Newmark Grubb Knight Frank (NGKF) announced the sale of a 1.21-acre land parcel at 2166 15th Street, located at 15th and Little Raven at the confluence of the Platte River and Cherry Creek. This prime site was purchased by a partnership between PM Realty Group (PMRG), National Real Estate Advisors (NREA) and Ray Suppa. The property represents one of the best infill development opportunities in Denver, with approved plans for a 288-unit luxury apartment building with 8,300 square feet of high-end first floor retail.
Its name will be reflective of its position at the confluence of Cherry Creek and the South Platte River, the historic origin of the City of Denver. At 34 stories, the glass apartment tower will be the tallest structure in the Riverfront Park neighborhood and will feature top-of-the-line finishes that are unparalleled in the Denver high-rise multifamily market, including a state-of-the-art fitness center, pool lounge and club area, cabanas, a fire pit and a covered parking garage with 300 stalls. Construction is expected to commence in fall 2013 with initial occupancy in the fall of 2015.
“The current approved plan will maximize the potential of the site, and will do justice to its strategic location at the southwest corner of 15th and Little Raven streets in the rapidly developing area of Riverfront Park,” noted Stephen Roesinger, senior managing director with NGKF Capital Markets, who assisted both parties in the transaction with Associate Wade Fletcher.
Mr. Fletcher added, “The caliber of this high-rise development will be the first of its kind to bring luxury high-rise living into our region, elevating Denver’s rental market comparable to Dallas, Los Angeles and New York.”
NGKF represented the seller in its original acquisition of the site in 2004. Intending to develop the parcel immediately, preliminary preparation work began including the process of rezoning the site to a planned unit development (PUD), allowing for higher density. “All that preparation made the land even more desirable for the buyer/developer,” explained Mr. Roesinger.
“There is no question the project’s momentum is the result of leveraging long-term relationships with insightful, quality investors,” added Kevin McCabe, NGKF executive vice president and regional managing director. “The timing is right and the best team is in place to facilitate this addition to the highly coveted Riverfront Park neighborhood.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com.
For more information, contact Bryant Nail of PMRG at email@example.com or (972) 421-3378.
About the INDURE Fund
The IBEW-NECA Diversified Underwritten Real Estate Fund, or INDURE Fund, is a commingled, open- ended real estate investment fund designed to complement the portfolios of pension trusts and other institutional investors. INDURE invests in institutional quality, geographically-diversified properties. The investments are further diversified by product type and through a mix of debt and equity.
National Real Estate Advisors, LLC (NREA), INDURE’s manager, invests based on its “Build-to-Core” philosophy in carefully selected development projects which are added to the core portfolio. This strategy is designed to create value and a modern portfolio. NREA, based in Washington, DC, manages its flagship INDURE Fund in addition to real estate separate account investments on behalf of other institutional investors. NREA is a wholly-owned subsidiary of the National Electrical Benefit Fund.
For additional information, visit www.natadvisors.com.