JUNE 6-19, 2018 Value opportunity Laramar buys The Helix apartments in a value-add investment opportunity INSIDE Banking on river Spirit Hospitality will develop a new hotel and steakhouse alongside the Cache la Poudre River 18 Future plans Sidford Capital is bringing a new future to the Parker Point retail center Tower time United Properties launches a new industrial park on Tower Road Office 4 Multifamily 10 Industrial 14 Rebchook RE Corner 17 Retail 18 Boulder County 20 Larimer & Weld Counties 22 Colorado Springs 24 Finance 26 Law & Accounting 29 Property Management 31 Who's News 42 16 22 10 CONTENTS FEATURED by Jennifer Hayes Evergreen Devco Inc. kicked off its value-add multifamily platform with its purchase of a pair of Denver apartments for nearly $70 million. “We are excited about this new value-add platform and these two assets fit perfectly in our business plan,” said Tyler Carlson, managing principal of Evergreen. “With both proper- ties located in strong submar- kets with robust education, employment, transportation and retail amenities, these proj- ects both feature opportunities to add value through physi- cal upgrades and professional management coupled with enhanced marketing for high- visibility leasing.” Evergreen paid $55.58 mil- lion for Devon Square Apart- ments, a 252-unit apartment community at 1300 S. Willow St. in south Denver, in Arapa- hoe County. The gated community fea- tures 12 rental buildings, a leasing office and a clubhouse. Devon Square comprises 124 one-bedroom, 124 two-bed- room and four townhome units. The community also includes detached garages, a swimming pool, fitness center, business center and a club- house. Built in 2002, Devon Square is located within the Cherry Creek School District and is near the Denver Tech Center, Anschutz Medical Campus and downtown Denver. It was 92 percent occupied at the time of the sale. Devon Square was sold in an off-market transaction by Furer Development. “With Devon Square offer- ing large floor plans and attrac- tive architecture, our plan is to upgrade the interior units and improve the community amenities to a level that is com- parable to newer properties but at a slightly lower rent,” said KrisVercauteren, vice president of apartment acquisitions for Evergreen. Three miles to the east, Ever- green closed on the $13.95 mil- lion purchase of the Albion apartment portfolio. The portfolio comprises six buildings and 98 units one block east of Colorado Bou- levard and two blocks north of Interstate 25. The properties included in the purchase are located at 1520 S. Albion St., 1588 and 1594 S. Albion St., 4101 E. Iowa Ave., 1600 S. Albi- on St., and 1650Albion St. Built between 1957 and 1961, the Albion portfolio features a mix of six studio units, 66 one-bedroomunits and 26 two- Evergreen kicks off value-add platform by Jill Jamieson-Nichols The first large-scale indus- trial development in the south- west industrial submarket in more than two decades will get off the ground this sum- mer. Jackson-Shaw and LaPour Partners Inc. are teaming up to develop the approximately $40 million Parc Santa Fe at 9050U.S. Highway 85 in Little- ton. The 344,700-square-foot, three-building speculative development will be Las Vegas-based LaPour’s first in Colorado and the first Jackson- Shaw has developed here in many years. “Denver is a growing mar- ket and has strong demand generators,” said Jeffrey LaPour, LaPour president. “The southwest submarket has not seen new construction of scale in over 20 years. The vacancy rate is less than 3 per- cent, and there is a strong base of companies that have a need to grow alongwith the Denver economy but haven’t had new, state-of-the-art space in their preferred location,” he said. “There’s tremendous demand for high-quality, functional distribution/show- room/warehouse space in that market,” added Peter Beugg, managing director of Stream Realty Partners’ Industrial Division for the Rocky Moun- tains. Parc Santa Fe will offer product types to appeal to a variety of users, including a 169,000-sf cross-dock distribu- tion/light-manufacturing/ warehouse building divisible to 27,500 sf. There also is an 85,800- sf midbay building fronting Highway 85/South Santa Fe that can house light-manu- facturing, warehouse, distri- bution and showroom users from 12,500 sf. The final building is an 89,900-sf structure for light- manufacturing, warehouse and distribution uses that will offer secured outside storage – something Beugg noted “is extremely scarce in this mar- ket.” Jeffrey LaPour is a Nebraska native who has watched the Denver market for many years before finding the opportuni- ty to develop Parc Santa Fe. With development of Sterling Ranch, new infrastructure is coming to accommodate resi- dential growth, but land avail- ability is scarce, he said. Jackson-Shaw Parc Santa Fe LLC recently acquired the 22.64-acre development site for $7 million. Powers Brown Architecture is the architect for the park, which will be built by Alcorn Construction. The project team also includes Kimley-Horn Civil Engineers. Developers team up on new industrial park The Devon Square Apartments and the Albion portfolio, pictured above, sold for nearly $70 million to Evergreen Devco Inc. Please see Evergreen, Page 8 A conceptual drawing shows one of three buildings at Parc Santa Fe. Powers Brown Architecture is the architect. Please see Parc, Page 14