January 4, 2021 1:00 PM
Newmark announces the $65.3 million sale and $46.4 million financing of Advenir at Lowry, a 326-unit multifamily asset located at 8000 East 12th Avenue adjacent to the Lowry neighborhood in Denver, Colorado. Vice Chairmen Shane Ozment and Terrance Hunt represented the seller, Advenir, in the sale to the buyer, ColRich, a real estate company with a multifamily portfolio in excess of 16,000 units located in strategic west coast markets. Vice Chairmen Kevin Mignogna and Charlie Haggard handled the Freddie Mac financing. Newmark represented Advenir’s acquisition of the asset in 2014.
“Advenir at Lowry’s proximity to one of metro Denver’s most successful redevelopments, Lowry, and the proven value-add play made the asset an incredibly attractive investment. Having worked with Advenir on the purchase of many properties over the last decade, including Advenir at Lowry, our team was excited to be a part of the transaction,” said Ozment. “There was a great deal of interest from investors, resulting in a competitive bidding process and the property will be a great addition to ColRich’s metro Denver portfolio.”
Built in 1973, Advenir at Lowry offers residents three-bedroom townhomes, which is rare for this vintage. The property’s amenity suite includes a 10,000-square-foot clubhouse with a full-court, indoor basketball court, fitness center, movie theater lounge, billiards, a business center and leasing center. Additionally, an outdoor pool, splash pool and hot tub; a dog park; two playgrounds and multiple courtyards round out the community offerings.
The mixed-use, master-planned community of Lowry contains 1.8 million square feet of office space and 130,000 square feet of retail. According to Newmark Research, newly delivered multifamily properties in Lowry achieve rents comparable to downtown Denver. According to Newmark Research, the average household income within a one-mile radius of the property is currently $94,930 and is expected to grow to $106,790 by 2024.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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