Newmark Multifamily announces the sale of The Savoy at Dayton Station Apartments, a 612-unit community located at 3645 South Dallas Street in Aurora, just steps from the Dayton Light Rail Station. This marks one of the largest properties to sell this year, second to the 1,023 units Ivy Crossing sale that Newmark handled in April 2019.
IMT Capital LLC purchased the asset after a competitive bid process and have renamed the asset, IMT Dayton Station. Newmark Vice Chairmen Terrance Hunt and Shane Ozment represented the undisclosed seller in the transaction.
“The Savoy at Dayton Station provided a proven value-add opportunity with an ideal transit-oriented development (TOD) location that was within the Cherry Creek school district, minutes from the DTC and very attractive to investors,” remarked Hunt. “The property received over 20 offers and ultimately achieved the second-highest sale price for marketed transactions in metro Denver this year.”
“Of the 612 units, 444 units were built in 2000 and 168 units in 2011, The Savoy at Dayton Station offers a terrific value-add opportunity,” added Ozment. “Only 86 of the units, or 14% of the property, have been renovated. The opportunity exists for IMT Capital to continue renovating the remaining 526 units to a more modern scope to generate additional rental revenue.”
A high-quality, well-maintained asset with a spectacular unit mix ranging from studios to spacious three-bedroom townhomes (12% of the property), apartment homes at The Savoy at Dayton Station Apartments feature nine-foot ceilings, walk-in closets, full size washers/dryers and private patios/balconies. Select units also include gas fireplaces, oversized garden bathtubs, bay windows, and vaulted ceilings. The property offers a robust amenity package with two clubhouses, two outdoor swimming pools/spas, a 24-hour fitness center, cyber café and outdoor grilling area with a fire pit.
IMT Capital is a private real estate investment firm headquartered in Los Angeles and a vertically integrated investor, developer, and operator of multifamily assets in major U.S. markets.
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.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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 Group 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 Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.