10:00 AM
ARA, A Newmark Company (ARA Newmark) announces $75.1 million in multihousing transactions in high-demand southeast Denver as Jackson Square Properties (Jackson Square) sells Villas at Parker and buys Arapahoe Club for an undisclosed price.
Vice Chairmen Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented San Francisco-based Jackson Square in the disposition of Villas at Parker. Advenir, a Florida company that acquires and operates multihousing communities on behalf of institutional investors, bought the 345-unit property. The ARA Newmark team also represented The Reliant Group, a San Francisco investment group that focuses on affordable and market-rate multihousing, in the sale of Arapahoe Club. With that 185-unit buy, Jackson Square owns almost 3,000 units in metro Denver. The private real estate investment company specializes in multihousing communities.
Ozment said, “The seller of Arapahoe Club had invested significant capital in the infrastructure, common areas and only a few unit renovations, but had achieved a 46 percent return on the upgraded units. Jackson Square plans to continue with this proven value-add strategy.” Built in 1994 at 2800 South Syracuse Way, Arapahoe Club is a Class B property near the Denver Technological Corridor, the area’s largest employment hub with over 423,000 workers. The asset is minutes from Yale Station on the Southeast Light Rail Line, which will connect to rail service to the airport later this year.
The 345-unit Villas at Parker drew multiple bidders due to 98 percent occupancy and tremendous rent growth. At collection, rental income had grown 12.3 percent year-over-year. Built in 1972 at 1090 South Parker Road, Villas at Parker took on extensive renovations in 2008 and 2009. “With high demand for units in the area with quality finishes, the buyer plans to take a 70s product at a lower price per unit and further invest to attract residents while staying well below replacement cost or the cost to acquire newer product,” noted Hawks. Both properties are located in the highly-regarded Cherry Creek School District and near the burgeoning Glendale, Lowry and Buckley areas.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.4 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.