November 23, 2020, 1:00 PM
Newmark announces the sale and financing of Fairways at Lowry, a 450-unit multifamily asset at 9913 East 1st Avenue in Aurora, Colorado. Vice Chairmen Terrance Hunt and Shane Ozment, Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the seller, Fairways at Lowry Aurora, LLC and D&J Aurora LLC, in the transaction to California-based Tower 16 Capital Partners. The sale was financed by Newmark Executive Managing Director Charlie Williams and Senior Managing Directors David Treadwell and Tim Weldon. It sold for an undisclosed price.
“Fairways at Lowry was a rare opportunity to acquire and renovate one of the only workforce housing communities in the highly sought-after Lowry market, one of metro Denver’s most successful redevelopments,” said Hunt. “The entry of California-based Tower 16 into the Denver market continues to illustrate the ongoing trend of out-of-state buyers seeking investment opportunities in Denver.”
Built in 1973, Fairways at Lowry benefits from strong market fundamentals. According to Newmark Research, since 2012, 1970s vintage multifamily properties in metro Denver have seen 8.7 percent average annual rent growth and the average single-family home price in the neighborhood adjacent to the property is $706,950 and up to $3 million. Additionally, the property is centrally located between all of metro Denver’s largest employment hubs. Downtown Denver (184,400 jobs), The Denver Tech Center (DTC) Corridor (197,500 jobs), Fitzsimons Life Science District (~45,000 jobs at full buildout) and Denver International Airport (35,000 jobs) are all a short commute from Fairways at Lowry.
Lowry offers residents access to a curated mix of dining, shopping and recreation options. Community amenities include a renovated clubhouse, pool, fitness center, business center, playgrounds, a dog park, picnic and barbeque area, soccer field, laundry rooms and package lockers.
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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