Two CO Properties Sell as Part of a $242M National Multifamily Portfolio
Colorado Springs, CO — ARA, A Newmark Company (ARA Newmark) closed on a six-asset multifamily portfolio comprising properties in San Antonio, TX, Charlotte, NC, Colorado Springs, CO, Denver, CO, Oklahoma City, OK and Orlando, FL. The six-property, 1,460-unit portfolio was sold for $242.2 million to an undisclosed buyer. The two properties in Colorado included Talon Hill Apartments; a 2006-built, 276-unit property in Colorado Springs, CO and Eagle Ridge Apartments; a 1999-built, 168-unit asset in Loveland, CO.
Vice Chairman Marc deBaptiste and Executive Managing Director Patrick Dufour served as lead advisors working closely with team members in Austin, TX, Charlotte, NC, Denver, CO, Oklahoma City, OK and Orlando, FL.
“ARA Newmark’s commitment to best-in-class investment services provided our client a unique experience with a multi-tiered marketing strategy,” said deBaptiste. “We couldn’t have closed such a large deal without the help of our colleagues from local offices across the country which provided our client the absolute best possible execution and outcome. With team members on the ground in every applicable city, our team was able to provide a streamlined approach that ensured the broadest asset exposure, the best buyers and the shortest possible transaction timeframe.”
This portfolio represented an opportunity to acquire a well-maintained, well-occupied, geographically diverse portfolio of core and core-plus assets, allowing an investor to place signiﬁcant capital and gain an immediate presence in several highly desirable apartment markets.
“Our Company’s culture of open information sharing between offices is integral to a portfolio assignment like this one where assets are spread across various markets throughout the country,” added Dufour. “ARA Newmark was able to combine its national and international reach and resources with a local level of service to achieve top market values for all of the assets within the portfolio.”
Images of Talon Hill, Colorado Springs and Eagle Ridge, Loveland, CO courtesy of ARA a Newmark Company