Apartment Property Overlooking Denver Botanic Gardens Sells for $90.5M
According to a NorthMarq press release, Griffis Residential has purchased The Amaranth, 156-unit Class A multifamily property located at 2190 E. 11th Avenue in Denver, for $90.53 million. Dave Martin, managing director, and Brian Mooney, vice president, of NorthMarq’s Denver investment sales team, listed and completed the sale, a high-water mark for price per square foot in Denver.
Completed in July 2015 by MGL Partners, The Amaranth offers a truly one-of-a-kind location. Encircled by historic districts with preserved view plane corridors in one of Denver’s most sought-after neighborhoods, the property offers almost perpetual insulation from future supply threats. The property itself is best-in-class with sophisticated interior finish packages, oversized exercise/fitness facilities, and an expansive amenity package highlighted by a rooftop deck/garden area overlooking the Botanic Gardens, the 80-acre Cheesman Park, and the Denver skyline.
“The Amaranth is a very special piece of real estate. The immediate walking access to the Botanic Gardens and Cheesman Park is paramount, as is being so close to Cherry Creek,” said Martin. “It is truly a generational asset, as evidenced by the extraordinary number of prospective investors who emerged during the marketing”.
Mike Gerber, co-founder and partner of MGL Partners, which developed and sold The Amaranth, said, “The assemblage of the various sites that came together to form The Amaranth was a very long process, but ultimately was worth it, as we were able to create an extraordinary asset. We are proud to have achieved one of the highest per square foot sale prices ever seen in metro Denver.”
NorthMarq’s Denver debt/equity team of David Link, managing director, and Brian Fisher, vice president, provided $45.45 million in acquisition financing on behalf of the borrower through its capacity as a Fannie Mae DUS lender. The transaction was structured with a 10-year interest-only term. “Our team was able to secure the only lender willing to get full proceeds and full-term interest-only with well-priced prepayment flexibility,” said Link.
The sale of The Amaranth comes in the context of a truly exceptional performance of the metro Denver market overall. In the second quarter 2021, metro Denver absorbed a record 4,982 units absorbed while the metro-wide vacancy rate fell to 4.87 percent—the lowest level since 2015. Perhaps more noteworthy is that investors have returned in force to Denver’s urban core submarkets. Denver has seen 14 urban core transactions year-to-date in 2021 totaling $1.5 billion in sales volume, compared to just $250 million over three transactions in all of 2020. Accounting for 34 percent of YTD transaction volume, Denver’s urban core is tracking to see the largest share of metro-wide transaction volume in at least the last five years clearly illustrating investors’ positive long-term outlook on Denver’s urban revival.
Rendering courtesy of NorthMarq