BrokerageDevelopmentMultifamilyRetailTransactions

High-End Suburban Community Sells in the Expanding “South Broadway Mile”

DENVER — After brokering the land to develop this multihousing community, ARA, A Newmark Company (ARA Newmark) completes the cycle for Alta Cherry Hills with a sale of the Class AAA, 306-unit asset in the Denver suburb of Englewood, CO. The property occupies the highly-visible, southeast corner of the “South Broadway Mile” and West Hampden Avenue, a haven for retail and dining options south of downtown Englewood.

Vice Chairmen Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented Atlanta’s Wood Partners in the trade to privately-owned Bell Partners Inc., of Greensboro, NC.

“ARA Newmark has been involved with Alta Cherry Hills since its inception. The land team’s Executive Managing Directors Steve O’Dell and Chris Cowan closed the sale of the 4.56-acre site to Wood Partners in 2013 and we’ve gone full circle with the property’s sale,” explained Hunt. “It’s been rewarding to witness Wood Partners’ six years of hard work on the concept and see the transaction come to fruition.”

Submarket strength, surrounding employment and neighborhood amenities have contributed to Englewood’s recent growth. An 8.6 percent population increase is expected by 2020. The two largest metro area employment centers, the Denver Tech Center and downtown Denver, are 15 minutes from the property. Additionally, Alta Cherry Hills is less than a mile from two industry-leading medical centers – Swedish Medical Center and Craig Hospital, which together employ nearly 2,000 people. In addition, within five minutes of the property are Super Target and Costco, anchoring the 135-acre urban renewal project, River Point Shopping Center.

Constructed in 2016, the property is heavily amenitized with an expansive, resort-style pool area; rooftop deck featuring incredible views of both downtown Denver and the mountains; a fully-equipped fitness center; a yoga studio; a bike and ski repair shop and an outdoor barbecue and dining area. Unit interiors include high-end, state-of-the-art finishes such as granite countertops, stainless steel appliances and designer two-toned paint.

 

Image courtesy of ARA Newmark

 

 

 

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