Idaho firm spends $21M to acquire third DTC office building this year

DTC office building sells for $21 million

Orchard Pointe is at 8480 E. Orchard Road in Greenwood Village. (Courtesy of Alturas Capital Partners)

An Idaho firm has closed its third Denver Tech Center office buy of the year, bringing its total spent in the market to $96 million.

Boise-based Alturas Capital Partners purchased the 121,000-square-foot Orchard Pointe building at 8480 E. Orchard Road in Greenwood Village earlier this month for $21 million, according to public records. That works out to about $173 a square foot.

In June, Alturas paid $47.1 million for the 14-story Stanford Place I building at 8055 E. Tufts Ave. in Denver, and $28 million for the 10-story building at 6455 S. Yosemite St. in Greenwood Village.

The six-story Orchard Pointe building was 93 percent leased at the time of the buy, Alturas said in a statement. The 23 tenants include Fairway Independent Mortgage Corp. and Regency Centers Corp.

The deal was in the works for a while.

“We initially started working on this project pre-pandemic, and it certainly would not have made it to closing without the persistence and problem-solving collaboration of our team, our lender, the seller, and the leasing and property management teams,” Alturas CEO Travis Barney said in a statement.

The building was sold by Cress Capital and Revesco Properties, which paid $15.6 million for it in 2018. CBRE broker Chad Flynn represented the sellers.

Alturas also has holdings in Colorado Springs, as well as other states.

Other DTC office buildings that sold in 2021 include the 220,396-square-foot office building at 10825 E. Geddes Ave. in Centennial for $63.2 million in January and the 13-story building at 4600 S. Syracuse St. in Denver for $74.3 million in February.

DTC office building sells for $21 million

DTC office building sells for $21 million

Orchard Pointe is at 8480 E. Orchard Road in Greenwood Village. (Courtesy of Alturas Capital Partners)

The seller bought the 121,000-square-foot Orchard Pointe in Greenwood Village for $15.6 million in 2018.

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