Bow River Capital – Denver, Colorado
Bow River Capital is pleased to announce a round of real estate acquisitions following the successful close of $186 million in capital commitments in Bow River’s second pure-play real estate fund in July, 2018 (“Real Estate Fund II”). Bow River’s Real Estate Fund II has closed the following 9 deals in the last 12 months.
San Antonio, TX – Value-add acquisition of a seven-building suburban office portfolio totaling approximately 238,000 square feet that was 54% occupied at time of acquisition. The portfolio is west of the intersection of I-10 and I-410 in the northwest sub-market of San Antonio, TX. The portfolio is now 70% occupied.
Dallas, TX – Located more specifically in Las Colinas, Texas just east of DFW, this joint-venture was formed for the development of a 66,000 square foot medical office building that was 48% pre-leased prior to construction commencement. The project broke ground in Q3 2018 and is expected to be complete in Q3 2019.
Phoenix, AZ – This value-add acquisition of 285,000 square feet of office that was 33% occupied comes with 4.4 acres of developable land for multifamily. The project is strategically located in the Midtown sub-market, which is currently benefiting from attractive values compared to other sub-markets as well as a lot of inbound investment across multifamily developments, tenant relocations, the Park Central Mall redevelopment, and Creighton University’s recently announced $100 million medical campus development.
Henderson, NV – This is a joint-venture acquisition and development of 26 acres of land adjacent to the Raiders practice facility which is currently under construction in Henderson, Nevada. The business plan assumes 275,000 square feet of Class A industrial development along with the optionality for mixed-use development and/or sale on an additional 8 acres.
North Las Vegas, NV – This development represents the joint-venture acquisition of 21 acres of land that will be developed into approximately 297,000 square feet of Class A industrial space across two adjacent buildings. The project is in the Speedway micro-market just off the intersection between I-15 and the Bruce Woodbury Beltway.
Oklahoma City, OK – Two value-add senior living facilities in Oklahoma City and Mustang, Oklahoma totaling 151-beds. The facilities were under-managed with low margins at 75% occupancy. Services included are a mix of independent living, assisted living, and memory care with the option to build additional independent living cottages at one of the facilities.
San Marcos, TX – Acquisition and development of an approximate 74,000 square foot, Class A assisted living and memory care community along I-35 just southwest of Austin, Texas and northeast of San Antonio. The development will consist of 106-beds and will offer rates similar to nearby competitive product that is 20+ years old.
Las Vegas, NV – This represents a value-add acquisition of 151-beds that have been recently renovated due to a minor fire. The facility was 55% occupied at acquisition and prior to the renovations, the facility was operating at 92% occupancy. The services offered include IL, AL, and MC. The project is located in the eastern sub-market of Las Vegas.
Wichita, KS – Value-add acquisition of 360,000 square feet across three centers on the east side of the metro area. The centers were collectively 66% occupied at acquisition in a sub-market with an overall occupancy reported in the low 90s. Since acquisition, approximately 68,000 square feet of new leases have been signed including a regional fitness center taking 55,000 square feet and Dollar Tree taking 12,000 square feet.
About Bow River Capital
Founded in 2003, Bow River Capital is a private alternative asset management company based in Denver, Colorado, with Buyout, Real Estate, and Software Growth Equity Fund platforms. Bow River’s Buyout platform focuses on lower middle market operating companies across a geographic area the principals refer to as Bow River Capital’s Rodeo Region®, which encompasses the Rocky Mountains and surrounding states.