By Gabriel Circiog, Associate Editor
Encore Multi-Family LLC finalized the financing for its next development project in the Denver suburb of Thornton, which will mark the beginning of the company’s Western expansion. Encore Highpointe Park will feature 220 luxury apartment homes and the garden-style community will be the only residential community at Highpointe Park PUD thus benefitting from the 1.2 million square feet of existing retail development. The site is closely located to the l-25, Denver’s primary North/South transport artery.
Encore Multi-Family LLC, a subsidiary of Encore Enterprises Inc., was founded in 2008 and is involved in all aspects of multifamily development and operations. Brad Miller, president of Encore Multi-Family, said the company has doubled the size of its portfolio in 2011 and plans to double it again in 2012. Since mid-2010 the company has started construction on six new developments, two of which have already been finalized with great lease-up results.
In other real estate news, Seavest Healthcare Properties and Fleisher Smyth Brokaw (FSB) bought five Centura Health medical office buildings in Denver and Littleton, The Denver Business Journal reports. The portfolio, acquired for $41.25 million, includes three medical office buildings on Centura’s Porter Adventist Hospital campus at 2525 S. Downing Street in Denver and two at its Littleton Adventist Hospital campus at 7700 S. Broadway in Littleton, totaling 317,026 square feet.
The five buildings were 88 percent leased to over 100 tenants, including hospital clinical services and independent physician groups. Centura Health was represented in the transaction by Chris Bodnar and Lee Asher of CBRE Inc.