Real Estate

Real Estate
LoDo lot sold to developer
November 9, 2015 at 12:01 pm 1
16th and Market

The sold lot is located just in front of the Barclay (the white building)

Today, CBRE Group and Integrated Properties announced that one of the last remaining development sites on Denver’s 16th Street Mall traded hands. Integrated Properties sold the development site to an unnamed west coast developer. The site, also known as “Block 47,” contains 15,655 square feet and is located at the corner of the 16th Street Mall and Market Street.

“Block 47 is one of the last prime lots in LoDo and is the ideal location for a quality new development,” said Bruce Deifik, president and CEO of Integrated Properties, Inc. “The purchaser, a visionary developer, was able to see the value in the land.”

16th and Market

Photo of "Block 47" provided by CBRE

The sale of Block 47 comes just three months after Integrated Properties sold 16M, an 188,000-square-foot mixed-use property located directly across 16th Street from Block 47. Upon completion of the development in 2015, Integrated Properties sold 16M to LaSalle Investment Management.

“Integrated Properties has raised the bar on quality development in Downtown Denver, as evidenced by the sale of our recently completed 16M mixed-use building in LoDo,” said Jordan Deifik, vice president of business development for Integrated Properties, Inc. “Now with the sale of Block 47 across the street from 16M, and the subsequent potential development on that lot, the 16th and Market area will serve as the high-end gateway to LoDo and the Union Station district.”

Integrated Properties stated that they considered developing Block 47, but decided it was best to sell the lot as they were satisfied with the price that was offered. 

CBRE’s Tim Richey and Mike Winn represented the Deifiks and Integrated Properties in the sale of Block 47. CBRE observed significant interest in the lot, including foreign capital, institutional investors, high-net-worth families and local developers.  CBRE explained that the flexible zoning of the site appealed to a wide range of uses ranging from multifamily to office, hotel and retail.

“Block 47 may prove to be one of the best development sites between Los Angeles and Chicago,” said Richey, vice chairman, CBRE Institutional Properties. “With the recent success of Block 47 as well as 16M, Integrated Properties has left an indelible mark on the Denver market.”

“The lack of supply in the LoDo neighborhood is one of the triggers for low vacancy and high investor demand,” said Winn, also vice chairman, CBRE Institutional Properties. “Additionally, land values in Denver are relatively attractive to investors when compared to the price of dirt in coastal markets.”

Real Estate
DMAR Report: seasonal real estate changes observed
November 9, 2015 at 12:06 am 0

The Denver Metro Association of Realtors (DMAR) has released its most recent report which highlights Denver metro area real estate data from the month of October. According to the report, there has been a 28 percent increase in home prices in the Denver area from October 2005 to October 2015.

“October offered up plenty of interesting treats - some were sour and some were sweet,” said Anthony Rael, Chairman of the Denver Metro Association of Realtors Market Trends Committee. “The seasonal changes we're seeing now and for the next few months will likely be short-lived and homebuyers will want to take advantage of continued low mortgage interest rates and prices that have settled down after the unprecedented summer.”

The DMAR report states that during October 5,407 new listings were placed on the market, 4,792 properties were placed under contract, and 4,332 homes sold and closed. There was a 9 percent decrease in listings compared to September. The average price of a sold single family home during October was $403,795– a 1.68 percent increase over the previous month.

A dip in condo listings was also observed as there was a 3.5 percent decrease in listings of condos compared to September. The average sale price of a condo in metro Denver in October was $263,362– four percent higher than the September price.

During October 87 homes sold for $1 million or more– a two percent increase over September and a 17.57 percent increase year-over-year.

The condo market for homes above $1 million witnessed an increase from September to October with the number of units sold over 57 percent.

“A new luxury condo development, 250 Columbine in Cherry Creek North, made a big impact in October’s high-end condo stats,” said Jill Schafer, member of the Denver Metro Association of Realtors. “Compared to September, there was a 228 percent increase in the number of condos sold in October between the $750,000 to $999,999 price range. About one-third of those sales were from 250 Columbine, the new luxury condo development that broke ground two years ago and had its first closings last week.”

250 Columbine

250 Columbine

Condo units at 250 Columbine are closing at an average price per square foot of $600.

“Expect to see 250 Columbine making an impact on condo sales stats in the over one million dollar price range in the coming months as well,” said Schafer.

