CREJ

Buying in A California-based real estate private equity firm makes its first Colorado purchase with $38 million apt. buy INSIDE Northward Investors looking to Northern Colorado apartment assets Turning the key KeyBank Real Estate Capital arranges $81 million in financing for a Parker affordable housing property 30 20 8 FEATURED Record A mixed-use property in Rifle trades at a record price for the town 24 CONTENTS Office 4 Multifamily 8 Retail 12 Industrial 14 Boulder County 18 Larimer & Weld Counties 20 Colorado Springs 22 Law & Accounting 28 Finance 30 Property Management 34 CDE News 36 Who's News 45 SEPTEMBER 16-OCTOBER 6, 2020 by Jennifer Hayes A Colorado-based invest- ment group made its first acquisition in Colorado Springs with the high- est per-unit price ever for a multifamily asset in the Southern Colorado city. Mountain View Capi- tal paid $52.6 million, or $263,000 per unit, for the 200-unit Volta at Voyager community. The sale of Volta at Voyager just eclipsed the previous highest-per-unit- price of $262,295 set by the 244-unit Aliso Briargate’s sale earlier this year. The buyer purchased the community at 11275 Nah- colite Point from Bayley Yandell, a Texas-based real estate development com- pany, which developed the community. JLLCapitalMarketsarranged the sale of the property as well as the $37.56 million loan for the purchase. “The strong pricing achieved for Volta at Voyager is a testa- ment to the excellent quality of the asset, as well as the attrac- tive fundamentals of the Colo- rado Springs market,” said Mack Nelson of JLL. “Even dur- ing a global pandemi c , C o l o r a d o Springs con- tinues to attract new capital, both from within Colorado and on a national stage,” added Nelson, noting that the Col- orado Springs market offers a compelling value com- pared with other markets, a strong economy and a lower number of deliveries of new projects. Nelson and JLL’s Christo- pher White represented the seller. Volta at Voyager, complet- ed in 2019, comprises three rental buildings consisting of one-, two- and three- bedroom apartments with five different layouts rang- ing from 696 to 1,300 square feet. Apartments include patios and balconies, a large kitchen island, a kitchen Volta at Voyager sale sets per-unit record by Jenna Walters A triple-net-leased John- stown asset sold for $11.3 million to a Colorado-based buyer. Trailer Source Inc. purchased the 129,300-square-foot, insti- tutional-grade industrial/ retail property at 4777 Market- place Drive from seller 6701 Marketplace Dr LLC. Brett MacDougall of Unique Prop- erties Inc.-TCN Worldwide was the transaction broker in the sale. The property, offering a colli- sion and body shop, 38 drive- in doors, two paint booths, a full-service sales center and an indoor RV showroom, is fully occupied by Lazydays RV under a triple-net lease. MacDougall said the tenant has occupied the property since 2015 but did not disclose any other terms of the lease. According to MacDou- gall, the seller originally owned and oper- ated its business, RV America, out of three Colorado loca- tions – Johnstown, Aurora and Longmont. In 2015, the seller sold its business to Lazydays RV, which then leased back the three properties. Nearly two years ago, all three properties were listed for sale. The Aurora and Long- mont locations sold to separate local buyers in 2019. The sale of the Johnstown asset, which closed Aug. 28, marks the completion of the full portfo- lio sale, totaling $18.7 million, MacDougall said. The Johnstown property went under contract before the onset of COVID-19. Despite nearly a month-long delay in the closing process, MacDou- gall said the pandemic didn’t hurt the sale as much as it helped. “The RV sales market has been in a robust place for the last few years, and now, with COVID-19 triggering a change in the way people travel, the RV market is stronger than it’s ever been,” MacDougall said. “The industry is seeing rapid Colorado buyer acquires Johnstown asset Mountain View Capital paid $52.6 million, or $263,000 per unit, for the Volta at Voyager community. Please see Volta, Page 46 Mack Nelson The Lazydays RV service center and showroom in Johnstown is under new ownership. Please see Johnstown, Page 10 Brett MacDougall

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