is the best multifam-

ily site that I have seen trade

hands in the past decade in

Northern Colorado,” Schae-

fer said in a statement. “The

combination of the highly vis-

ible and desirable infill location

near employers and services

makes this site one of a kind.”

“It’s anup-and-coming area,”

said Mike Hill, vice president

of development and operations

for McWhinney’s multifamily

team. The site is catty-corner

from Rigden Farm, a grow-

ing community that includes a

King Soopers-anchored retail

center, and near Bellisimo Inc.’s

proposedBuckingHorsedevel-

McWhinney plans first Fort Collins apts.

The Trails at Timberline will be McWhinney’s first, and likely not last, apartment development in Fort

Collins.

Please see Glass House, Page 8 Please see Fort Collins, Page 13

CONTENTS

Greater Denver 4 Boulder County 10 Larimer & Weld Counties 12

Colorado Springs

15

Colorado 16

Who’s News

17

Finance 18 Law &Accounting 22 Office 32 Industrial 33 Multifamily 34 Retail 36 Property Management 16AA CDE 26AA

Inside

Infill on the Hill The planned redevelopment

of a University Hill fraternity

house will be a Denver company’s

latest investment in Boulder

MAX tracks A Fort Collins developer buys his

third property in Midtown, which

is staged to benefit from the arrival

of the MAX bus rapid transit system

Worth the wait

The developer of an $80 million

apartment community near Interstate 25

and Speer Boulevard is glad he waited

Set the table

A Cherry Creek North

property owner is setting a

place for Sur La Table

10 12 34 36 See Page 2AA