ARA Newmark Closes Class A+, Transit-Oriented Community in Metro Denver
Denver, CO — ARA, A Newmark Company (ARA Newmark) sold Westlink at Oak Station, a 244-unit, newly-stabilized multifamily asset in Lakewood, Colorado, just outside of Denver.
Vice Chairmen Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller, Prospect Oak Street Associates LLC, which is affiliated with the local developer, Prospect, that specializes in infill and transit-oriented development. An affiliate of The Inland Real Estate Group of Companies, Inc., purchased the asset for an undisclosed price. The property was 97 percent leased at the time of sale.
“Westlink at Oak Station is a three-story, Class A+ multifamily property ideally located next to King Soopers, Lowe’s, the Denver Federal Center, St. Anthony Hospital and the light rail station,” said Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc. “The property also offers many conveniences with its close proximity to the Denver west office market and easy access to the central business district.”
Hawks said, “Westlink at Oak Station is one of the few properties built on Denver’s west side in the last 30 years. Prospect and the City of Lakewood did an excellent job converting an old retail site (former home of the first Target west of the Mississippi) into a successful mixed-use site that includes retail, seniors and multifamily housing.”
Built in 2015 and 2016, Westlink is truly a transit-oriented development, named after the light rail station across the street. Tenants have quick access to the mountains for skiing or hiking and employments hubs, Hawks said. The property is just one stop from Denver Federal Center, home to the largest concentration of federal jobs outside of Washington D.C, and St. Anthony Hospital. Combined, the two employ over 13,000 people.
“We developed Westlink at Oak Station as a long-term investment, but the continued strength of the market allowed rents to greatly exceed expectations. The demand for institutional-quality multifamily allowed for a quick exit and an appealing return for investors,” noted Scott McFadden, owner of Prospect and developer of Westlink at Oak Station.
The Class A+ property at 1665 Pierson Street offers amenities including a state-of-the-art pool, year-round spa, fitness center offering cardio machines with built-in TVs, yoga studio and a rentable guest suite. The apartment homes offer best-in-class finishes including granite countertops, stainless steel appliances, oversized windows and large walk-in closets.
Image courtesy of ARA Newmark