ARA Newmark Brokers Land Sale for Future Apartments in Denver Core
Denver, CO — ARA, A Newmark Company (ARA Newmark) announces the sale of a 1.15-acre land site in the most underdeveloped part of downtown Denver, the future home of Alexan Arapahoe Square apartment community. Construction is slated to begin this month with estimated completion in October 2018.
Executive Managing Directors Chris Cowan and Steve O’Dell represented the seller who sold for an undisclosed price to Trammell Crow Residential (TCR), a Dallas-based multifamily company with a robust development pipeline that includes large projects in multiple Denver neighborhoods.
The Alexan Arapahoe Square neighborhood is bound by Park Avenue, 20th Street, the alley between Lawrence and Larimer and the alley between Welton and Glenarm. According to the city and county of Denver, the vision for the area is to become a densely populated, vibrant, mixed-use neighborhood that is pedestrian friendly. The city council recently adopted new zoning and design regulations for the neighborhood to help the transformation succeed.
“Despite downtown Denver’s development boom, this pocket of town has remained largely untouched until the last few years. TCR’s Alexan Arapahoe Square will join a row of transit-oriented developments that are replacing unsightly surface parking lots and deteriorating buildings and will solidify Welton Street as a great place to live and work,” Cowan noted.
The property will house 355 units and feature two sixth-floor courtyards – including one with a pool deck and spa overlooking the downtown skyline and front range – a 13th-floor rooftop and a 1,200-square-foot fitness center.
“TCR is thrilled to close the transaction and begin construction on this 13-story residential community. We worked closely with the neighborhood and the city during the design review process and believe it resulted in a building that will make a strong contribution to this neighborhood as well as to the City of Denver. We believe this will be one of the best buildings we’ve done to date,” noted Matt Schildt, Managing Director of Development for TCR.
Rendering by Kephart courtesy of ARA Newmark