Greystar Acquires Site of New Multifamily Project in Denver
600 Park Avenue W., the site of a new 13-story, 238-unit multifamily complex under construction in Denver’s Five Points neighborhood, has sold for $9.1 million.
The Carlton Group, an international real estate investment banking firm, advised the seller, Alsation Multifamily Group, on the investment sales transaction. The property was acquired by Greystar and Alsation will participate with Greystar in the development of the project as a joint venture partner. Alsation originally purchased the site in 2018 for $5.16 million, according to property records.
“With strong employment and population growth combined with a diverse economy and vibrant cultural destinations, Denver is a growing destination for sophisticated domestic and international real estate investors,” said Campbell, who represented Alsation. “The transaction was a favorable outcome for our client in this market and reflects the Alsation’s team foresight with this project.”
Alsation is a full service commercial real estate development company based in Kansas City and a Carlton Group client since 2014. The Carlton Group is active in the Denver market and currently represents a best in-class sponsor who is seeking joint venture/preferred equity for a $265 million development. The site is a full city block overlooking the Rocky Mountains and the Denver City Skyline. The proposed mixed-used project will include rentals, condominiums and serviced apartments. The project is poised to take advantage of the strength of the rental market and target the underserved condominium market in Denver.
“The Carlton Group has significantly broadened its deal flow involving projects in the U.S. Mountain West and West Coast in recent years,” said Campbell. “This transaction reflects our growing reach and the team of experts from equity procurement through investment sales ready and able to serve clients.”
Rendering courtesy of KEPHART