December 17, 2020, 12:00PM
Newmark announces the sale of Alta SoBo Station–a 187-unit, Class A+ luxury multifamily community south of downtown Denver in the booming South Broadway midtown market. Newmark Vice Chairmen Terrance Hunt and Shane Ozment and Executive Managing Director Chris Cowan represented the sellers–Atlanta-based developer Wood Partners and San Francisco-based Stockbridge on behalf of a client–in the transaction.
“The exceptional execution of this multifamily development by Wood Partners and Stockbridge is something that stands out in the South Broadway market. Through the years, we have completed several asset and land sales with Wood Partners and we respect the thoughtful design and state-of-the-art amenity packages that are the cornerstones of their projects,” said Hunt.
Completed in 2019, Alta SoBo Station’s community amenities include the neighborhood’s only speakeasy lounge, a resort-style pool and spa deck with grills and game areas, a rooftop deck with downtown views, a professionally designed clubhouse and lobby, a fitness center, a business center with private work spaces, a bike and ski repair station, a pet wash, and structured parking.
A rebirth has occurred along the South Broadway corridor fueled by Denver’s growing population and strong migration of millennials, transforming the area into the metro area’s next hot spot–SoBo. SoBo is undergoing extensive infrastructure improvements including pedestrian and bike friendly corridors, easier light-rail accessibility, and enhanced public outdoor spaces including art gardens. The active, transit-oriented environment has spurred the mixed-use and multi-phased infill urban redevelopment of the entire area. The surrounding neighborhood has been entitled for 10 million square feet of future development that will include office, retail, hospitality, for-sale residences, and rental residences. According to Newmark Research, the average household income within a three-mile radius of the property is over $100,000.
This transit-oriented development is across the street from the Alameda Light Rail Station linking the property to metro Denver’s 98 miles of rail and 68 existing stations. This station provides residents direct access to downtown Denver and the Denver Tech Center, metro Denver’s two largest employment hubs, via rail. Additionally, the property is within a quick walk or bike to the University of Denver, South Pearl Street, Washington Park and the extensive South Platte River Park and Trail System.
About Wood Partners
Wood Partners is a national real estate company that develops, constructs and manages multifamily communities. The company has been involved in the acquisition and development of more than 85,000 multifamily homes with a combined capitalization of more than $15.6 billion nationwide. The company currently owns 68 properties across the United States with a combined total of more than 18,000 homes. Wood Partners has offices in 20 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle, Washington, D.C., West Palm Beach and Salt Lake City.
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $18.4 billion of assets under management (as of September 30, 2020) spanning all major real estate property types, and certain specialty property types, throughout the United States.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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