Sale of New Multifamily Asset in Denver’s Top Employment Hub Signals Rising Demand for Construction
Denver, CO — ARA, A Newmark Company (ARA Newmark) recently sold Helios, a high-end multifamily community in the Denver suburb of Englewood, Colorado, developed by Hines, an international real estate firm. A 258-unit community, Helios is one of the first newly delivered communities to trade amid an apartment construction boom supporting Denver Tech Center.
ARA Newmark Vice Chairmen Jeff Hawks, Terrance Hunt, Doug Andrews and Shane Ozment, as well as Executive Managing Director Chris Cowan represented Hines in the sale to The Praedium Group, a New York-based privately held real estate investment firm. Constructed in 2015, Helios was 93 percent occupied at the time of sale and traded for an undisclosed price.
“The key to Helios’ successful sale is its immediate walkability to premier employment and retail similar to those in core downtown locations. Today’s residents desire communities that offer an efficient lifestyle in addition to access to parking and open space for recreation. Helios also offers state-of-the-art amenities and is truly in the middle of a hub of over 200,000 jobs and the expanding light rail system,” noted Hunt.
Hines Senior Managing Director Kevin Batchelor added, “We have been very pleased with Helios, which demonstrates that a high-quality building in a desirable location will outperform the market and be attractive to investors. This sale is a win-win for all parties.”
Helios is surrounded by more than 36 million square feet of office space with another 1.01 million under construction. Nearly a third of the new offices will locate within a mile of the property, as well as notable retail and restaurants such as Shanahan’s Steakhouse, founded by the Denver Broncos head coach who led back-to-back Super Bowl wins. Within a five-minute drive, the 4,200-acre Cherry Creek State Park and Reservoir provides endless recreational opportunities.
Image courtesy of ARA, A Newmark Company