Alturas Capital Partners Acquires Denver Tech Center Assets
Written by Bennett Williamson | June 30, 2021
June 21st, 2021
DENVER -- Alturas Capital Partners recently added Stanford Place I located at 8055 E. Tufts Avenue and Yosemite located at 6455 S. Yosemite Street in Denver, CO to the Alturas Real Estate Fund portfolio. The suburban office properties located in the Denver Tech Center total 476,000 square feet. These properties are the 6th and 7th Colorado assets for Alturas.
Currently 78% occupied collectively, the buildings offer significant upside in the lease up of over 100,000 SF and rolling rents to market. The rent roll is comprised of a mix of national and regional tenants including Moody Insurance, Bank of the West, ConMed, and Chicago Title. With no tenant occupying more than 6%, there is no major tenant concentration, limiting rollover risk.
Each fully-amenitized building benefits from efficient floorplates, excellent glass lines, ample structured parking, convenient vehicular access, and prominent visibility. The properties represent an opportunity to purchase high-quality real estate with immediate upside at a substantial discount to replacement cost in one of the most coveted submarkets in the Rocky Mountain Region.
The buildings are located in the Denver Tech Center in Denver’s southeast region. Southeast Denver spans three counties and is the region’s second largest employment center outside of the Central Business District. The Denver Tech Center micro market is comprised of over 10.8 million square feet in 75 buildings. This area has become one of the strongest performing southeast micro markets and one of the most sought after micro markets in Denver. Denver Tech Center’s freeway access, proximity to executive and employee housing, abundance of amenities, and light rail connectivity have made it one of the most active and coveted areas in the city.
This acquisition pushes the Alturas portfolio to approximately 2.5 million square feet. Alturas attributes much of its success to its continual focus on partnerships notably with the lender for the project Bellco Credit Union, trusted advisors Peter Scoville and Greg Phaneuf of Cushman and Wakefield and Chad Flynn Tim Richey, Jenny Knowlton, and Charley Will of CBRE who represented the seller in this acquisition.