Marquis at the Parkway in Downtown Denver Sells for $140M
A joint venture consisting of Urban American and Madison International Realty has purchased Marquis at the Parkway, a 460-unit multifamily community located at 1170 Galapago Street in Denver. The three-tower property sold for $140 million, according to property records.
Newmark Knight Frank Vice Chairmen Shane Ozment and Terrance Hunt together with Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the sellers, Austin, Texas-based CWS Capital Partners and Denver-based investment company Consolidated Investment Group (CIG) in the transaction.
“Despite COVID-19-related challenges, the sellers and buyers did a fantastic job getting this deal across the finish line,” said Shane Ozment. Marquis at the Parkway is the largest value-add multifamily community in central Denver. Built in 1982, the offering presented unparalleled upside in the rapidly expanding Golden Triangle and Lincoln Park neighborhoods adjacent to downtown Denver.
“The sale of Marquis at the Parkway is another confirmation of the stability of Denver’s market,” stated Ozment. “We went to market in March and were faced with new challenges and travel limitations due to COVID-19. By utilizing creative mediums including drone tours, virtual property and unit tours and digital marketing, the results proved positive, even in these turbulent times. Denver continues to be a market that investors want to be in long-term due to its tremendous market fundamentals.”
The complex will be operated by a subsidiary of Urban American Management. Urban American currently owns and manages more than 7,000 apartments in New York, New Jersey, Texas and Colorado.
Photo courtesy of NKF