March 6, 2023 11:00 AM
Newmark announces the sale of Avenida Lakewood, a 230-unit, age-restricted apartment (ARA) community in Lakewood, Colorado. Newmark Vice Chairmen and Co-Heads of the Healthcare and Alternative Real Estate Assets group Ryan Maconachy and Chad Lavender, in cooperation with Managing Directors Courtney Crowder and Jack Kachadurian, represented the seller, Avenida Partners, in the sale to the buyer, The Bascom Group, LLC.
“The Avenida Lakewood community—its location and quality—is impeccable and was extremely well received by the investment community,” said Maconachy. “This successful development, stabilization, and disposition further prove why Avenida Partners is one of the premier developers in the active adult space. With an exceptionally deep age-qualified demographic in this Denver suburb, Avenida demonstrated this sweet spot in the market area when offering the right product and a dynamic resident-focused lifestyle.”
“Despite headwinds in the capital markets environment, with interest rates rising nearly 75 basis points during the marketing process, both buyer and seller did a phenomenal job navigating to a successful closing,” added Crowder.
The market demand in the ARA sector continues to outpace supply by more than threefold, with approximately 300,000 units in demand annually and a supply of fewer than 100,000 units already near full occupancy. The ARA sector is 98% occupied—the highest occupancy rate of any sector over the last four years.
Avenida Lakewood, designed by architecture firm KTGY, opened on July 4th, 2019, featuring spacious one- and two-bedroom units with stainless steel appliances, quartz countertops, in-unit washers and dryers and generously sized patios or balconies. Community amenities include industry-leading program spaces such as resident lounges, clubrooms, a Front Range view deck, a theater, a state-of-the-art fitness center with strength rooms and a group fitness activity center, a pool and “polar bear” spa along with almost 1.5 acres of fully developed landscape courtyards promoting high activity areas as well as a meditative Aspen Grove courtyard.
Located at 11001 West 15th Place, the property offers residents superb access to Lakewood’s most desirable outdoor destinations, including the Rocky Mountains, Red Rocks Amphitheatre, Green Mountain Open Space and Sloan’s Lake Park. The property is situated three blocks from Oak Street Light Rail Station—a highly sought-after resident amenity—providing direct access to Downtown Denver, The Denver Federal Center and Golden. The property is also proximate to metro Denver thoroughfares I-70, C-470 and US-6.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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