Blue light special A former Kmart in Loveland will be renovated into a new Jax Mercantile store this summer INSIDE Mountain high A sought-after apartment community in Northglenn sells for $83 million Fill ‘er up A pair of industrial leases bring the 500 W. 53rd Place distribution warehouse facility to full occupancy 10 6 22 FEATURED Reopening Retailers look to ways to serve customers while adhering to new social safety standards 14 CONTENTS Office 4 Multifamily 6 Industrial 10 Retail 14 Boulder County 20 Larimer & Weld Counties 22 Colorado Springs 23 Finance 26 Law & Accounting 34 Property Management 37 CDE News 40 Who’s News 47 by Jennifer Hayes A pair of planned residential communities arebringinghigh- er-density, mixed-use develop- ment to the master-planned RidgeGate development. Located on the east side of Interstate 25 at the Ridge- Gate Station transit-oriented development in Lone Tree, the projects include a market-rate apartment complex devel- oped by Regency Residential and Lone Tree’s first affordable housing project, developed by Koelbel and Co. “We believe that by starting development on Ridge- Gate’s east side with a wide range of rental and ownership residential options, it will respond to the strong demand for resi- dential, enhance the opportuni- ty toattract ananchor employer for the east side and appeal to a wide range of future residents,” said Keith Simon, executive vice president and director of development for Coventry Development Corp., themaster developer for RidgeGate. “We are working with some of the best local and national builders to bring to market a Apt. projects set to sprout at RidgeGate by JennaWalters A newly constructed multi- family property sold for $90 million in Broomfield. Oakmont Properties pur- chased Fusion 355, a 286-unit apar tment complex at 355 Eldorado Blvd., from seller AG Spanos. Both the buyer and seller are Ca l i f orn i a based. Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, whileMarcRoss of CBRE’s Sac- ramento office represented the buyer. Built in2019, Fusion355 totals 256,376 rentable square feet and offers a mixture of apartment and townhome-style units complete with in-unit washer and dryer, quartz countertops, hardwood flooring and stain- less steel appliances. The prop- erty sold for $315,000 per unit. The controlled access, smoke- free residential community also features upscale amenities, including a 24-hour fitness cen- ter, yoga studio, dog park, resi- dent lounge, and a heated pool and spa. The property is acces- sible from both downtown Denver and Boulder. It’s also minutes away from FlatIrons Crossing and nearby major employers such as Level 3, Oracle and Vail Resorts Head- quarters. The California buyer owns similar residential properties in the northwest Denver sub- market, including North Main Apartments in Louisville. “The sale of Fusion 355 is an example of the continued trend of investment capital migrating to Denver from coastal mar- kets in search of slightly higher yields and a stable political and tax environment,” Woodward said. At the time of the sale, the property was 85% occupied, but at its desirable location, the intersection of Interlocken and Eldorado boulevards, contin- ued resident growth for the property is expected. Wood- ward said these factors made the property an attractive asset to the buyer. “Fusion 355 allowed Oak- mont Properties the oppor- tunity to grow their existing footprint in the Denver market while also providing an advan- tageous microlocation within the high-tech Interlocken Busi- ness Park that features some of Colorado’s largest and most prestigious employers,” he said. The sale successfully closed May 13, just two weeks after the buyer closed on Caliber at Flatirons, another luxury apart- ment complex in Broomfield. s Broomfield apartments sell for $90 million Oakmont Properties adds Fusion 355 to its portfolio of similar Colorado luxury apartment buildings. Dan Woodward Please see RidgeGate, Page 12 Construction on the two-phase, 540-unit RidgeGate Station Apartments will start late this year. Keith Simon JUNE 3-16, 2020