Office 4 Industrial 8 Multifamily 12 Retail 16 Law & Accounting 24 Finance 25 CDE News 34 Who's News 46 New build Recently completed Incline 45 Apartments trades hands INSIDE Record deal Developer secures funds in one of the largest C-PACE transactions HQ Switch Galloway & Co. to relocate headquarters to DTC 4 25 14 FEATURED Groundbreaking Medtronic starts construction on Lafayette campus 10 CONTENTS JULY 21-AUGUST 3, 2021 by Jenna Walters DENVER – A local real estate agency acquired a multibuilding apartment community in Denver. CIM Group purchased The Lex at Lowry, a 710-unit apartment community span- ning approximately 26 acres at 240 S. Monaco Parkway. According to public records, the buyer acquired the asset from sellers Monaco Park- way Fee Owner LLC and Monaco Parkway Land Part- ners LLC for $201.85 million, or $284,295 per unit. Dave Potarf, Dan Woodward, Matt Barnett and Jake Young, for- merly of CBRE, represented the seller in the transaction, while CIM Group represent- ed itself. Since the closing, the former CBRE team has moved to Walker & Dunlop. Built in 1972, the multifam- ily property comprises 24 buildings, providing a com- bination of one-, two- and three-bedroom townhome and mid-rise units. Accord- ing to CIM Group, the asset is one of only seven apart- ment properties with more than 700 units in the Denver metro area. The Lex at Lowry also offers 1,204 parking spaces and community amenities including multiple swim- ming pools, tennis courts, a yoga and spin studio, rac- quetball court, indoor bas- ketball court, fitness center, and business and conference facilities. A playground, dog park and outdoor seating areas with fire pits also are available to residents. In addition to the luxury amenities the property offers, the buyer also was attracted to its location in the Lowry area. CIM Group representa- tives said the neighborhood is desirable due to ample single-family and multifam- ily housing, retail and res- taurant options, office space, and more than 800 acres of recreational facilities and open space. “CIM Group’s team has deep experience with well- located, significant multifam- ily communities in markets across the country, which it brings to the ownership and CIM Group snags apartment asset for $202M CIM Group purchased one of the highest-unit-volume apartment properties in Denver. Please see CIM, Page 45 by Jenna Walters LAKEWOOD – A Seattle- based commercial real estate investment firm acquired Belmar, an approximately 1 million-square-foot mixed-use district in Lakewood. Bridge33 Capital, in partner- shipwithWaterfallAssetMan- agement, purchased Belmar, which spans multiple blocks near the intersection of South Wadsworth Boulevard and West Alameda Avenue. The buyers acquired the asset for $113million froman affiliate of Starwood Capital Group. Opened in 2004, Belmar fea- tures retail and office space and is anchored by national tenants Whole Foods, Tar- get, Dick’s Sporting Goods, Best Buy, Nordstrom Rack, Sephora and a top-performing 16-screen Century Theatres. Belmar also includes more than 1,300 residential units and a Hyatt House hotel that were not part of the sale. “We are extremely excited about the acquisition of Bel- mar, which is a trans- formational asset for our company,” said Jahan M o s l e h i , m a n a g - ing prin- cipal and co-founder of Bridge33 Capital. “We are determined to attract the most vibrant local and national res- taurant, entertainment and retail tenants to Belmar while adding additional daytime population through leasing office space. We are going to Firm acquires, plans revitalization of Belmar The Belmar shopping district in Lakewood is under new ownership. Please see Belmar, Page 45 Jahan Moslehi