Newmark Multifamily announces the sale of Stratford at Lowry, a 142-unit multifamily property located at 425 South Galena Way in Denver. Stratford at Lowry is comprised of six two-story and two three-story buildings plus a new clubhouse.
Newmark Vice Chairmen Terrance Hunt and Shane Ozment represented the seller, Vukota Capital Management, a vertically integrated investment platform focused on U.S. multifamily and medical office acquisitions. Marble Partners, an institutional real estate investment company and Lion Real Estate Group, LLC, an investment and development firm - purchased the property. This is Marble and Lion’s first acquisition in the Denver market and they will be renaming the property Cleo Apartments.
“Stratford at Lowry presented investors with a tremendous value-add opportunity located adjacent to Lowry, one of metro Denver’s most successful redevelopments,” stated Hunt. “With approximately 50% of the property renovated, and upgraded units achieving corresponding rental premiums, there is plenty of opportunity left for the new ownership to complete the renovations and significantly increase the asset’s bottom line.”
Stratford at Lowry is surrounded by some of the metro area’s largest employment hubs including the DTC Business Corridor and the Fitzsimons Medical Campus. Minutes from the Aurora Metro Center Station on the I-225 Light Rail line, Stratford at Lowry is also adjacent to Lowry, the widely successful mixed-use, master-planned community containing 2.1 million square feet of office space and 130,000 square feet of retail.
Constructed in 1979, Stratford at Lowry offers an attractive mix of studio, one- and two-bedroom apartments (some two-bedrooms offering two-baths) averaging 823 square feet. Situated on 5.49 acres, the apartment community’s configuration density is 25.9 units per acre. Community amenities include a heated swimming pool, fitness center, business center, playground, picnic and barbeque areas, dog park, and laundry rooms. All units offer air conditioning and ceiling fans. Select units offer wood-style plank flooring, stainless steel appliances, a fireplace, private balconies/patios, vaulted ceilings, walk-in closets and private entries.
“Stratford at Lowry offers multiple features that made it highly attractive to investors, including its location in the highly desirable Denver Southeast submarket,” added Ozment. Research shows the Denver Southeast submarket experienced average market rent growth of 9.0% year-over-year during the first quarter of 2019.
About Lion Real Estate Group, LLC
Lion Real Estate Group, LLC is a Los Angeles-based real estate investment and development firm founded in 2007 by Jeff Weller and Mory Barak. Lion Real Estate Group focuses on acquisitions of value-add and opportunistic multifamily and creative office properties by leveraging its principals’ experience in order to create value for its investors through renovation, repositioning, better management and optimum capitalization of its properties. Lion has an entrepreneurial team that possesses a track record in the execution of sophisticated investment strategies and has been a part of more than $1 billion of joint venture, equity and mezzanine real estate transactions. The firm currently owns and operates 2,753 units across sixteen multifamily properties and three office properties located in the Los Angeles, Nashville, Durham, Dallas, Denver and Austin.
About Marble Partners
Marble Partners is a discretionary investment fund focused on the acquisition of value-add multifamily throughout the United States. The principals of Marble Partners have invested in over 9,000 multifamily units since 2007. Marble Partners is a joint venture between Peter Hagist and Lion Real Estate Group, and is based in Los Angeles, CA. Marble Partners has invested in 2,205 apartment units across eight properties within the last 15 months.
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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