The most expensive home sold in the month was a $7,250,000 5 bedroom, 8 bathroom home in Cherry Hills Village. The property has 9,577 square feet of above ground space. The most expensive condo sold went for $3,950,000. The condo features 4 bedrooms, 5 bathrooms, and 4,753 square feet of space and is located in River Front Park.

Real Estate
518-unit property sold near Park Meadows
November 4, 2015 at 9:11 pm 0

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of The Retreat at Park Meadows, a 518-unit apartment community located just to the southwest of the interchange of I-25 and C-470.

HFF marketed the asset on behalf of PNC Realty Investors, Inc., acting as investment advisor to the AFL-CIO Building Investment Trust.  The property sold for $125 million as indicated in Douglas County records.

The Retreat at Park Meadows has 32 garden-style buildings set on 33.37 acres at 10200 Park Meadows Drive.  The transit-oriented asset is across the street from the Lincoln Station light rail stop, providing access to the southeast business corridor and downtown Denver.  Additionally, the property is located near Park Meadows Mall, Sky Ridge Medical Center and less than one quarter of a mile north of the recently opened Charles Schwab office campus.  The property has one-, two- and three-bedroom units averaging 1,029 square feet each and amenities such as a resort-style swimming pool, tennis and sand volleyball courts, fitness center with indoor basketball court, putting green and detached garages. 

The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.

“With its low-density design and large unit sizes, Retreat at Park Meadows is a very unique asset within the Denver market and was highly sought after by investors.  The property had not been upgraded since it was built 15 years ago and is prime for a new owner to complete a value-add strategy for additional growth in this extremely high demographic area,” commented Robbins.

Real Estate
66 S. Clarkson sells for $2,340,000
October 28, 2015 at 2:43 pm 0

ARA Newmark announced the sale of Chill, a 12-unit property located at 66 South Clarkson Street in Denver. The property sold for $2,340,000 or $297.86 per square foot. Executive Managing Director Justin Hunt, Associate Director Robert Bratley and Director Andy Hellman represented the seller, Incense Holdings, LLC, in the transaction. The property was sold to 66 S. Clarkson St, LLC, a local private investor. Chill was 100% occupied at the time of sale.

Hunt explained, "This transaction is a continuation of the strong interest and momentum in the metro Denver market. The ability to secure permanent debt at historically low rates is leading to an increased appetite for stabilized, renovated assets."

The property underwent a renovation in 2012: the kitchens were updated with stainless steel appliances, the bathrooms were updated, new flooring was installed, and new lighting is featured.

Bratley stated, "The buyer was able to secure this property due to the seller-friendly terms, which included a very large amount of non-refundable earnest money and a contract extension to help facilitate a seller 1031 Exchange if needed. We had higher offers, but favorable terms won the deal."

Chill is located three blocks to the west of the construction site of the Country Club Towers– a residential project that will house 558 apartment units in two 31-story towers. The Country Club Towers project is being developed by the Broe Group just southwest of the intersection of Speer Boulevard and Downing Street.

Construction Updates, Real Estate
The Peaks at Sloans Lake under construction
October 21, 2015 at 12:40 am 1
The Peaks at Sloans Lake

Rendering of the Peaks at Sloans Lake courtesy 303 Development.

The Peaks at Sloans Lake, a 10-unit townhome project is currently under construction at 17th Avenue and King Street in west Denver. This location is two blocks east of Sloan's lake and is 6 blocks to the west of Sports Authority Field at Mile High. The units start at $499,000 and range in size between 1,615 and 1,634 square feet. Each unit includes two bedrooms, two full bathrooms, and two half bathrooms. The units also feature a two car garage and rooftop patios. The rooftop can accommodate a hot tub and a gas grill. The exterior will utilize beetle kill pine. This project is being developed by Denver-based 303 Development. The architect that designed The Peaks at Sloans Lake is David Berton of Denver-based Real Architecture. The interior finishes include stainless steel appliances, quartz countertops, and hardwood floors. Several other developments are currently under construction in this part of Denver. The Peaks at Sloans Lake is five blocks west of the former site of St. Anthony's Hospital, which was demolished and is now the site of a seven block $300 million development. The site will feature residential, office, and retail components. A movie theater is also panned to break ground at the former hospital site.  Below is a photo of the construction site captured at 17th Avenue and King Street. IMG_3937