Ascentris Transfers The Coloradan Retail and Parking to Long-Term Hold Vehicle
Denver, Colorado (December 16, 2019) – Ascentris, a Denver-based real estate private equity company, announced today that it has transferred The Coloradan – Mixed-Use into its long-term hold vehicle. The property is located in The Coloradan condominium building adjacent to Union Station in Denver, Colorado and contains 19,000 square feet of retail and a four-story structured garage with 432 parking spaces. The Coloradan – Mixed-Use represents the third core asset transferred to the long-term hold vehicle, which also includes a Whole Foods-anchored shopping center located in Charlotte, North Carolina and a Class-A high-rise office building located in downtown Chicago, Illinois. The long-term hold vehicle was formed to retain ownership of high-quality, generational real estate and harvest stable, perpetual cash flows for Ascentris’ investors.
“Our long-term hold vehicles provide our investors with broad access to high-quality core real estate while avoiding excessive frictional costs associated with open market transactions. The investor in this vehicle had also capitalized the development of The Coloradan and will now be able to retain the Mixed-Use portion indefinitely,” said Denis Curran, Senior Vice President of Ascentris. “The quality and location of The Coloradan – Mixed-Use makes it a perfect fit for a long-term hold. This is truly irreplaceable real estate within the booming Union Station submarket that will provide consistent cash flow and appreciation for years to come,” added Jeff Stonger, Managing Director of Ascentris.
Developed in 2019 by Ascentris and East West Partners, The Coloradan contains 334 luxury condominium units in addition to the Mixed-Use retail and structured parking. The condominiums are currently 99% sold with one remaining available unit. The retail portion of the property is 100% leased to 11 retail tenants, including sweetgreen, Kaffe, Pure Barre, A-Line Boutique, Alchemy Face Bar, and Union Hall.
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.6 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.