Colorado Real Estate Journal - September 20, 2017
A hotel-apartment development in Centennial sold to a franchisee just after opening. MBC Denver Property LLC, an affiliate of MBC Partners, purchased the WaterWalk Denver Tech/Inverness from its developer, Wichita, Kansas-based WaterWalk Hotel Apartments. The price wasn’t disclosed, and the recorded price of $20.61 million doesn’t reflect the actual price, according to WaterWalk President David Redfern. The property at 11400 E. Peakview Ave. consists of 146 furnished and unfurnished units in two buildings. The WaterWalk concept, launched by a team that created hotel brands including Residence Inn, Candlewood Suites and others, is a hotel-apartment hybrid that features large, fully equipped units for people who need accommodations overnight, or for weeks or months. It offers flexible lease terms that include standard utilities, Internet and TV, as well as access to housekeeping services and other amenities. The Centennial development, the first WaterWalk in Colorado and the second U.S. location, is geared to the corporate housing market. “We’re early in our opening, and so far, it is looking like it’s going to be a very successful and quick ramp-up,” said Redfern. “It was originally going to be a company-owned location, and then they (MBC) came in and wanted to get into the WaterWalk brand. We knew this group really well from our past brands, so it made sense for both of us,” he said. Several other WaterWalk properties are being developed across the country, including two that the buyer is bringing to market in the greater Dallas area. WaterWalk Hotel Apartments also is looking for additional sites in metropolitan Denver. “We are excited about being in Denver,” said Redfern. “We are still looking for sites and very interested,” he added, noting the company is focused on locations south of C-470 in Lone Tree, and around Interstate 25 and Broadway. The Centennial property is located along the Arapahoe Road corridor, where all five hotel brands developed by the Jack DeBoer-led WaterWalk team are represented. Other News Aurora Renal Construction LLC recently acquired 1.25 acres of land at 590 N. Laredo St. in Aurora for $360,000 for construction of a renal care facility. Jeff Hallberg of Lee & Associates Denver represented the seller, Arringtons Self Storage of Aurora LP. Peter Knisely of NAI Shames Makovsky represented the buyer.