$23M Sale of 6.31-Acre Site in DTC Underscores Demand for Multifamily Product in Metro Denver
Denver-based commercial real estate firm EverWest Real Estate Investors has sold a 6.31-acre site in the heart of the Denver Tech Center submarket, for the planned development of a new Class A, mixed-use multifamily community. At $23 million, the sale underscores the ongoing demand for metro Denver multifamily product.
The land site is located at 7700 S. Chester St. in Centennial, minutes from the I-25 / Dry Creek Road interchange and less than 15 miles south of downtown Denver. It was owned by a joint venture between EverWest and Independencia Asset Management. The name of the buyer was not disclosed.
“This is a superior transit-oriented site, located adjacent to light rail and surrounded by office development, which provides built-in residential renter demand,” said EverWest Executive Vice President Krystal Arcenaux. “These fundamentals, along with Denver’s ongoing strong job growth, create a prime scenario for the new landowner and their multifamily development plans.”
Martin Roth and Eric Roth of CBRE represented EverWest and Independencia in the sale transaction.
The Denver Tech Center submarket serves as a major urban/suburban commercial hub, home to notable Fortune-level employers and at the center of a highly educated employee pool.
According to CBRE Research, metro Denver’s rolling four-quarter multifamily investment volume reached $10.5 billion in Q2 2022. This ranked ninth-greatest among U.S. markets and is up 59.5% year-over-year.
Image courtesy of EverWest