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Newmark Multifamily announces the sale of the Ridge at Wheatlands, a 338-unit, Class A, luxury, resort-style multifamily community located at 6855 South Langdale Street in Aurora, minutes from the Southlands Mall. The property sold for $91.25 million, or $270,000 per unit, making it the highest per unit price ever achieved in the city of Aurora, according to Newmark’s research team.
Vice Chairmen Shane Ozment and Terrance Hunt, along with Executive Managing Director Chris Cowan, represented Denver-based Grand Peaks, a multi-billion-dollar multifamily asset development company, in the sale to Arlington, VA-based AvalonBay Communities, one of the largest REITs in the United States that continues to expand its presence in the metropolitan Denver market.
“Early on, Grand Peaks recognized the potential for a multifamily development in the rapidly expanding Southlands submarket as well as the opportunity to foster a unique live/work/play lifestyle,” noted Ozment.
The Southlands submarket is growing, attracting well-educated young professionals. Population in the submarket grew by 95 percent from 2010-2018. Additionally, within a one-mile radius of the Ridge at Wheatlands, 22 percent growth is forecasted between 2018-2023. With a median household income of $113,400 and a current average home price of $570,033, the Southlands area is poised for tremendous expansion.
Constructed in 2018 and located minutes from the Denver Tech Center, the largest employment center in metropolitan Denver, and within the Cherry Creek School District, the Ridge at Wheatlands was appealing to investors at all levels - local and national.
The property’s low-density layout, top-of-the-line interior finishes, spacious floor plans catering to families, its state-of-the-art amenity package, and thoughtful design is also appealing to a variety of residents. Community amenities include a clubhouse with an expansive swim deck, fitness center, game area and coffee bar.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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