OCTOBER 3-16, 2018 Office 4 Multifamily 8 Rebchook RE Corner 14 Retail 16 Industrial 20 Boulder County 24 Larimer & Weld Counties 26 Colorado Springs 28 Finance 30 Who's News 34 CONTENTS On Target A retail building along the 16th Street Mall, home to downtown’s only Target, is the subject of refinance loan INSIDE Cornering market IMT Residential acquires a 507-unit apartment community near the Cornerstone retail center 22 New V ī b An owner-operator of Best Western hotels will bring Colorado’s first V ī b to River North Landing A developer of airport-adjacent industrial buildings lands near DIA 20 8 30 FEATURED by Jill Jamieson-Nichols The Church Ranch home- stead is out of the family after nearly 150 years, but the legacy will live on. Charles “Charlie” Church McKay, through two entities, sold the 6.1-acre property at 10050-10100 Wadsworth Blvd. in Westminster to an affiliate ofMinnesota-basedDominium for $2million. Terms of the deal require Dominium to restore a historic barn and two silos as part of its plan to develop affordable senior housing on the property. McKay’s great-grandparents, who came to Colorado from Iowa via covered wagon in 1857, homesteaded the prop- erty. The 7,200-square-foot hand-sawn barn was built 140 years ago, and the concrete silos, which were used to store corn, have been around about 125 years. Seeing the barn and silos restored has been a nearly four- decades-long goal for McKay, a well-known local developer with offices at Church Ranch. “I spent a lot of growing-up years here,” he said. “When I came back here in 1979 … I made a promise to myself that, if I was able to do so, I would try to have the barn and silos live on for another 50 to 100 years beyondmy lifespan.” For McKay, the restoration “was just too big of a task to dump on” his children and grandchildren. “My thinking was, I’m 78 and in good health. I still get to the office every day at 7, and I’m active, but I needed to get this done, and so this was one way to do it,” he said. “Dominium has a reputation and knowledge of including historic restoration as part of what they do, so they’re savvy on that,” he said. “Theywere the perfect buyer, and, of course, senior housing is very compatible with this site. It’s adjacent to open space, trails, it’s next to everything that seniors would want – res- taurants, shopping, banks, post office, King Soopers.” Cary Clark of Fuller Real Estate, along with Ana San- domire and Darrin Revious of NAI Shames Makovsky, han- dled the sale of the property, which sits just off U.S. High- way 36. “It’s just agreat location,”said Clark. “They (Dominium) have a great plan. Affordable hous- ing is needed everywhere, but certainly Westminster is one of the areas where prices have gone up and seniors are having a Church Ranch developer to retain legacy by Jennifer Hayes San Francisco-based Ham- ilton Zanze purchased a Westminster rental commu- nity with a distinctly single- family feel. Hamilton Zanze paid $82 million for Environs, an approximately 30-acre rental community at 3323 W. 96th Circle. The community com- prises 318 rental units – a mix of market-rate, single-family houses, patio homes, town- homes and condominiums. “Environs presented an opportunity to buy a great asset in a strong submarket,” saidDavidNelson,managing director of acquisitions for Hamilton Zanze. “With all of the demand for single-fam- ily homes today, we believe this property's unique mix of condominiums, townhomes, patio homes and houses will appeal to a wide renter pool around the region.” “Environs is a truly unique property that fills a niche for a single-family-home experi- ence with the price and flexi- bility advantages of renting,” added Matt Barnett of CBRE. “It’s particularly appealing to long-term residents and families hesitant to embark on homeownership as hous- ing prices in metro Denver continue to escalate.” Barnett, along with CBRE’s Dan Woodward and David Potarf, represented seller Seagate Associates LLC of San Rafael, California. Seagate, which had owned the asset for four years, made improvements to select units. Renovations included black or stainless steel appliances, new cabinetry, new lighting packages, refinished coun- tertops and new vinyl plank flooring. HZ plans to under- take similar upgrades to the remaining 119 units. Property management responsibilities will be tran- sitioned to Mission Rock Residential, HZ’s Denver- based affiliate. Environs originally was built in 1984 as a master- planned, for-sale commu- nity. It comprises 110 con- dos, 94 townhomes, 71 patio homes and 43 single-family homes. The community includes an updated club- house, fitness center, two outdoor pools, sports court, playground and outdoor barbecue areas. Environs is located in Adams County near the intersection of West 96th Avenue and Lowell Boule- vard, 2 miles west of Inter- state 25 and 1.25 miles from U.S. 36. The property was 95 percent occupied at the time of sale. “Unlike renting a home from a private owner, resi- dents at Environs benefit from professional manage- ment, maintenance-free liv- ing and smart capital improve- ment in common area ameni- ties. Significant upgrades can be made to the unit finishes and underused basement spaces to continue to offer a superior resident experience and add value to the invest- ment,” added Barnett. With the purchase, Hamil- ton Zanze owns 15 properties in Colorado, nine of which are in the metro Denver area. V Hamilton Zanze adds $82M buy to portfolio A historic barn and silos at the Church Ranch homestead will be retained as part of a new affordable senior housing development. Environs features 318 rental units, a mix of market-rate, single- family houses, patio homes, townhomes and condominiums. Please see Church, Page 19 Charles Church McKay Cary Clark