Transit Oriented Multifamily Asset in Arvada Sells to The Praedium Group
With new apartment communities few and far between in Arvada, New York-based The Praedium Group seized the opportunity to purchase Gateway Arvada Ridge, a Class A, 296-unit multifamily asset located at 5458 Lee Street in Arvada. Newmark Vice Chairmen Shane Ozment, Terrance Hunt and Chris Cowan represented the seller, Embrey, who developed the property, completing the project in 2019.
“Our team has worked with Embrey extensively, having represented the sale of several assets in metro Denver and, as always, it is our pleasure to advise them on Gateway at Arvada Ridge,” said Ozment. “It is obvious in the quality of the asset that Embrey took pride in the property’s development, with state-of-the-art interior finishes and a thoughtful community amenity package.”
The newly delivered luxury community benefits from its proximity to transit at the adjacent Arvada Ridge Light Rail Station, which is serviced by the G line. Opened in 2019, the G Line provides residents with direct access to downtown Denver’s Union Station in just six stops and the Olde Town Arvada station in just one stop.
The units boast high-end finishes such as wood-style plank flooring, large kitchen islands with under-mount sinks, stainless steel appliances, expansive balconies and spacious walk-in closets. The property’s community amenities include a resort style pool and spa, a fitness center and spin studio, a two-story clubhouse with a game room and billiards, a pet park and spa, and a bike wash and repair station.
According to Newmark, Gateway at Arvada Ridge is in a competitive position in the Arvada multifamily submarket. Housing in the western Denver suburbs is supply constrained due to limited growth initiatives and lack of development sites, as no market-rate apartment buildings with more than 50 units were developed in Arvada between 1988 and 2004. Only six new communities (1,563 units), including Gateway at Arvada Ridge, have been built since 2007, furthering pent up demand for new apartments.
Photo courtesy of Newmark