11:30 AM
Newmark Multifamily announces the sale of Luxe at Mile High, a 382-unit multifamily community located at 3200 West Colfax Avenue in Denver. The newly constructed property sold for $145 million or $379,581 per unit. Newmark Vice Chairmen Terrance Hunt and Shane Ozment handled the transaction between the seller, San Antonio-based Embrey, and an undisclosed buyer.
“Luxe at Mile High was an interesting transaction because it sold before it had received its Certificate of Occupancy, which is a rare event in multifamily product,” commented Hunt, who acted as the team lead on the transaction. “Typically, multifamily product sells when it is over 80 percent occupied. Luxe at Mile High sold at zero percent occupancy, which greatly reduces the risk for the developer.”
Luxe at Mile High offers an amenity-rich location with unhindered access to RTD’s Knox Light Rail Station as well as the area’s best entertainment and shopping options including Mile High Stadium and its surrounding future, mixed-use development covering the southern half of the stadium’s parking lots with parks, shopping and residential; the Jefferson Park neighborhood; Sloan’s Lake Park and Highlands.
Featuring one- and two-bedroom apartments, Luxe at Mile High provides spacious units with chic touches and a state-of-the-art appliance package featuring full-size washer and dryers, upscale stainless-steel kitchen appliances and premium quartz countertops.
Embrey is a diverse and fully integrated investment, development, construction and property management company that specializes in multifamily and commercial projects. Since opening its doors in 1974, the company has provided leadership to successfully deliver more than 40 million square feet of multifamily and commercial properties combined across ten states. Embrey’s services include multifamily and commercial development, construction and property management services.
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.
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