PMG and Greybrook Realty Partners Acquire 123 Speer Blvd for $35M
A joint venture between national investment, development, and asset management firm PMG and Toronto-based private equity and asset management firm Greybrook Realty Partners, announced last week that they have purchased the Denver7 building on the 2.3 acre site at 123 Speer Blvd. for $35 million.
PMG and Greybrook will develop Society Denver, a 600-unit mixed-use project within the firm’s Society Living multifamily platform. The 12 story development is PMG is working with the Capitol Hill United Neighborhoods (CHUN) to ensure the development suits the surrounding neighborhood and community needs.
“We are thrilled to work alongside Greybrook Realty Partners to bring the first Society Living community to Denver,” said Evan Schapiro, managing director of acquisitions for PMG. “Beyond providing beautifully designed residences, we are excited to create attainably priced housing that fosters growth and connection among residents. We believe Society Denver will be a welcome addition to the neighborhood and are eager to continue our relationship with local community groups to bring the project to life.”
The transaction was brokered by Jamie Roupp from Jones Lang LaSalle, who represented Scripps Media in the sale to PMG.
“We diligently identified an experienced buyer in PMG and look forward to how they will work with the community with the goal of giving the site and the surrounding neighborhood a far more welcoming, useful, and engaging gateway to Denver,” said Dean Littleton, vice president and general manager of Denver7. “Our team of nearly 200 local journalists and staff look forward to continuing to serve the people of Colorado from a more modern, collaborative space as close to downtown as possible. We are in the process of finding a space that will allow us to continue to meet the needs of our journalists and grow as our community grows in order to serve them in the best way possible.”
Society Denver will mark the Colorado expansion of PMG’s national Society Living portfolio, which was created to address insatiable demand for reasonably priced rental communities close to urban centers, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating vibrant living spaces that foster personal growth within a culture of inclusivity and unity.
Society Living developments offer traditional units with efficient layouts, “Rent-by-Bedroom” (co-living) options, and oversized amenities including co-working spaces, modern gyms and fitness studios, communal kitchens, craft food and beverage operations, smart package lockers, app-based keys, integrated retail space and more.
“After experiencing great success with our Society Living developments in Florida, we are elated to partner with PMG again to develop Society Denver,” said Sami Mouaket, director of U.S. Investments and Development for Greybrook Realty Partners. “Society Living is an incredible multifamily platform taking a unique and market leading approach to apartment living with a community-driven mindset, and Denver is a perfect market for this product.”
Existing Society Living developments include Society Las Olas in downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in downtown Miami, slated to open in Q1 2022; Society Orlando, under construction in downtown Orlando; and Society Wynwood, slated to break ground in Miami’s Wynwood Arts District in Q3 2021. Over 7,500 units are planned nationally including additional developments in Atlanta, Brooklyn and Nashville.
Photo courtesy of City and County of Denver