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17 18 10 24 Waking up A ‘sleepy’ retail center is waking up with a $10 million redevelopment Beer here Upslope Brewing buys its Flatiron Park production facility and taproom Buying again Amstar resumes U.S. acquisitions with the $37.03 million purchase of a Cherry Creek office building Stacking up Mezzanine debt is taking a more prominent role within the capital stack

JULY 5-JULY 18, 2017

Featured Quarterly

by Jennifer Hayes

A New York-based buyer

boosted its Denver metro

holdings with its acquisi-

tion of an Englewood apart-

ment property.

Phoenix Realty Group, a

national multifamily real

estate fund manager, inves-

tor, operator and developer,

paid $57.8 million for the

Silver Cliff Apartments.

The 312-unit community is

the latest addition to PRG’s

Colorado portfolio, which,

with the acquisition of Sil-

ver Cliff, now tops more

than 1,300 units.

“We are excited to expand

PRG’s presence in the Den-

ver metropolitan region

and implement our capital

improvement plans for the

property,” Keith Rosenthal,

president of PRG, said in a

release. “We believe there

is a significant opportunity

to improve the property

value, attract new tenants

looking for state-of-the-

art amenities and contem-

porary apartment units

and execute on operating

improvements and energy-

efficiency programs to cre-

ate expense savings.”

“ B u y -

ers really

liked the


oppo r t u -

nity and

the loca-

tion of the


a d d e d

Jordan Robbins of Holli-

day Fenoglio Fowler, not-

ing there was a significant

amount of competition for

the asset. “There is not a ton

of new construction in the

area, so I think the percep-

tion from potential buyers

was the ability to put some

money into the property

and really push rents.”

Robbins, along with

HFF’s Jeff Haag and Anna

Stevens, represented Wei-

dner Apartment Homes

in the sale. While the sale

represents the disposition

of Weidner’s last Denver

area holding, it still has a

significant presence in the

Colorado Springs apart-

ment market.

PRG will make improve-

ments to the units as well as

overall community improve-

ments, such as upgrading

the leasing center, modern-

izing the clubhouse and pro-

viding state-of-the-art fitness

and cyber centers.

In addition to its value-add

plans for the property, PRG

also is expected to rename

the community Alvista Trail-


Located at 5275 S. Dela-

ware St., Alvista Trailside

has direct access to the Big

Dry Creek Trail. Addition-

ally, the community off Bel-

leview Avenue is bounded

by Greenwood Village and

Littleton, near numerous

parks and light rail.

Built in 1990, the garden-

style community compris-

es one- and two-bedroom

units, which were around

97 percent occupied at the

time of sale. Common ame-

nities include a pool and

sundeck, fitness center,

playground and dog run.

Apartments include pri-

vate patios/balconies, fire-

places and, in some units,

vaulted ceilings.

“For these types of deals,

there is just a lot of capital

for these types of value-

add opportunities,” added



Silver Cliff Apts. sell for $57.8 million

by Jill Jamieson-Nichols

Frontier Airlines will put

its signature on a landmark

office building near Denver

International Airport.

Frontierwill move its head-

quarters to the former Pro-

logis building at 4545Airport

Way in Denver. The airline

bought the five-story build-

ing from Prologis, which

recently relocated its opera-

tional headquarters to down-

town Denver.

The 89,000-square-foot

building has high-profile sig-

nage and is one of the first

office buildings people see

when traveling on Peña Bou-

levard between the airport

and Interstate 70.

In a letter to employees,

Frontier Chief Financial Offi-

cer Jimmy Dempsey said

Frontier’s existing headquar-

ters about 5 miles away is

tired and space-constrained.

“With our board, we con-

cluded that our current facil-

ity does not fit the ambitious

growth plans of the airline

as we take delivery of 78

new Airbus aircraft over the

next five years.” After look-

ing at reconfiguring the cur-

rent facility and investing in

a build-to-suit, the company

settled on acquiring the Pro-

logis building.

“It is the most cost-efficient

solution for Frontier,” he said.

Headquarters building on flight path

A buyer growing its Colorado portfolio, which now comprises more

than 1,300 units, acquired the 312-unit Silver Cliff Apartments.

Jordan Robbins

Please see Frontier, Page 8

Frontier Airlines will move its headquarters to the former Prologis building at 4545 Airport

Way in Denver.


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