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12 27 10 36 Adding value SAREIT boosts its Denver area holdings with a $63.3 million buy of Belmar Villas Tip of the cap AColorado Springs shopette sells for a record-low cap rate Charting a course A Wisconsin buyer targeting Denver pays $17.6 million for an industrial building leased to Charter Communications and Quantum Corp.


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Balancing act Park Hill golf course a whale of a site and ‘delicate balancing act’

by Jill Jamieson-Nichols

A Cleveland-based asset

manager paid $27.25 million

for a suburban office building

inwhichhalf the space is leased

to federal government tenants.

Boyd Watterson Asset Man-

agement bought Atrium III

from iStar, a real estate finance,

investment and development

company headquartered in




building at 6162 S. Willow

Drive in Greenwood Village

was 100 percent leased with

long-term leases in place. Its

four tenants include two fed-

eral agencies that lease 46 per-

cent of the building; Tri-County

Health Department, which

occupies a third of the space;

andGalloway&Company Inc.

ABoyd Watterson vice presi-

dent said the firm doesn’t pub-

licly comment on acquisitions.

The company was among sev-

eral that took a strong interest

in the asset “because of that

location and the continued

improvements that arehappen-

ing and coming at that light-rail

stop,” said Chad Flynn of the

Winn Richey Team at Cush-

man &Wakefield.

Atrium III sheds light on investor demand

by Jennifer Hayes

A Santa Barbara, California-

based buyermade its first foray

into the metro Denver apart-

ment market with a record-set-

ting acquisition.

The private buyer paid $38.6

million for Amberley Heights,

a 96-unit, “condo-quality”

asset in Englewood. The two-

building property in Inverness

Business Park sold for more

than $402,000 per unit and $267

per square foot, making it the

highest-ever sale price per unit

at the time of sale for a subur-

ban Denver property, exclud-

ing Boulder, according to ARA

Newmark. The price per unit

subsequently was eclipsed by

the $424,667-per-unit sale of

Kent Place, also in Englewood.

“The record-per-unit price of

Amberley Heights reinforces

the strongvalue of theproperty,

as seen through the affluent res-

ident demographics, proximity

to the Denver Tech Center and

light rail, and remarkably large

floor plans – almost all ofwhich

are two bedrooms averaging

more than 1,500 square feet,”

said ARA’s Terrance Hunt.

“The esteem and uniqueness

of the asset, as well as the desir-

ability of the Inverness mar-

ket, attracted competition from

investors on this one-of-a-kind

deal, and condo-quality finish-

es of this grade are unmatched

in the Denver market.”

Hunt, along withARANew-

mark’s Shane Ozment, Jeff

Hawks, Doug Andrews and

Chris Cowan, represented the

seller, Colorado-baseddevelop-

er Peter Kudla of Metropolitan

ResidentialAdvisors. The seller

also recently completed the

62-acre transit-oriented devel-

opment, Vallagio at Inverness,

which encompasses the prop-


The buyer was represented

by Granite Peak Partners, a

California-based real estate

advisory firm.

The exchange buyer was

looking for a more long-term,

quality asset in a solid loca-

tion, Hunt said of the buyer,

who was attracted to the

Denver market’s job growth

and the pricing, which might

seem high in Colorado terms

but seems very affordable for

Southern California.

Constructed in 2015, Amber-

ley Heights features a mix of

one-, two- and three-bedroom

apartments. Units include

granite countertops, stainless

steel appliances, soft-close cabi-

nets, gas fireplaces, oversized

patios and balconies, 10-foot

ceilings and walk-in closets.

The gated, controlled-access

community also features a

heated parking garage, two

cardio fitness centers, and a

clubhouse with full kitchen

and outdoor grill and patio.

Located at 10450 Spring

Green Drive, Amberley

Heights is adjacent to the

Inverness Hotel and Confer-

ence Center and its 18-hole

championship golf course,

minutes from the Dry Creek

and County Line light-rail

stations, south of the Denver

Tech Center, 2 miles from Park

Meadows and just east of Inter-

state 25 and C-470.


Amberley Heights trades in record deal

Nearly half of the space at Atrium III is leased to federal government agencies.

Please see Atrium, Page 39

The 96-unit Amberely Heights property sold for more than $402,000 per unit and $267 per square

foot, making it the highest-ever sale price per unit for a suburban Denver property, excluding Boulder.



Industrial 10 Multifamily 12 Retail 16 Finance 20 Boulder County 22 Larimer & Weld Counties 26 Colorado Springs 27 CDE 28 Who’s News 38