Page 14 —
COLORADO REAL ESTATE JOURNAL
— November 19-December 2, 2014
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Advenir, a multifamily real
estate investment and manage-
ment company, picked up 570
apartment units with the pur-
chase of two communities in
Longmont.
Advenir didn’t release the
price it paid for the proper-
ties, but industry sources said it
was approximately $80 million.
CenterSquare Investment Man-
agement was the seller.
The deal included the former
Wyndam Apartment Homes,
now Advenir@Wyndam, and
Wildwood Apartment Homes,
which was renamed Advenir@
Wildwood.
Advenir has acquired 1,000
apartment units in the greater
Denver area since August and
nearly 3,000 units since late
2011. It is actively looking to
expand its portfolio.
“We are very bullish on the
greater Denver apartment mar-
ket with its strong fundamen-
tals, high barriers to entry and
excellent demographics,” said
Todd Linden, chief acquisition
officer. “The Longmont apart-
ment market has seen year-
over-year growth of 7.9 percent
and very low vacancy levels
of 3.5 percent,
providing an
opportunity
to own an
asset in a sta-
bilized mar-
ket with sig-
nificant rental
upside.”
Adveni r@
Wyndam is
an 18-build-
ing, 360-unit community at 2540
Sunset Drive. Built in 1990, it
underwent a renovation in 2010
that included comprehensive
upgrades to individual units as
well as the common areas. The
property has 156 one-bedroom,
one-bath units and 204 two-
bedroom, two-bath units. Ame-
nities include a swimming pool,
spa, clubhouse, fitness center,
carport, access to public trans-
portation and nearby parks.
Advenir@Wildwood is a
15-building, 210-unit Class
B-plus property at 3226 Lake
Park Way. The units, as well as
the exterior and common areas,
recently were renovated. The
apartments feature a loft-style
design that is unique to the
area, with 126 one-bedroom,
one-bath units and 84 two-bed-
room, two-bath apartments.
Advenir@Wildwood is adja-
cent to McIntosh Lake, provid-
ing tenants with recreational
options, and is surrounded
by major retail, restaurants,
employers and transportation
infrastructure.
Eric Tupler and Josh Simon
of HFF secured Freddie Mac
financing for the acquisition.
Jordan Robbins, also of HFF,
represented the seller.
Advenir, headquartered in
Aventura, Florida, acquires and
operates income-producing
assets throughout the United
States on behalf of high-net-
worth and institutional inves-
tors. Its current portfolio con-
sists of 8,406 units valued at
more than $800 million.
s
Advenir acquired 570 apartment units in Longmont with its purchase of the former Wyndam and Wildwood
Apartment Homes.
Todd Linden
by Jill Jamieson-Nichols
An Anchorage, Alaska-based
commercial real estate invest-
ment and management com-
pany bought a three-building
industrial property in Boulder.
Carr Gottstein Properties
paid $7.15 million for Twin
Lakes Business Park, which
consists of 71,447 square feet
of office/warehouse space in
three buildings in Gunbarrel
Business Park. WLA Invest-
ments sold the property, which
is located at 4695, 4697 and
4699 Nautilus Court.
Twin Lakes Business Park
was 100 percent leased to 19
tenants, including Asher Brew-
ing Co.
“We had great activity,” said
Patrick Devereaux of JLL, who
represented the seller with JLL’s
Jason Schmidt. “The property
was in excellent capital condi-
tion. The existing ownership
had done significant improve-
ments to the asset over the last
three years,” he said. “It’s a
good piece of real estate.”
Average rents are about $1
per sf below market, according
to Devereaux.
“Twin Lakes Business Park
will provide the buyer with
very durable long-term cash
flow and significant upside
potential as the market in Boul-
der continues to tighten,” he
said.
According to CoStar Group,
the industrial vacancy rate in
Boulder has been dropping
since 2009 and currently stands
at less than 2 percent.
