Newmark announces the $32.3 million sale of Henley & Remy, an 82-unit multifamily community located at 635 and 565 Mohawk Drive, minutes from the University of Colorado in Boulder. At $393,900 per unit, the sale of Henley & Remy represents the highest price per unit for 1960s vintage product by more than $100,000 per unit and the highest price per unit for 1970s vintage product by more than $50,000 per unit in metro Denver and Boulder County.*
Newmark Executive Managing Directors Andy Hellman and Justin Hunt and Transaction Manager Katie Hufnagel represented the seller, Pathfinder Partners, in the sale to the buyer.
“This sale is a testament to the strength and stability of the Boulder market and the buyer’s confidence in it. At $393,900 per unit, the sale of Henley & Remy–built in 1974 and 1968, respectively–is the highest price per unit for any market-rate apartment community built prior to 2010 in Colorado,” said Hellman. “The seller transformed the property into a modern and differentiated community through the thoughtful and distinguished renovations of the common amenities, unit upgrades and exterior repositioning.”
The community has undergone over $2 million in capital upgrades including 65 full-unit renovations and a total clubhouse renovation featuring pool and fitness center upgrades.
According to Newmark Research, Boulder is one of the tightest multifamily markets in the country with the highest gross rents in metro Denver and year-over-year rent growth that has averaged 10% over the past 3 years*. Boulder’s residential market remains one of the most expensive markets in the state of Colorado and the United States. Given the City’s consistent influx of people and businesses, combined with added development constraints, home prices have increased immensely, with the average single-family home price exceeding $1.1 million over the past six months. Recently, Boulder debuted in the number one spot on U.S. News & World Report’s 2020-2021 Best Places to Live ranking list.
*For market-rate multifamily sales above 10 units
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. 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, Newmark brings 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 Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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