MMG—a leading real estate advisory firm specializing in multifamily and land transactions across the United States—has closed the sale of The Emerson at Olde Town, a 34,618-square-foot townhome-multifamily property in Arvada, for the sale price of $16,275,000.
Adam Riddle, Austin Smith and Jason Koch of MMG brokered the transaction.
The property was sold to an out-of-state 1031 exchange buyer who was attracted to the quality of the asset and the great location in Arvada. The buyer’s plan is on a long-term hold within a strong and appreciating submarket.
The new construction townhome development features 20 2-bedroom/2.5-bath units and four 3-bedroom/2.5-bath units with rooftop decks and 2-car garages for all the units. After an extensive marketing plan, MMG collected 65 executed CA’s, held over 17 tours, and received eight offers on the asset.
The Emerson at Olde Town is conveniently located within walking distance of Olde Town Arvada. It is surrounded by parks and a short drive to many of the outdoor amenities Coloradans love to partake in.
