Newmark announces the sale of Marquis at the Parkway, a 460-unit multifamily community located at 1170 Galapago Street in Denver, Colorado. Vice Chairmen Shane Ozment and Terrance Hunt together with Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the sellers–Austin, Texas-based CWS Capital Partners and Denver-based investment company Consolidated Investment Group (CIG)–in the transaction. The buyers, a joint venture between Urban American and Madison International Realty, purchased the property for an undisclosed price.
“Despite COVID-19-related challenges, the sellers and buyers did a fantastic job getting this deal across the finish line,” said Shane Ozment.
Marquis at the Parkway is the largest value-add multifamily community in central Denver. Built in 1982, the offering presented unparalleled upside in the rapidly expanding Golden Triangle and Lincoln Park neighborhoods adjacent to downtown Denver.
“The sale of Marquis at the Parkway is another confirmation of the stability of Denver’s market,” stated Ozment. “We went to market in March and were faced with new challenges and travel limitations due to COVID-19. By utilizing creative mediums including drone tours, virtual property and unit tours and digital marketing, the results proved positive, even in these turbulent times. Denver continues to be a market that investors want to be in long-term due to its tremendous market fundamentals.”
“Madison is pleased to expand upon our multifamily joint venture with Urban American and grow our portfolio with this transaction in Denver, a market with a strong growth trajectory and fundamentals,” said Ronald Dickerman, Madison International Realty Founder and President.
Marquis at the Parkway’s core location provides residents immediate access to downtown Denver’s 180,000+ jobs, restaurants, nightlife and entertainment. Two blocks north of the property is the Auraria Campus, which has the largest concentration of students in the state (43,000+) and is home to the University of Colorado Denver, Metropolitan State University and the Community College of Denver. Three blocks south of the property is Denver Health, the largest hospital in central Denver with 7,500 employees.
Marquis at the Parkway has excellent walkability to numerous popular neighborhood amenities in the area including restaurants, coffee shops, breweries, entertainment venues and specialty fitness concepts. The property is adjacent to the Cherry Creek Trail, one of the most popular and expansive trails in metro Denver. It connects residents to downtown Denver, Cherry Creek North and the 850-mile trail system that runs throughout the metro area.
The complex will be operated by a subsidiary of Urban American Management. Urban American currently owns and manages more than 7,000 apartments in New York, New Jersey, Texas and Colorado. Founded in 1997 by Philip Eisenberg, the company has invested more than $3 billion of equity in the acquisition and improvement of more than 20,000 units. Urban American has an exceptional track record in workforce housing and operates under the philosophy that both owner and tenant have a mutual long-term interest in the improvement and maintenance of the community’s housing stock and the environment.
About Madison International Realty
Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Amsterdam, Luxembourg and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.
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 18,800 professionals operate from approximately 500 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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