ARA Newmark Organizes $32M Sale of Southwest Denver Property
Denver, CO – ARA, A Newmark Company (ARA Newmark) announces the $32.4 million sale of Fielder’s Creek in Englewood, Colorado, as investors continue to seek value-add opportunities in metro Denver to compete with newer properties.
ARA Newmark Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews represented the seller, Aukum Management, in the sale of the 217-unit, multihousing property to Steadfast Apartment REIT.
Built in 1983, Fielder’s Creek is situated between metro Denver’s two largest employment hubs and is one block from top-ranked charter school campuses, College View Middle and College View High, both of which are poised for continued growth. Due to limited land for development and strict building guidelines, Fielder’s Creek is one of only three multihousing communities within three miles of this prime location. The Class B asset at 3205 West Floyd Avenue was 98 percent occupied at the time of the sale.
“The owner of Fielder’s Creek had already completed significant renovations to over half of the units and common areas, and the buyer will further the renovation program in order to realize the additional upside,” Hunt said. At the time of sale, 60 percent of the units had been partially upgraded with new cabinets, appliances, flooring, light fixtures, hardware and ceiling fans which resulted in rent premiums of $50 to $125 per month.
Photo courtesy of ARA, A Newmark Company