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Page Background Moving in ColRich Multifamily buys The Park at Canyon Ridge community

Inside

8 6 Going to town John Madden Co. is planning its first new office development in a decade: Yankee Doodle Plaza

NOVEMBER 15-DECEMBER 5, 2017

26 Lots of shoppers AGreeley retail center sees an impressive level of investor activity 27 Bagging it up ACalifornia investor acquires a shadow-anchored center in Colorado Springs Featured Quarterly

by Jill Jamieson-Nichols

A real estate private equity

fund entered the Colorado

market with a $23.46 million

investment in three buildings

in Boulder.

Ivy Realty Fund IV, oper-

ated by Ivy Equities, bought

the office and office/flex build-

ings fromW.W. Reynolds Cos.

Two of the assets, 5330 Sterling

Drive and 6000 Spine Road,

are 100 percent occupied. The

other, 5360 Sterling Drive, is

vacant, offering Ivy the chance

to renovate and lease the prop-

erty for creative office use.

Ivy Equities, with offices

in Greenwich, Connecticut;

Montvale, New Jersey; and

Fort Lauderdale, Florida, is

primarily an East Coast inves-

tor that’s been looking over the

last couple of years to enter the

Denver-Boulder-Fort Collins

market. It’s

attracted to

the region’s

g r o w t h ,

ability to

attract the

millennial

workforce

and busi-

ness-friend-

ly climate, said Co-founder

and Co-CEO Russell “Rusty”

Warren Jr., a longtime Beaver

Creek homeowner who antici-

pates additional acquisitions

here.

“As a company, we’re happy

to start investing in Colorado

and look forward to building

the portfolio and looking for

more deals,” he said.

A “pretty major” renovation

is anticipated for 5360 Sterling,

according to DrewDeWitt, Ivy

senior vice

pres ident

of invest-

ments. The

c omp a n y

is

work-

ing

with

OZ Archi-

tecture to

r e d e f i n e

the 38,263-square-foot build-

ing with a new entryway and

lobby. Work also will include

mechanical system upgrades.

“We look for value-add

opportunities where there’s

some work to be done so we

can roll up our sleeves, and

rebrand and reinvigorate an

asset to bring it back to market

Fund invests $23.46 million in Boulder assets

by Jennifer Hayes

San Francisco-based Ham-

ilton Zanze paid $60 million

for a newly built Englewood

apartment property.

The real estate investment

company paid $252,101 per

unit for the Oxford Station

Apartments, a 238-unit com-

munity located at 4101 S.

Navajo St.

Completed in late 2016, the

community was leased up

ahead of

schedule

– and was

around 95

p e r c e n t

occupied

at the time

of

clos-

ing, noted

D a v i d

P o t a r f

of CBRE. Potarf, along with

CBRE’s Dan Woodward and

Matt Barnett, listed the prop-

erty.

The property was devel-

oped by a partnership

between Littleton Capital

Partners and Brue Baukol

Capital Partners.

Located immediately adja-

cent to the Oxford light-rail

station, the community com-

prises a mix of studio, one-

and two-bedroom apart-

ments. The development

included the renovation of a

historic bowstring truss build-

ing on site that houses a two-

story fitness facility and other

apartment amenities adjacent

to the outdoor pool area.

“It’s a pioneering location;

it’s located right in the mid-

dle of trendy areas,” Potarf

said of the community along

South Santa Fe Drive, which

is close to both downtown

Littleton and Englewood. The

location, its age and amenities

set it apart from the competi-

Oxford Station Apartments sells for $60M

Steve Zavodny

The office building at 5360 Sterling Drive in Boulder will be renovated and offered for lease as creative

office space.

David Potarf

The newly built apartments sold for $252,101 per unit.

Please see Boulder, Page 22 Please see Oxford, Page 10

Russell Warren Jr.

Drew DeWitt

CONTENTS

Office 4 Multifamily 8

Retail

12

Industrial 14 Rebchook RE Corner 18 Boulder County 22 Larimer & Weld Counties 26 Colorado Springs 27 Finance 28 CDE 30 Property Management 35 Who’s News 40