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Pinnacle Post - Commercial Real Estate in Denver

Pinnacle Real Estate Advisors provides up-to-date information on commercial real estate news in Denver. Our commercial real estate blog delivers market data and market trends for all product types including: office, industrial, multifamily, land, retail and student housing.

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Apartment rents rise

  
  
  

Inside Real Estate News 

Rising Denver metro-area rents are being moderated by discounts and concessions to renters, according to a report released today.

Rent discounts and concessions averaged 9.3 percent in the second quarter up from 6.9 percent for the first quarter, according to the Denver Metro Apartment Vacancy Rent Survey released by the Apartment Association of Metro Denver and the University of Denver.

“Concessions are typically higher in the summer months and with the new product coming on-line that contributes to increased concessions because new properties are seeking to attract residents,“ said Mark Williams, executive vice president of the Apartment Association of Metro Denver.

Click Here to Read the Full Article | The Denver Post

U.S. companies report rising sales, employment in second quarter

  
  
  

By: The Associated Press, The Denver Post 

DETROIT — Rising sales helped boost hiring and wages at U.S. businesses in the second quarter, and companies are optimistic that the trends will continue this fall, according to a new survey by the National Association for Business Economics.

Fifty-seven percent of the 85 respondents to the survey said sales at their companies rose in the April-June period. That was up from 53 percent in the first quarter and 35 percent in the same period a year ago. Just 5 percent of firms said sales fell during the second quarter.

As sales picked up, so did hiring. Thirty-six percent of firms said they hired more workers during the second quarter, up from 28 percent in the first quarter.

Click Here to Read the Full Article | The Denver Post

RedPeak opens famed hotel as apartments

  
  
  

The former Burnsley Hotel building, that once was owned by an investment group that included Ella Fitzgerald and Kirk Douglas, made its official debut last week as a luxury apartment tower.

RedPeak Properties bought the 17-story tower last year for $10 million and pumped another $7 million into it.

RedPeak renamed the 51-year-old building as the “1000 Grant The Burnsley” apartment residences. It already is 34 percent leased, with monthly rents starting at $1,530.

Click Here to Read the Full Article | Inside Real Estate News

High Prices Pushing Hotel Investors Into Select Service, Second-Tier Markets

  
  
  

By: Randyl Drummer, Costar 

With hospitality property operating metrics strong and getting stronger and capital chasing a limited number of available properties, the lack of high-quality assets on the market is pushing investors into the select service and extended stay segments, second- and even third-tier markets and other alternative asset classes.

The heated competition among buyers may even be contributing to a new round of consolidation in the lodging REIT sector, according to Fitch Ratings, citing the recent $1.95 billion acquisition by American Realty Capital Hospitality Trust of the former Equity Inns portfolio. At minimum, the transaction further reveals the extensive investment capital available for hotel acquisitions.

REITs that own select service hotel properties could be possible acquisition targets, Fitch notes. 

 

Click Here to Read the Full Article | Costar

US consumer prices up 0.3 percent in June

  
  
  

The Associated Press, The Denver Post  

WASHINGTON (AP) — U.S. consumer prices rose in June at a slightly slower pace than in May with two-thirds of the June advance driven by the largest jump in gasoline prices in a year.

Prices rose 0.3 percent in June following a 0.4 percent rise in May, the Labor Department reported Tuesday. The May increase had been the biggest one-month gain in more than a year.

Energy prices were up 1.6 percent, nearly double the May gain, reflecting a sharp 3.3 percent rise in gasoline costs. But food costs edged up just 0.1 percent, the smallest gain since January.

 

Click Here to Read the Full Article |The Denver Post

RTD's FasTracks takes another step forward

  
  
  

One more element of the Regional Transportation District’s sprawling FasTracks rail construction project is starting to move forward — if it can land a federal grant.

The RTD board of directors this week gave the go-ahead for the mass transit agency to build a $207 million extension to the existing southeast rail line along Interstate 25. The extension will run from the current end of the line near Lincoln Avenue further into Douglas County.

But RTD still needs money to actually pay for the construction of the light rail extension.

Click Here to Read the Full Article | Denver Business Journal 

Discounts tempering higher apartment rents in metro Denver

  
  
  

By: Molly Armbrister, Denver Business Journal 

Apartments are more expensive in the Denver area than they were a quarter ago, but landlords are also giving more discounts to renters, according to the Denver Metro Apartment Association.

The association's latest vacancy and rent survey showed that the average rental rate in the second quarter was $1,117 per month, up from $1,074 the quarter before.

At the same time, rent discounts averaged 9.3 percent, up from 6.9 percent in the first quarter.

 

Click Here to Read the Full Article | Denver Business Journal

US home sales increase 2.6 percent in June

  
  
  

WASHINGTON (AP) — Sales of previously owned homes rose for a third straight month in June, pushing activity to the highest level in eight months and providing evidence that housing is regaining lost momentum.

The National Association of Realtors said Tuesday that sales of existing homes increased 2.6 percent to a seasonally adjusted annual rate of 5.04 million homes. It marked the first time that sales have been above the 5 million-mark since October.

Even with the three months of increases, however, sales were still 2.3 percent below the sales rate in June of last year.

Click Here to Read the Full Article | Denver Business Journal

Denver, Vail, Aspen hotels rank among world's best

  
  
  

By:Ed Sealover, Denver Business Journal

Colorado's luxurious lodging facilities are shining again, as its hotels and resorts claim a number of spots on Travel + Leisure magazine’s World’s Best Awards, including two ranked among the globe’s top 100 and one Denver hotel among America’s top 25 large-city properties.

In addition, one Aspen hotel ranks among the top 50 resorts in the country and boasts the top hotel spa in the world in the annual awards, which are determined by reader survey and featured in the July issue of the magazine.

The Four Seasons Resort & Residences, Vail drew the highest accolades in the state, ranking 57th in the world among all properties. The Sebastian Vail — A Timbers Resort, also earned a spot on the prestigious list of top 100 hotels worldwide, coming in at No. 98.

Click Here to Read the Full Article | Denver Business Journal

Former Burnsley Hotel reopens as apartment building

  
  
  

RedPeak Properties has reopened the former Burnsley Hotel building as an apartment house after a $7 million renovation, Inside Real Estate News reports.

The 51-year-old building, which RedPeak bought from Joy Burns last year for $10 million, has been renamed "1000 Grant The Burnsley." The 17-story apartment building is at 1000 Grant St. in Denver.

The 86 hotel rooms were converted to apartments as part of the renovation. The monthly rent starts at $1,530. About a third of the units have already been leased.

Click Here to Read the Full Article | Denver Business Journal 

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