Medici Communities acquires land for $19 million, 111-unit multifamily/retail development

Arapahoe County

Property Location: 3401 S. Broadway, Englewood

Property Description: Vacant land

Land Size: 80,490 sf (see D6083126 for file plat)

Sales Price: $1.7M, or $21.12 per sf, or $15,315 per buildable unit

Reception No.: D6083125

Closing Date: 7/28

Grantor: Englewood Urban Renewal Authority, S. Brad Power, exec dir.

Grantee: Broadway Lofts LLLP, Troy Gladwell, mgr., 303-921-3366, Shannon Sperry, 303-961-7705, & Josh Russell, 303-915-7841, c/o Medici Communities

Financing: $18.83M payable to Wells Fargo Bank NA and Cornerstone Permanent Mortgage Fund III LLC as Permanent Lender, Boston Capital Partners II Corp., Kevin P. Costello, EVP

Comments: Property will be developed by Medici Communities. Plans include 11,000 sf of retail/commercial space, with 111 one- and two-bedroom apartments within two five-story buildings. The second apartment will face South Acoma Street and the ground floor will be used for parking. The 194 parking spaces with the project will be allocated with 58 spaces for resident parking, 38 for local businesses, and the remainder will be shared parking with the community. The project has been in the works for nearly two years. The Colorado Housing and Finance Authority Multifamily Housing Revenue Bond is involved with the financing of the Broadway & Acoma Lofts.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.