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Newmark Multifamily announces the sale of a 2.68-acre land parcel on South Broadway in Denver. The site is located in the heart of Broadway Park - a mixed-use infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of future development. Newmark Executive Managing Director Chris Cowan and Transaction Manager Mackenzie Walker represented the seller, D4 Urban, in the sale to AMLI Residential (AMLI).
“This site provided an excellent opportunity to acquire an extremely walkable and public transit-oriented site well-suited for multifamily development,” said Cowan. “Future residents will benefit from the evolving Midtown market location and adjacency to trendy South Broadway restaurants and retail, providing an urban lifestyle element. With the Alameda Light Rail Station one block away and interstate access less than a half mile away, the central location offers connectivity to downtown Denver and the Denver Tech Center in 15 minutes.”
“AMLI’s mixed-use project is the second vertical development within the Northwest District at Broadway Park and is adjacent to Price Development Group’s 354-unit multifamily community that is currently under construction on land sold by Newmark, as well as a 0.64-acre public plaza on Mercado that will be developed by D4 on behalf of the Broadway Park North Metropolitan District. A third and final phase of the NW District project is on a .98-acre site that is currently in planning for 291 multifamily units and ground level retail,” said Dan Cohen, Development Partner at Denver-based D4 Urban who is the Master Developer of Broadway Park.
AMLI, which focuses on the development, construction and management of environmentally responsible, luxury apartment communities, plans to develop the site with a 300+-unit multifamily community. Amenities will include a rooftop deck, two-story fitness and clubhouse area, pool, barbeque and lounge area, dog run and several courtyards. The property is designed to achieve LEED Gold® certification, which is a hallmark of AMLI communities nationwide. AMLI is a leader in multifamily sustainability and was recently recognized by the Environmental Protection Agency as an ENERGY STAR® partner of the year for the second year in a row.
“We are thrilled to make AMLI Broadway Park a part of the broader development and look forward to providing our future residents a high-quality living space with immediate access to countless amenities, entertainment and transportation,” said AMLI’s Senior Development Associate Isabelle Lockwood.
The “Southern District” at Broadway Park has an approved Concept Site Plan for up to 850,000 square feet of NRA build-to-suit office and a pending Concept Site Plan for an additional 90,000 square feet of five-level office fronting South Broadway, proximate to additional apartment community sites.
Newmark’s Executive Managing Director Tom Lee is leading the office leasing component of the Southern District at Broadway Park. Lee regards the site as an emerging location around I-25/Broadway Station and says, “With two transit stops, a vibrant mid-urban location and remarkable access, Broadway Park will offer an exciting and progressive office component to this mixed-use community.”
About AMLI Residential
AMLI Residential focuses on the development, construction and management of environmentally responsible, luxury apartment communities throughout the country. Founded in 1980, AMLI is owned by PRIME Property Fund, a core commingled institutional fund. AMLI currently owns and manages 66 apartment communities including over 21,000 apartment homes and has approximately 5,700 additional apartment homes under development at 16 locations. AMLI owns twelve apartment communities in Denver, which will contain over 3,800 apartments when its newest development, AMLI RiNo is completed. AMLI is a leader in multifamily sustainability. Thirty-eight AMLI communities are LEED®-certified and twenty-nine communities are ENERGY STAR®-certified. More information is available at www.amli.com.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.