Newmark Multifamily announces the $111.75 million sale of Infinity LoHi, a luxury, mid-rise community located in the coveted Lower Highlands (LoHi) neighborhood in Denver, CO. At $409,340 per unit, the property achieved the highest per-unit pricing in metro Denver in 2018 for market-rate apartments.
Vice Chairmen Terrance Hunt and Shane Ozment represented Greenwich, CT-based The Richman Group in the sale to an undisclosed institutional advisor.
“Completed in 2018, the property is one of only two newly delivered multifamily properties over 200 units in the highly coveted LoHi neighborhood,” Hunt said. “The asset is heavily amenitized and features a state-of-the-art fitness center, a 24-hour clubhouse and a resort-style pool which is LoHi’s first pool with city and mountain views.”
The property’s design features 273 units with spacious floor plans equipped with top-of-the-line finishes, stainless steel appliances, washers/dryers, 9’+ ceilings, walk-in closets and select units with private balconies.
Denver’s premier Lower Highlands (“LoHi”) neighborhood was named by Forbes as one of America’s Best Hipster Neighborhoods and is home to some of the city’s most popular restaurants and bars. Over 42 restaurants are within walking distance to Infinity LoHi including El Five, Linger, Avanti, Little Man Ice Cream and Recess Beer Garden.
“The interest in this property validates that the Denver metro region continues to be an attractive place for investors; supported by a growing economy and the nation’s second most educated workforce,” said J. J. Ament, CEO of the Metro Denver Economic Development Corporation. “Metro Denver is proud to have the headquarters office of BP Lower 48 near Infinity LoHi, and demand remains strong. VF Corporation, Colorado’s newest Fortune 500 headquarters will open not far away later in 2019. Metro Denver continues to be a great place to invest and grow businesses.”
Infinity LoHi provides residents with direct access to the neighborhood’s various amenities as well as employment on the Platte Street Office Corridor. Platte Street is downtown Denver’s fastest growing office submarket with 450,000 square feet of existing office space and another 225,000 under construction, bringing 4,500 jobs to the immediate area. British Petroleum (“BP”) relocated their Lower 48 Headquarters from Houston to Platte Street, leasing 86,000 square feet at Riverview at 1700 Platte this year.
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 16,000 professionals operate from approximately 430 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.
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