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by John Rebchook

About 90 real estate investors,

owners, managers and others

took a bus tour of eight Denver-

area apartment communities on

a picture-perfect day in Colo-


“It is absolutely brilliant,”

said William Thode, a Denver

attorney who is just starting to

dip his toe into possibly putting

together multifamily syndica-

tions with other investors.

“It was very informative and

well worth the time to be able to

see all of these places one after

another,” Thode said.

The Oct. 3 bus tour – the

same day that President Barack

Obama and Mitt Romney

debated for the first time at the

University of Denver – was the

first for Thode.

It was the ninth tour created

by Jon Stern, publisher of the

Colorado Real Estate Journal,

and Cary Bruteig, owner of

Apartment Appraisers & Con-

sultants andApartmentInsights.


The tour featured a wide

variety of attendees, “from the

largest apartment owner in the

country to small developers,”

Bruteig said.

“Several developers of prop-

erties on the tour shared their

vision and their experiences

in getting the communities

approved, financed and built.

Architects were on hand to

explain design concepts and

answer questions.”

Some people, including Jeff

Hawks and Doug Andrews,

of ARA (formerly known as

Apartment Realty Advisors),

had been on every tour.

Hawks led the tour on one

of the two buses that ferried

people around.

Bus tour big hit with owners, investors

About 90 people took a bus tour that left Sports Authority Field to eight apartment communities

in the metro area.

by Jill Jamieson-Nichols

The area surrounding Inter-

state 25 and Highway 52

between Denver and North-

ern Colorado has been called a

“medical desert.”

No major medical facilities

exist to serve populations in

Frederick, Dacono and other,

outlying areas. But that is about

to change.

Major health systems have

laid claim to land on either side

of the interchange in Frederick.

Exempla Healthcare just pur-

chased 50 acres at the north-

west quadrant for a future

hospital campus. Longmont

United Hospital and Universi-

ty of Colorado Health own just

under 70 acres at the northeast

quadrant, where Longmont

United plans an urgent care

and physician offices opening

in late fall 2013.

“They call it the doughnut

hole because there’s services

aroundus, but none in our area,

so they’re trying to get into the

area and get established,” said

Jennifer Simmons, Frederick’s

planning director. The town is

welcoming the services, jobs

and tax revenue the medical

facilities will bring, and devel-

opers of Dacono Gateway Cen-

ter at the southeast quadrant of

I-25 and Highway 52 also see it

as very good news.

“It will be a game-changer,”

said Dan Robison of West-

haven Group, which manages

development of 127 acres for

Dacono 25 Partners LLC, as

well as 310 acres of commercial

and residential land to the east.

“Obviously as hospitals come

in, that’s going to attract retail,

hotels, more offices, drugstores,


Exempla, which has an acute-

care facility 14 miles southwest

of the site, in Lafayette, says

it plans to hold the Frederick

property in the near term. “We

are always looking toward the

future to determine how to best

meet the needs of Colorado’s

citizens. We know Weld Coun-

ty is growing and, in general,

patients like to receive health

care near where they live,” Bob

Ladenburger, president and

CEO of Exempla Healthcare

and executive vice president

of hospital operations for SCL

Health System, said in a state-


Weld County grew nearly 40

percent between 2000 and 2010

and was the seventh fastest-

growing metropolitan statisti-

cal area in the United States,

according to the U.S. Census


In addition, The Colorado

Department of Local Affairs

State Demography Office fore-

casts continued strong growth

of more than 35 percent during

the next decade – more than

double the growth rate of the

I-25 & Highway 52 a ‘medical desert’ no more

by Jennifer Hayes

A lakeside apartment com-

munity in Colorado Springs

achieved the highest price per

unit ever paid for a 1970s gar-

den-style asset in the city.



Griffis/Blessing paid $16.5 mil-

lion, or $105,769 per unit, for

the 156-unit Bonterra Lakeside

apartment community at 890

Quail Lake Circle.

“We had strong interest

from a number of buyers. This

demand along with the unique


ature of the property helped


chieve the highest price per


nit ever paid for a property


uilt within this time frame in

Colorado Springs,” explained

Kevin McKenna of ARA, who

handled the sale with ARA’s

Ken Greene, Doug Andrews

and Jeff Hawks.

“This is truly one of the most

unique properties in Colorado

Springs,” he continued. “The

average unit size is over 1,100

square feet, it is concrete con-

struction, all of the units have a

detached garage and the setting

right on Quail Lake is irreplace-


Springs apartment sale sets record mark

Griffis/Blessing acquired the sought-after Bonterra Lakeside apartment community for $16.5 million.

Please see Bus Tour, Page 25 Please see Springs, Page 20 Please see Desert, Page 21


Greater Denver 4 Boulder County 16

Larimer & Weld Counties 18

Colorado Springs 20 Colorado 21 Who’s News 22 Finance 23

Law &Accounting


Property Management


CDE 37 Office 42

Health Care


Industrial 44 Retail 46


Walking the talk NAIOP walking tour shows why

everyone’s talking about the Denver

Union Station neighborhood

New tenant, new look The owner of E Source’s new

building will give the

property a whole new look

No problem NorthMarq fields interest in

refinancing a grocery-

anchored shopping center

Coast to coast A Federal Heights apartment

community gets offers from across the

country before selling for $42.5 million

4 16 23 45 See Section AA