CBRE has arranged the sale of Bell Cherry Hills, a 306-unit apartment community in Englewood.
Located at 3650 S. Broadway St., the two-building, four-story property was built in 2015 and comprises studio, one-, two- and three-bedroom units. Each unit features granite countertops, ENERGY STAR-rated appliances, energy-saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, EV charging stations and two controlled access parking garages.
“Bell Cherry Hills garnered a ton of attention throughout the marketing process from both institutional and private investors alike given its attractive vintage and location,” said CBRE’s Chris Hart. “Due to current market conditions, we’ve seen more and more investors gravitate towards ‘core-plus’ profile assets like Bell Cherry Hills, that provide strong day one cashflow and a story, whether that be a relative discount to what it would cost to build a similar property today, potential upside through marginal unit upgrades or bringing rents in line with comparable properties in the area. Bell Cherry Hills checked several of these boxes and will continue to perform well as the Englewood City Center area continues to evolve over time.”
Metro Denver’s multifamily market fared well in Q2 2024, driven by strong renter demand, according to CBRE Research. The metro’s multifamily occupancy remains unchanged from Q1 2024, sitting at 93.9% in Q2 and positioning Denver in the top quartile for occupancy resilience across all U.S. markets measured by CBRE.
Pinnacle Announces Sale of 13,255 SF Office/Flex Building in Englewood
Pinnacle Real Estate Advisors, LLC announced the sale of a 13,255-square-foot office/ flex building located at 8668 Concord Center Drive in Englewood for $3 million. Trent Rice, vice president, Paul Nora, advisor, and Jamie Mitchell, principal, represented the seller in the transaction. Brian Wingate of Newmark represented the buyer.
“We achieved a great price per foot for our seller on this property by coordinating a deal with a nearby owner looking to expand their business. Congrats to all parties!,” said Rice.
Parker Healthcare Center Welcomes Two New Tenants
Trevey Commercial Real Estate welcomed two new tenants to the Parker Healthcare Center, located at 10371 Parkglenn Way in Parker.
NorthPeak Commercial Advisors Brokers 7-Unit Multifamily Property in Denver for $1,090,000
NorthPeak Commercial Advisors announced the sale of 1820-1832 W Mississippi Ave., Denver.
Zach Hansen of NorthPeak Commercial Advisors worked with the buyer and seller in this transaction.
“The property went under contract after being on the market for only a week,” stated Hansen. “The buyer was familiar with the area and is looking to increase rents and hold the property long term.”
13-Unit Townhome Community Sells for $5.2M
Capstone closed the sale of 359-363 Warren Avenue in Silverthorne, Colorado, a 13-Unit townhome community for the sale price of $5,200,000 ($400,000/Unit). Sam Bretz and Benton Adams of Capstone represented the buyer (not disclosed) in this transaction.
The property includes three separate buildings, with a total of 13 townhomes that consist of seven 3Br/2Ba Units, and six 2Br/2Ba Units. Located in the heart of Silverthorne, it is just blocks away from the various shops and amenities the town has to offer, and an ideal location for workforce housing in Summit County that tenants are drawn to.
No deal is easy to get over the finish line in the current market, and this transaction was no different. Having the right buyer, that understood the nuances of working with the municipality, became imperative to get the deal closed.
This acquisition represents a continued push by the buyer to expand their portfolio in Colorado’s mountain communities. The buyer plans to complete extensive exterior and interior renovations to the property that will be a huge benefit to tenants and the community at large.
The LeClaire-Schlosser Group of Marcus & Millichap Arranges the Sale of Astrozon Self Storage in Colorado Springs, Colorado
The LeClaire-Schlosser Group of Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, recently announced the sale of Astrozon Self Storage, a 668-unit and 53,200 net rentable square foot self-storage property located in Colorado Springs.
Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, senior managing director of investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. “The owner had managed the facility for over two decades and was looking to spend more time with his family,” said LeClaire. “We continue to see strong interest in the self-storage product type as a whole and this transaction was no exception,” said Schlosser. The buyer, a privately held real estate investment company out of New York, was also secured by Adam Schlosser and Charles “Chico” LeClaire.
Astrozon Self Storage is located at 3710 Astrozon Boulevard in Colorado Springs. It is located in a dense residential area with easy access to both Hancock Express Way and S Academy Boulevard. The facility features single-story drive-up access across the entirety of the store with all metal buildings and standing seam metal roofs. There are also paved asphalt drives throughout the property.
