March 3, 2021 9:00 AM
Newmark announces the sale and financing of West 38, a Class A+, 165-unit multifamily property with 7,243 square feet of ground-floor retail located at 7333 West 38th Avenue in the west Denver suburb of Wheat Ridge, Colorado. The property benefits from tax increment financing (TIF), through which the site was activated for development through the city’s urban renewal authority.
Newmark Vice Chairmen Terrance Hunt, Shane Ozment and Chris Cowan, Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the seller, Wazee Partners, in the transaction to the buyer, an affiliate of Denver-based Treeline Multifamily Partners Ltd. Newmark Executive Managing Director Charlie Williams, and Senior Managing Directors Tim Weldon and David Treadwell placed the financing on behalf of the buyer.
“Due to zoning restrictions, legislation challenges and lack of development sites, Wheat Ridge is one of the most supply-constrained multifamily submarkets in the Denver metro,” said Terrance Hunt. “With immediate access to employment and recreation, residents are attracted to communities in the western suburbs with modern amenities and high-end finishes. The Wazee Partners team executed this project to perfection with a high level of attention to detail which helped generate significant investor interest during the marketing process.”
“Working closely with all parties–Treeline, Shane and Terrance and Freddie Mac–led to an efficient transaction and the ability to lock a favorable interest rate in a volatile rate environment,” said Tim Weldon.
The property’s amenities include a resort-style pool and spa, a fitness center and yoga room, gated and covered structured parking, bike and ski repair facilities, conference and coworking spaces, a clubhouse, and indoor and outdoor lounge and cooking stations. In-unit finishes include stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide plank wood flooring, walk-in closets, in-unit washer and dryer, Nest thermostats and vaulted ceilings.
West 38 is a 15-minute drive to downtown Denver and all its employers. The property also provides access to major west side employment centers including Lutheran Medical Center, the Denver Federal Center, Denver West Office Park, NREL and Jefferson County Municipal Center. West 38’s proximity to the mountains puts it within a short drive of world-class hiking, biking, skiing, climbing, fly fishing and camping. Additionally, West 38 is a short walk to numerous parks and open spaces including Crown Hill Park and Wildlife Sanctuary.
According to Newmark Research, the property transitioned from being at 0% occupancy to stabilized at 95% occupancy in just over eight months in 2020. This is one of the fastest lease-ups of a large-scale multifamily property in the Denver metro demonstrating both the quality of the community and renter demand for luxury housing in the western suburbs.
Newmark Group, Inc. (Nasdaq: NMRK), 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 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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