Colorado Real Estate Journal - April 5, 2017
A Denver investor paid more than $200,000 per unit for a rarity in Colorado resort towns – an affordable apartment community. JIP-Snowmass LP paid $7.45 million, or $206,944 per unit, for Club Commons. The property at 52 and 70 Commons Circle in Snowmass Village was sold by Club Commons II Owner LLC. “A local investor out of Denver was attracted to the scarcity of nice, affordable housing up there and thought it would be a good investment,” Terrance Hunt of ARA Newmark said of the purchase. Hunt, along with ARA Newmark’s Shane Ozment, Justin Hunt and Andy Hellman, represented the seller. Club Commons, constructed in 2008, comprises 36 units. It consists of three one-bedroom, one-bath units; six two-bedroom, two-bath units; three three-bed, three-bath units; and 24 four-bed, two-bath units. It was fully occupied at the time of sale. Other News The Grand Junction City Council recently unanimously approved a proposal for Sunshine Polishing Technology to move its U.S. operations to Grand Junction. The company, which provides maintenance and restoration services to ski lifts and gondolas, will relocate its current operations from Eagle County and add 11 to 15 jobs to the local economy by this summer. The Grand Junction Economic Partnership, which partnered with the city on the project, estimates a total annual economic impact of adding Sunshine Polishing’s 15 jobs to the economy of $4.15 million. The construction project, assuming a $625,000 building, is anticipated to bring positive economic activity to the community totaling $1.01 million. “Economic development, a priority for this City Council, requires that we utilize a variety of tools to help to stimulate our local business environment. Sunshine Polishing will be a great addition to our community and will add to the growing excitement about the area along the Riverfront,” said Mayor Phyllis Norris. Grand Junction surpassed the Vail Valley and Montrose County in the negotiating process to win the relocation bid. City Council approved a competitive incentive package to secure the business, which includes 2 acres in the Jarvis Development Area at a reduced price, enterprise zone tax credits and a four-year property tax rebate. The company also is eligible to apply for the JumpStart tax credit program in Mesa County. “We are grateful to City Council for approving our proposal. Sunshine Polishing Technology is exactly the type of innovative business that we are aiming to recruit to Grand Junction,” said Kristi Pollard, executive director of the Grand Junction Economic Partnership. “It will add high-paying jobs in the technology sector, a priority area for us as we work to establish a tech hub in Colorado’s Grand Valley. The company also caters to the outdoor recreation industry, which continues to be a key industry as we diversify the local economy.” Established in 1998 in British Columbia, Canada, Sunshine Polishing Technology is a world-renowned pioneer in plastic polishing. The company provides on-site services to improve cable transport systems at ski resorts and adventure parks across the U.S., Canada and Europe. More recently, the company has expanded its services to include restoration and more aesthetic improvement solutions. The company relocated from Canada to Colorado in 2014. Sunshine Polishing Technology expects to move seven current employees to Grand Junction and will also be recruiting four to eight new staff members by summer. The company’s average salary is $57,269 per year. Glenwood Springs-based Fleisher Real Estate and Property Management is now a part of ERA Real Estate, a global real estate franchise with more than 37,000 sales associates operating in 31 countries. Fleisher Real Estate and Property Management will now do business as ERA Fleisher from offices located in Glenwood Springs, Basalt and Rifle. Daren Roberts, president, will lead the company and expand its residential and commercial real estate sales focus as well as increase its presence in commercial and residential leasing and property management. Earlier this year, Roberts acquired Fleisher Real Estate and Property Management, established in 1975 in Aspen. Roberts also operates ERA New Age, a real estate and property management company based in Centennial. “The addition of ERA Fleisher strengthens the brand’s presence in the mountain region and Western Slope of Colorado, supporting both regional and national referrals,” said Sue Yannaccone, president and CEO of ERA Real Estate. It’s a new name for the Vail Cascade Condominiums. Laurus Corp., a private real estate investment and development firm, announced the Vail Cascade Condominiums have been renamed the Vail Residences at Hotel Talisa. The announcement comes after the firm’s renaming late last year’s of the 285-room Vail Cascade Resort and Spa as Hotel Talisa, Vail. Hotel Talisa, Vail currently is undergoing an expansive renovation and rebrand, including its 285 guest rooms, public spaces, restaurant and new full-service spa. The resort, including the new hotel and Vail Residences at Hotel Talisa, which include Cascades on Gore Creek, Coldstream, Liftside, Millrace, Penthouses and Westhaven complexes along with private homes, will remain under the management of Two Roads Hospitality, with the residences remaining under the Destination Hotels brand. The residences are set at the base of Vail Mountain.