Northmarq Brokers $32M Sale of Denver Build-to-Rent Multifamily Property
Northmarq’s Denver Investment Sales team of Rich Ritter, Dave Martin and Brian Mooney have completed the sale of AVERE on the High Line for approximately $32 million. The 56-unit build-to-rent property was built in 2022 and is located at 1850 S. Quebec Way in Denver. Northmarq represented the seller, Reva Development Partners (with offices in Chicago and Denver).
“The build-to-rent space continues to attract capital investment, and the Avere on the Highline represents a best-in-class asset in that space,” said Ritter. “REVA’s execution of the development of this property was exceptional.”
The luxury townhome community is conveniently located with easy access to metro Denver, Cherry Creek Country Club, Denver International Airport and the Cherry Creek Shopping District. In addition to close proximity to downtown Denver, AVERE on the High Line is directly adjacent to the High Line Canal Trail, a 71-mile long walkable and bike-friendly trail, with an abundance of natural open space. The build-to-rent community consists of 11 three-story townhome buildings with 44 three-bedroom plus den units and 12 two-bedroom units. AVERE on the High Line residents enjoy a private, attached two-car garage, modern stainless-steel appliances, 9-foot ceilings and oversized walk-in closets.
Zia Sunnyside Apartments Fetch $161M
On Oct.19, Texas-based Kairoi Residential purchased Zia Sunnyside apartments, located at 4055 Inca St., Denver for $161 million or $370,968 per unit, according to property records.
The Walker & Dunlop Denver Investment Sales team, led by Dan Woodward, David Potarf, Matt Barnett, and Jake Young, arranged the sale on behalf of Kairoi Residential, and the seller, Confluence Companies, Inc.
“This property is perfectly positioned in a high-growth area with easy access to downtown Denver,” said David Potarf, managing director of Investment Sales at Walker & Dunlop. “The appeal of Zia Sunnyside is evident, with high-end unit finishes, luxury amenities and a convenient location. The project is a true Class A investment, with strong potential for years to come.”
Confluence Companies delivered the $124 million development in December 2020. Zia Sunnyside consists of 434 units, one six-story building and one eight-story building, as well as approximately 8,000 square feet of ground-floor retail.
Marcus & Millichap Announces the Sale of Grease Monkey in Brighton
Marcus & Millichap announced the sale of Grease Monkey in Brighton, an absolute NNN lease with 11.5 years remaining and two five-year renewal options. The asset traded for $1,650,000.
Brian Bailey, senior vice president, and Drew Isaac, senior managing director, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer selected within one week of marketing and closed 30 days after for 99.6% of the list price.
Grease Monkey is located at 4114 East Bromley Lane in Brighton. The property is situated on 0.78 acres and has high visibility from East Bromley Lane and Prairie Center Parkway. This asset is also located in a dominant retail corridor next to Lowe’s, Target, Home Depot, Brakes Plus, and more. This is The Isaac Group’s 35th Grease Monkey location they have sold.
Pinnacle Announces Sale of Mixed-Use Building in Downtown Littleton
Josh Newell, owner/principal, and Connor Knutson, vice president, with the Newell Team at Pinnacle Real Estate Advisors, LLC announced the sale 2490 W. Main Street in Littleton. The mixed-use building was built in 1901 and sold on October 16th with a contract price of $2,135,000, which equates to $520.73 per square foot.
“The seller received an unsolicited offer over the summer that the Seller was contemplating. We then encouraged the seller to exclusively list his building with the Newell Team and, after an aggressive marketing campaign, we ultimately were able to sell the property for 30% higher than the unsolicited offer! It is a testament to our marketing platform, expertise and ability to create an atmosphere of competition,” commented Knutson. Josh Newell and Connor Knutson represented the seller and buyer.
SVN | Denver Commercial Facilities Church Sale in Fort Collins
SVN | Denver Commercial recently announced the sale of 600 S. Shields St. in Fort Collins. The 9460-square-foot specialty (church) property was sold for $772,200.
Jack Reilly and Steve Kawulok with SVN | Denver Commercial facilitated the transaction between American Baptist Church, the seller, and Voice Of Truth Tabernacle, the buyer. The property will continue to be used as a church. Much of the previous church’s furniture, fixtures and equipment also transferred in the sale. All sale proceeds will be donated to different charities in the community. The seller has ceased operations in Fort Collins.
According to Kawulok, “The offering had immediate and unprecedented interest from more than a dozen churches. While it was priced attractively, it did present challenges as a 50-year-old property. The Buyer intends to use the church ‘as-is’ and can adapt to work with the challenges over time. Many church organizations saw this opportunity as a strategy to locate in the center of Fort Collins and be close to Colorado State University. There are very few options for churches in that sector of the city. The Seller approached the offering not out of a profit motivation. Rather, it serves as a legacy transaction that helped them in their final charitable giving plans, as the church itself sunsets its long history at the location. We were pleased and honored to help the American Baptist Church in this final phase of community service.”
