OCTOBER 16-NOVEMBER 5, 2019 7-Thousand A private investor pays more than $1,000 per square foot for a newly built 7-Eleven INSIDE Moving in The $99.25 million sale of Lugano Cherry Creek is the latest buy by IRET in the metro Denver market ‘Core’ asset CenterCore Distribution Center sells for $45.25 million 10 6 14 FEATURED Banking on it Premier Members Credit Union buys an Interlocken building for $11.62 million 18 CONTENTS Office 4 Multifamily 6 Industrial 10 Retail 14 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 21 Colorado 22 Finance 30 Property Management 34 Who's News 42 CDE News 2AA by Jill Jamieson-Nichols The Boulders achieved what appears to be a record price for a 1990s apartment commu- nity, giving the buyer a unique opportunity to add value in a high-barrier-to-entry market. Global real estate company Heitman paid $62.5 million for the 161-unit community at 2850 Kalmia Ave. in Boulder. The price per unit, $388,199, is believed to be the highest paid for a 1990s community on the Front Range. “It’s a gorgeous property. I think the buyer will do extremely well with the asset,” said Shane Ozment, vice c h a i r m a n with New- mark Knight Frank Multi- family. “This was a fantastic oppor- tunity to purchase an insulated asset in a core market,” added NKF Vice Chairman Terrance Hunt, who handled the sale with Ozment and NKF’s Jus- tin Hunt and Andy Hellman. “Demand for multifamily is exploding in Boulder because of the high cost of single- family homes, development constraints and demographics favoring renting over buying.” The Boulders, built in 1993, is one of only three apart- ment communities completed in Boulder in the 1990s and the only one that hasn’t been completely renovated, accord- ing to Ozment. It includes 120 two-bedroom, two-bath units and 41 one-bedroom, one-bath apartments. The seller, Broadshore Capi- tal Partners, renovated 67 units, boosting rents on those units by $150 to $250. Another 94 units had been partially renovated. Through continued renova- tions, “You could easily raise your rents $250 to $300 and still sit well below” the market for newer, more urban product in Boulder, Ozment said. Plus, Boulders achieves record, offers opportunity by Jennifer Hayes Colorado’s largest credit union is set to start construc- tion this month on its new headquarters campus, which could reach more than a half- million square feet at build- out. Ent Credit Union will break ground Oct. 23 on its new 330,000-sf, seven-story facility near InterQuest Park- way and Interstate 25 at The Campus at Foothills Farm – nearly tripling the size of its current space. It recently purchased the 29-acre parcel from LaPlata Communities Inc., where its headquarters will house the firm’s call center, consumer and mortgage lending, infor- mation technology, finance and accounting, human resources, member services, and administration and exec- utive teams, for example. Ent Credit Union will be located within “The Farm,” a 445-acre mixed-use resi- dential and commercial master-planned community located along Interstate 25. Additionally, it will be locat- ed near Centura Health’s planned medical campus, In & Out’s regional office and distribution facility, Great Wolf Lodge, Sheels, New Life Church and Pikes Peak Com- munity College, as well as several apartment communi- ties, including the planned 264-unit Springs at Foothills Farm apartments. “The northern portion of Colorado Springs is ground zero for these types of cor- porate users in the city,” explained Randy Dowis of NAI Highland, who rep- resented Ent with Craig Anderson of NAI Highland. Ent starts work on 330,000-sf HQ facility There were 25 offers for The Boulders, a 161-unit apartment community built in 1993. Shane Ozment Please see Boulders, Page 18 The seven-story building is part of the Campus at Foothills Farm, which also is home to a number of retail, hospitality and office tenants. Please see ENT, Page 16