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Seattle investors buys Denver LoHi complex for $40M

An apartment complex in Denver’s Lower Highland neighborhood sold for $40.5 million.

Seattle-based investment firm Timberlane Partners announced Monday it bought 2828 Zuni, a 105-unit luxury apartment complex in LoHi.

The apartment complex is the firm’s first purchase in Denver, said Timberlane Partners co-founder Dave Enslow in a press release.

The investment firm has more than $1 billion in real estate across the west coast and the Mountain West, according to Timberlane Partners and Enslow said the firm plans to expand more across the Denver metro area. Its portfolio includes apartment complexes in Washington, Texas, California and Utah.

The Denver property built in 2014 was previously owned by a corporation tied to UBS Realty Investors based out of Connecticut. The Swiss bank affiliate bought the property in 2015 for $32 million, according to city property records.

Timberlane Partners said it bought the complex for its closeness to downtown Denver, Union Station, the Cherry Creek Trail, Confluence Park, Interstate 25 and North Speer Blvd.

“We like to purchase assets that are proximate to major employment and quality of life hubs,” Enslow said.

Timberlane Partners plans to make “significant enhancements” to the complex, the release said, specifically in the common room and individual units.

Aspen ski company names new CEO to run its hotels and mountain clubs

Aspen One, the parent company of Aspen’s ski resort company, announced a new leader to run its hospitality division.

Jeff Toscano will take over as CEO of Aspen Hospitality starting Sept. 16. He will replace the current CEO Alinio Azevedo.

Aspen Hospitality operates Aspen’s five-star hotel The Little Nell, the Limelight Hotel Aspen, Limelight Hotel Snowmass, the new Limelight Denver near Union Station as well as the Aspen Mountain Club and Snowmass Mountain Club. The company is also developing more Limelight hotels in Boulder and Mammoth, Calif., and a Nell property in New York City’s Rockefeller Center, according to a news release.

The company opened a sister-restaurant to Aspen’s Ajax Tavern last month with a live-fire inspired menu in its downtown Denver hotel.

Toscano was previously the executive vice president of luxury & lifestyle hotels at hospitality investment firm Highgate, managing operations and strategies for more than 30 hotels.

He has three decades of experience in the luxury hotel industry including executive roles with Hyatt Hotels, Davidson Hotels and Resorts and more.

“Jeff’s vision and leadership are precisely what Aspen Hospitality needs as we embark on the next chapter of this exciting journey,” said Dave Tanner, CEO of Aspen One, in a press release. “His extensive property and industry experience as well as his passion for delivering exceptional guest experiences and operational excellence align with Aspen One’s values and our long-term growth strategy.”

Denver law firm hires new real estate attorney

Denver-based law firm Holland & Hart announced last week it hired attorney Allison Pofit Altaras as a partner for its land use and real estate development operations.

Altaras has worked as an advisor for developers, investors and property owners on projects across the Mountain West, the press release said. She has experience in zoning and land use issues as well as mixed-use developments, master planned communities, multi-family, industrial, hospitality and commercial properties.

She also has expertise in natural resources law including water and mineral issues that’s an asset for the firm’s mountain and rural landowners, said Doug Flowers, leader of Holland & Hart’s real estate and finance, in the release.

“We are delighted Allison has joined our team,” Flowers said. “She brings specialized experience in municipal and land use law that is essential to help clients secure approvals so projects can proceed.”