CBRE Releases 2020 Real Estate Market Outlook Report
The U.S. economy will continue its long expansion in 2020, supporting the solid fundamentals of the commercial real estate market, according to CBRE’s forecast in its 2020 Real Estate Market Outlook report. CBRE foresees tempered growth in the U.S. commercial real estate market next year due to uncertainty surrounding trade …
Cushman & Wakefield Facilitates Sale of Multi-family Complex in Englewood
Cushman & Wakefield has announced the sale of Layton Gardens Apartments, a 60-unit, 49,234-square-foot, multi-family complex located at 4801 S Acoma Street in Englewood, Colorado. The transaction closed on December 12 and sold for $9,550,000 or $159,167 per unit to Denver-based Wheelhouse Apartments. Tyler Stevens, Director, of Cushman & Wakefield …
Affordable Apartments in Denver Fetch $34.25M
Fox Crossing, a 220-unit affordable rental housing property located at 8350 East Yale Avenue in Denver, has sold for $34.25 million. The property operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program. Dan Woodward, David Potarf and Matt Barnett with CBRE’s Denver office and Spencer Hurst, Tim Flint and Taylor …
Saunders to Build 264-Unit Apartment Project in Greeley
Saunders Commercial Development Company has received $43.2 million in structured construction financing for the development of its latest project, Ten West Greeley Apartments, a 264-unit, Class A, garden-style multi-housing property in Greeley. The Ten West Greeley Apartments project — designed by Denver-based EVStudio — is being developed on a 10.15-acre site at …
Denver Tops Multifamily Absorption List in November
According to the Yardi Matrix Multifamily National Report for November, demand for multifamily housing remains high nationwide. More than 320,000 multifamily units have been absorbed nationally. While it’s not expected that absorption will reach 2016’s cycle peak of 377,000 units, 2019 marks the sixth straight year with at least 250,000 multifamily units absorbed. …
Small Multifamily Property in Platt Park Sells to Out-of-State Investor
A four-unit, 3,082-square-foot multifamily property, on a 9,040-square-foot lot in Platt Park, has sold for $990,000. Robert Bratley with CBRE Capital Markets in Denver represented the seller, a local private investor. An out-of-state investor purchased the property in an all-cash transaction with no contingencies that closed in 14 days. “This property attracted apartment …
Rare ’90s Apartment Community in Colorado Springs Changes Hands
A 292-unit, 268,396-square-foot apartment community, called Advenir at Spring Canyon, located at 4510 Spring Canyon Heights in Colorado Springs, has sold for an undisclosed price. The buyer, who also was not named, anticipates a community rename along with upcoming renovations. Newmark Knight Frank (NKF) Executive Managing Director Kevin McKenna and Director …
CBRE Global Investor Acquires Westminster Apartment Community
A fund sponsored by CBRE Global Investors has acquired The Tenzing, a 320-unit multifamily property situated 25 minutes north of downtown Denver in Westminster. The acquisition of the property, which is located at 11674 North Pecos St., is aligned with the fund’s strategy of investing in target multifamily markets across …
13-Unit Apartment Building in Cheesman Park Sells for $4M
Worwick, a 13-unit apartment property located at 1158 Marion St. in Denver’s Cheesman Park neighborhood, has sold for $4 million. Greg Parker and Greg Price, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. …
24-Unit Apartment Building Sells in High Rent Growth Area
A 24-unit, three story apartment building on Federal Boulevard in Denver has sold for $3,145,000 or $131,042 per unit. Built in 1962 the property is just five blocks south of the new $37 million Denver Health Clinic. The fully leased apartment building, located at 1877 S. Federal Boulevard, is 16,944 …