Twin Lakes Business Park
averages approximately 30
percent office build-out, with
70 percent warehouse space. It
was built in 1983.
Brian Bair, Dax Gitcho and
Trent Rice of NAI Shames
Makovsky represented the
buyer in the transaction.
s
by Jill Jamieson-Nichols
A company that has been
steadily expanding at West-
moor Technology Park over the
last decade will relocate next
door to continue its growth tra-
jectory.
Reed Group, a multifaceted
firm that provides information
and services related to employ-
ee leave and disability, leased
65,000 square feet at 10355
Westmoor Drive in Westmin-
ster with an obligation to take
another 10,000 sf within the
next three years. It currently
has 55,000 sf at Westmoor.
“The location works really
well for Reed Group. We’ve got
great access to workforce,” said
CEO David Roberts, explaining
the company draws employees
from both the Boulder and Den-
ver areas.
Of the approximately 400
people it employs in Colorado,
approximately 330 work in the
office. “We’ve been growing
about 20 percent year over year
for the last four years. We will
probably add 100 or 150 people
over the net 12 months, so that
will continue to go up,” Roberts
said.
ReedGroup
p r o v i d e s
emp l o y e r s
with a vari-
ety of leave
and disabil-
ity services
and products,
i n c l u d i n g
We b - b a s e d
information;
th i rd-par ty
management of leave and dis-
ability services; software to help
companies and insurers man-
age their own leave and disabil-
ity matters; and data and ana-
lytics tools to help employers
understand causes of employee
absence. The goal is to improve
return-to-work outcome, lower
absence and health care costs,
and drive better business
results.
The workforce includes cus-
tomer service and technology
personnel, as well as a large
number of nurses.
“Our employees really get a
lot of value out of the help
that they provide,” said Rob-
erts, who said employees enjoy
assisting people suffering
from disabilities and dealing
with other work-leave issues.
“Everybody really feels like
they are doing good. It’s a spe-
cial part of Reed Group and a
special part of why we’ve been
successful and grown,” he said.
Reed Group expects to occu-
py its new offices in the first
quarter of 2015. The company
will be located in a 97,922-sf
building that was built in 1999
and is part of a collection of
buildings known as Westmoor
Center. Westmoor’s amenities
include a deli, West View Recre-
ation Center, showers and lock-
ers, enclosed bike shelters, 3½
miles of trails and a golf course.
Todd Papazian of CBRE in
Denver and Ted Uzelac of Fisch-
er & Co. in Dallas represented
Reed Group in the lease. Frank
Kelley and Austin Fairbourn,
also of CBRE, represented the
landlord, KBS Strategic Oppor-
tunity REIT.
When it first moved to West-
moor 10 years ago, Reed Group
occupied 24,118 sf.
“It’s a nice business,” said
Roberts. “It’s just growing and
growing. It’s fun to be in a busi-
ness where you’re successful
and growing.”
s
Reed Group will expand into the building at 10355 Westmoor Drive in
Westminster.
David Roberts
by Jill Jamieson-Nichols
WhiteWave Foods executed
a 50,324-square-foot lease in a
new speculative industrial/flex
building at 1900 Cherry St. in
Louisville.
The lease is the first to be signed
for the 66,350-sf building, which
Etkin Johnson Real Estate Part-
ners completed in September. It
will commence March 1.
WhiteWave, which produces
food brands including Horizon,
Silk, Alpro and others, will use
the facility for food preparation,
research and testing. The build-
ing is located at the southwest
corner of CTC Boulevard and
Cherry Street in the Colorado
Technology Center.
The tenant occupies space in
another Etkin Johnson building
in Broomfield, and that relation-
ship contributed to the lease exe-
cution, the developer said.
“We are very pleased to be
able to accommodate an exist-
ing tenant with an expansion
solution within our portfolio,”
Ryan Good, Etkin Johnson vice
president of leasing and sales,
said in an announcement. “Our
