FEBRUARY 6-19, 2019 Elevate An Englewood apartment community sells for $74.5 million INSIDE Going long A building on a long-term lease to a big-credit investment adviser trades for $16.9 million Digging in A joint venture acquires a Broadway Station parcel for a mixed-use development 4 8 23 FEATURED Boulder effect An apartment community whose attributes include a Boulder County address sells for $38 million 26 CONTENTS Metro 4 Office 6 Industrial 16 Retail 20 Multifamily 23 Boulder County 26 Larimer & Weld Counties 27 Colorado Springs 28 Law & Accounting 29 Finance 30 CDE News 38 Who's News 46 by Jill Jamieson-Nichols More than 272,000 square feet of largely vacant retail space at Flatiron Market- place will be demolished and replaced with up to 1,200 multifamily units and 14,000 square feet of ground- floor retail. Broomfield City Council recently gave Dallas-based Provident Realty Advisors Inc. approval to redevelop Flatiron Crossing’s 20-acre Lifestyle District – an approximately $200 million undertaking expected to occur over the coming eight to 12 years. The first phase, likely to start in the second quarter, will entail develop- ment of the Residences at Flatiron Marketplace, a 327- unit apartment community with 4,600 sf of ground-floor retail space. An existing parking garage also will be refurbished. Provident Realty Advi- sors is a partner in Flatiron Marketplace 2013 LP, which owns the approximately 46-acre Flatiron Market- place, between U.S. High- way 36 and the Flatiron Crossing mall. Redevelop- ment plans have been in the works since the own- ers acquired the struggling retail center in 2013. “We are extremely pleased to have the city approv- al to move forward on this devel- o pm e n t , ” said Dave H o l l a n d , P rov i den t Realty vice president. “The vacant retail center has been holding back the potential for this area of Broomfield. The greater Interlocken area continues to experience commercial growth and holds great potential for an urban-style mixed-use development to breathe new life into this gateway location. “With the site’s adjacency to mass transit, and even- tually light rail, a regional bike path and surrounding commercial uses, the addi- tion of new residential space is projected to lift this area back up to its true poten- tial,” said Holland, who added Broomfield staff “was incredibly helpful and supportive throughout the entire process.” “It was approved unani- mously by our City Coun- Sea change in store for Flatiron Marketplace by Jennifer Hayes Equity Residential, which re-entered the Denver mul- tifamily market last year, added a third asset to its local portfolio with its pur- chase of Eviva on Cherokee. The Chicago-based real estate investment trust, which specializes in the acquisition, development and management of apart- ment properties, paid $110.5 million, approximately $403,285 per unit, for the Eviva on Cherokee, which was sold by The Integral Group LLC, according to public records. “There was a significant amount of interest given the property’s location in the Golden Triangle, the quality of the 18-story luxury high- rise and the desire for core product,” noted Holliday Fenoglio Fowler’s Jordan Robbins. Robbins, alongside HFF’s Anna Ste- vens, listed the 274-unit c o m m u - nity at 1250 C h e r o k e e St., adjacent to the city’s m u s e u m district. “The price per door also points to good, transactional strength in the market,” added Robbins. Completed in 2017 and finishing lease-up, Eviva on Cherry Creek features a mix of studio, one- and Equity adds Eviva with $110.5 million buy The Eviva on Cherokee community, developed and sold by The Integral Group LLC, comprises 274 units. Jordan Robbins Please see Flatiron, Page 14 The Residences at FlatironMarketplace will be the first of as many as 1,200 multifamily units. The build- ings will have ground-floor retail space. Dave Holland Please see Eviva, Page 18