APRIL 15-MAY 5, 2020 Historic A $23 million loan refinances the historic Mount Princeton Hot Springs Resort INSIDE Loyalty Tenants expand to fill up Littleton office building prior to sale Rocky Mountain high Aspen affordable apartments trade at record pricing 22 4 28 FEATURED Taking off Lincoln Property Co. breaks ground on a speculative industrial development near DIA 12 CONTENTS Office 4 Multifamily 6 Retial 10 Industrial 12 Boulder County 16 Larimer & Weld Counties 18 Colorado Springs 20 Law & Accounting 24 Finance 28 CDE News 36 Property Management 43 Who’s News 46 by Jill Jamieson-Nichols Bancroft Capital Advisors Inc. is zeroing in on Denver’s west metro submarket, clos- ing on one office building and securing deals to buy three more. Bancroft’s latest acquisi- tion is Union Terrace, an 84,145-square-foot building off the Union Boulevard cor- ridor in Lakewood. The com- pany paid $11.33 million, or $134.61 per sf, for the building with plans to invest in updates and amenities. Located at 12596 W. Bay- aud Ave., Union Terrace was 86% occupied by 13 tenants representing a range of indus- tries, including engineering, government contract, environ- mental, health care, technol- ogy and professional services. “We are very attracted to the demographics and the opportunity on the west side,” said Bancroft founder Doug McDonald, whose company bought the Cole Center at Denver West last year and has owned 350 Indiana since 2014. “You have a barrier to entry due to a lack of available land. You also have a very vibrant workforce on the west side that is growing tired of com- mute times and wants to be proximate to where they live,” he said. In addition, McDon- ald said, “Rents on the west side are a significant discount to downtown and provide a better amenity set than the Denver Tech Center. “We are actively sourc- ing and looking for addi- tional opportunities on the west side,” he commented. Bancroft has two buildings under contract, and its offer to acquire a third building has been accepted. While the coronavirus pandemic has thrown the whole economy into turmoil, “The reason that those sell- ers agreed to our terms and signed purchase and sale agreements is they have comfort that we will be there Bancroft zeros in on west office market by Jennifer Hayes It’s a new high watermark for multifamily in the Colo- rado Springs market. The Champions at Nor- wood apartment community recently sold at the highest total sales price and second- highest per-unit price ever for a multifamily asset in the Southern Colorado city. According to public records, Champions TIC I LLC paid $86.8 million for the 332-unit community at 4505 Dub- lin Blvd. It was sold by 4505 Dublin Boulevard Apartment Investors LLC. The sales price tops that of Vue21, a 2009-built, 332-unit community, which previously held the record of $77.6 mil- lion. Additionally, the Champi- ons at Norwood at $261,445 per unit is second only to the Watermark on Union’s price- per-unit mark of $262,295 and is the highest price paid for that vintage, according to data from Apartment Insights, a comprehensive apartment database website. Also the 244-unit Watermark on Union was built in 2019 – 16 years after Champions at Nor- wood’s construction in 2003. The Champions at Nor- wood last sold in 2004 for $35.88 million. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily market- ed the property, however, declined to comment on the transaction. Renamed Champions, the community features a mix of Champions sets mark for apts. in Springs The 332-unit community sold for $86.8 million. Union Terrace is just off the Union Boulevard corridor in Lakewood. Please see Champions, Page 20 Please see Bancroft, Page 8