3 Acres at Littleton Village Sell for $3.75M
According to Newmark, ±3.06 acres of land located at Littleton Village, the 77-acre, master-planned community at 220 East Fremont Place in Littleton, has sold for $3.75 million. The sale marks the last available residential parcel—approved for 115 units—within the mixed-use Littleton Village development.
Newmark Vice Chairman Chris Cowan, Associate Director Bryon Stevenson and Transaction Manager Mackenzie Walker represented the seller, Century Communities, in the transaction to an undisclosed buyer.
“The Littleton Village development is a highly connected location with access to major employment, retail and entertainment,” stated Chris. “The strong submarket and surrounding demographics offered an additional value to an already impressive investment opportunity.”
Littleton Village is a mixed-use development consisting of approximately 30 residential acres for single-family and multifamily residences, 12 acres of commercial property, 7 acres for mixed uses, 16 acres for streets and rights of way and 12 acres of open space and neighborhood parks.
The development is divided into two tracts–Tract II with 280 single-family detached and townhome residences and Tract I with a 3.5-acre central park, 11,000 square feet of retail, 352 multifamily and 130 condominium units under construction. The General Planned Development Plan (GPDP) allows for up to 250,000 square feet of additional commercial space to be developed, including a main street-style commercial area.
According to Axiometrics, the surrounding submarket is projected to have 1.77 percent effective rent growth in the next quarter alone. Vacancy remained below 5 percent and is expected to drop further, as the enticing location continues to draw high-quality residents and further drives economic growth.
Photo courtesy of AMLI