Denver

For the past four years, BREG invested in substantial capital improvements and implemented an active management plan to convert the property from standard office zoning to its current medical office status.

Completed in 2010, Tempe Metro features studios, one-, two- and three-bedroom apartment units with nine-foot or 17-foot vaulted ceilings.

The 23 Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.

Office is the latest sector to embrace the concept of placemaking.

Occupancy was 90% at the time of sale.

Denver is one of the fastest growing markets in the Western US, but office absorption rates fell in early 2018.

Holliday Fenoglio Fowler, L.P. reports it arranged $110 million in financing for the 310,055-square-foot project that includes the 200-key Kimpton Hotel Born; a 54,976-square-foot, Class A five-story office building with ground-level retail space and a 197-space parking garage in Downtown Denver.

The sale of the property between a private investor and owner operator and the new owner, a Chicago-based private equity firm, was reported by brokerage firm Marcus & Millichap.