Newmark Multifamily announces the $40.25 million sale of West Line Flats, a newly delivered, Class A asset located in Lakewood, CO. West Lines Flats’ 155 units delivered in 2017, is steps from the Lamar Light Rail Station on metro Denver’s W Line, part of the expanding light rail system that connects to downtown Denver in just 17 minutes.
Vice Chairmen Jeff Hawks, Terrance Hunt and Shane Ozment — along with Executive Managing Director Chris Cowan — represented the seller, 6500 W. 13th Denver LLC, in the transaction. This multifamily project was jointly developed by Inland National Development Company, LLC (INDC) and Momentum Development LLC (Momentum). INDC, one of the Inland Real Estate Group of Companies, is a nationwide developer headquartered in Oak Brook, IL. Momentum is a Colorado-based developer and consultant.
“West Line Flats’ location, in the heart of the Colfax Avenue revitalization and proximity to light rail transportation, was the main driver for the property’s competitive sale price,” said Ozment. “The asset features contemporary design elements well-suited to the 40 West Arts District”. Just five minutes from West Line Flats, the district was established to support community arts events and creative enterprises in the Lakewood West Colfax Corridor.
Thoughtfully-designed units offer residents luxury finishes such as sliding barn doors, granite countertops, Energy Star appliances, wood-style flooring throughout, walk-in closets, stacked full-size washer and dryer, and private patios or balconies. West Line Flats features a competitive amenity package including a rooftop deck with hot tub and fire pit; a 24-hour, state-of-the-art fitness center with a yoga and barre studio; detached garages; a ski and bike tune-up shop and an on-site 1.8 acre off-leash dog park.
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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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