Office 4 Multifamily 8 Industrial 14 Retail 18 Who's News 24 Finance 30 Law & Accounting 34 CDE News 38 Groundbreaking Construction starts on MOB in Colorado Springs INSIDE Relocation Two companies anticipate move to River North New phase Developers plan three more buildings at Majestic Commercenter 16 6 21 FEATURED Value-add Trion Properties buys, will renovate Denver apartments 8 CONTENTS NOVEMBER 17-30, 2021 by Jenna Walters DENVER –AChicago-based real estate investment trust acquired a luxury apartment building in Denver’s Uptown neighborhood. Amli Residential purchased Bespoke Uptown, the 316-unit property at 1633 N. Pearl St. According to public records, the asset traded for $181 mil- lion, or $572,785 per unit. The buyer acquired the property from Southern Land Co. and GTIS Partners, which concep- tualized and developed the 10-story building. After identifying the site in 2014, the partnership rede- veloped what formerly was a parking lot, small apartment building and two historic, early 20th century commer- cial structures. According to SLC founder and CEO Tim Downey, the Uptown neigh- borhood's walkability, prox- imity to downtown, and rich architectural and community diversity appealed to SLC and GTIS. He said they saw poten- tial to create something that would invigorate the neigh- borhood and become a cata- lyst for its future growth. Upon the project’s comple- tion earlier this year, the part- nership was able to preserve the historic commercial space, more than 12,000 square feet on the ground floor,while pro- viding a new, modern multi- family offering. The property offers a mix of studio, junior one-, one- and two-bedroom apartment homes with gran- ite countertops, stainless steel appliances, wood plank and tile flooring, in-unit washers and dryers, and private bal- conies. Community ameni- ties include a heated resort- style pool, multiple outdoor courtyards, an open-air dog park, 24-hour fitness center, and residents' lounge, among others. According to SLC repre- sentatives, the asset’s luxury finishes, amenity package and location made it a highly desirable investment for a variety of prospective buy- ers, and the property received multiple competitive offers before selling to Amli. The buyer adds the asset to a portfolio spanning several major U.S. markets, includ- ing Denver, Chicago, Hous- ton, Atlanta and Seattle. Fol- lowing the sale, the property appears as Amli Uptown on the buyer’s website, signify- ing a rebrand. s Amli Residential aquires Uptown asset by Jenna Walters AURORA – A national investment and management company acquired a 53-build- ing apartment community in Aurora with plans to make significant exterior improve- ments. GrandPeakpurchasedConi- fer CreekApartments, the 480- unit property at 2205 S. Racine Way, from seller Inland Private Capital Corp. The asset traded for $127 million, or $264,583 per unit. Dave Martin and Brian Mooney of NorthMarq’s Denver investment sales team represented the seller in the transaction, while the buyer was self-represented. According to Mooney, the NorthMarq team began mar- keting the asset for sale last spring and it gar- nered signifi- cant interest, going under c o n t a c t within four weeks. He attributed the interest in part to the property’s locationwith- in the Cherry Creek School District. “This is one of the more affordable submarkets in the Denver metro area,” said Mooney. “As residents are priced out of neighborhoods closer to downtown, theAuro- ra southwest submarket is see- ing considerable rent growth, which is particularly true for assets like Conifer Creek.” The asset’s unit features and amenity package also proved attractive to many prospective buyers, Mooney noted. Aurora community sells for $127 million Following its recent sale, the apartment complex at 1633 N. Pearl St. was renamed to Amli Uptown. Grand Peak acquired Conifer Creek Apartments for the second time in the last decade. Brian Mooney Please see Aurora, Page 26