Newly Constructed Apartments Near DIA Sell for $100.4M
Outlook Gateway, a 324-unit, 13-building apartment complex in Denver, has sold to Atlanta-based Cortland for $100.44 million, according to property records.
The property was developed by Evergreen Devco, Inc. and constructed by Nexus Builders, an Evergreen-affiliated company. Denver-based Kephart Architects designed the project. It sits on 16.64 acres at 5650 Argonne Street and includes a mix of one- and two-bedroom units, which average 901 square feet. Community amenities include a clubhouse, pool and hot tub, a fitness center, a business center, a coffee bar, a bike and ski repair facility, a bocce ball court, a dog park, open green spaces, and a package room and lockers.
“Outlook Gateway is coming off an incredible lease-up with what seems like limited effect from the COVID-19 pandemic, a testament to the quality and desirability of this property as well as demand for the area. Being one of the first new multifamily projects to deliver in the Airport submarket, it is poised to benefit from numerous development projects in the pipeline,” commented Jake Young, first vice president, CBRE.
Outlook Gateway is surrounded by master-planned developments that will add more than 14 million square feet of Class A office, industrial, retail and entertainment space to the Denver International Airport submarket in the coming years. This year, a new Sprouts-anchored retail center is set to open adjacent to Outlook Gateway.
The property is located within 10-15 minutes of Denver International Airport, Gaylord of the Rockies Resort and Convention Center, Buckley Air Force Base and the University of Colorado Anschutz Medical Campus. Residents have nearby access to Tower Road, Peña Boulevard, E-470, I-70, and the 61st and Peña Light Rail Station, providing connection to the entire Denver metro area as well as the mountains.
The buyer, Cortland, is a global, integrated multifamily investment, development and management firm that owns the core aspects of its business, including construction, design and property management. The company is headquartered in Atlanta with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston and Orlando. One of the nation’s largest multifamily real estate companies, Cortland has communities across the country, including a growing presence in Denver, Colorado Springs and Phoenix, with CBRE helping to facilitate that growth.
Photo courtesy of CBRE