In a significant development, Bell Partners has acquired the Montane Apartments, a 400-unit community situated in Parker, Colorado. This property, completed in 2018, is set to be rebranded as Bell Parker Ranch as part of the acquisition executed on behalf of the company’s Bell Value Add Fund VIII.
Nickolay Bochilo, chief investment officer at Bell Partners, expressed enthusiasm about the property’s potential. He noted, “Bell Parker Ranch is located in one of Denver’s most desirable submarkets, characterized by strong demographic trends, attractive retail and recreational amenities, and great schools.” Bochilo further highlighted the planned upgrades for the apartment homes, anticipating that these improvements, along with existing features, will provide an exceptional living experience for both current and future residents.
The garden-style community offers a diverse array of floor plans, including studios and one-, two-, and three-bedroom units. Noteworthy amenities include a unique lazy river—one of only two in Colorado—an oversized clubhouse, and well-maintained green spaces. The property boasts close proximity to notable retailers such as Trader Joe’s, Costco, and a newly established Whole Foods, all within walking distance. Additionally, the Cherry Creek Trail System, which connects to numerous parks across the city, is nearby. Families will also appreciate that the community is part of the highly regarded Douglas County School District, recognized as one of the best in the Denver metro area.
As a result of this acquisition, Bell Partners’ portfolio in the Denver region now encompasses approximately 7,400 apartment homes across 21 communities.
In another substantial transaction, Malman Real Estate has announced the successful sale of an industrial property located at 1250 Simms Street in Lakewood. This property, comprising 54,416 square feet, sold for $7,252,000. The seller had purchased the establishment only in August 2023 for $5.16 million, made several updates, and managed to lease it to full occupancy before selling at a marked profit within two years.
Jake Malman of Malman Real Estate represented the seller, 1250 Simms LLC, while the buyer, represented by Paul Cattin of Platinum CRE, comprised 1250 Simms St LLC & 1250 Simms St JP LLC.
Meanwhile, Pinnacle Real Estate Advisors has reported the sale of Sprucewood Apartments, located at 3305 S Clarkson Street in Englewood. This 17-unit property was sold on June 17th for a total of $2,800,000, equivalent to $164,706 per unit or $243 per square foot. The property sold at a 6.24% Cap Rate, supported by favorable private financing terms.
Robert Lawson, principal at Pinnacle Real Estate Advisors, represented the seller, while vice president Chris Knowlton acted on behalf of the buyer during this transaction.
Additionally, NorthPeak Commercial Advisors brokered the sale of a multifamily property located at 1135-1139 Lipan St., Denver, for $1,295,000. Kevin Calame and Matt Lewallen from NorthPeak handled the seller’s interests in the transaction.
Calame recounted a challenging six-month listing period during which the property was temporarily taken off the market due to a lack of acceptable offers. However, a buyer who had previously shown interest returned during a later marketing phase. This buyer was looking to utilize a 1031 exchange, affirming that the property was a strong match for their investment needs. Ultimately, both the seller and buyer were able to find a mutually agreeable price, leading to a successful outcome for all parties involved.
In the retail sector, Henry Group Real Estate announced the successful lease of a highly noticeable retail suite at 277 N Broadway, Unit 1C, in Denver. This 2,075-square-foot space has been leased by Native American Bank, reflecting its alignment with the growth and diverse community of the area.
The landlord was co-represented by Montana Rae of Henry Group Real Estate and Roche Fore of Roche & Company, while the tenant was represented by Bobby Bolyard of Kentwood Commercial Real Estate. This suite features dual entrances, ADA restrooms, allocated parking, and excellent signage visibility, making it an attractive option for businesses.
Its strategic location on one of Broadway’s busiest blocks lends itself to consistent foot traffic, easy access to I-25, and proximity to a vibrant mix of residential, retail, and dining venues. This new lease further enhances the evolving Broadway corridor, bolstering its reputation as a prime destination for businesses seeking visibility and convenience.
Lastly, Marcus & Millichap Capital Corporation (MMCC) arranged $4,062,500 in financing for a 62,500-square-foot office property located at 3505 Austin Bluffs Parkway in Colorado Springs. Senior director Garrett Fierstein from MMCC’s Orlando office secured this financing through a local credit union on behalf of a private client.
The terms of this 10-year loan include a 6.75% interest rate, a 25-year amortization period, and a loan-to-value ratio of 65%. These recent real estate transactions showcase the dynamic and robust activity within the Denver area market.
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