ARA, A Newmark Company (ARA Newmark) announces the $65 million sale of Sunset Ridge, a 280-unit asset in Westminster, part of the consistently low-vacancy and high-rent-growth Arvada submarket in metro Denver, CO. The three-mile radius around Sunset Ridge projects a population increase of more than six percent by 2021.
Vice Chairmen Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented Dallas, TX-based real estate company, WillMax Capital Management - which focuses on value-add apartment acquisitions - in the sale to Castle Lanterra Properties of New York.
Sunset Ridge sits along the Denver-Boulder Turnpike (US-36), a prominent technology corridor and home to tech companies, Level 3 Communications and Oracle. Both Denver and Boulder are 20-minute drives from the property via US 36. Earlier this year, Forbes ranked the metro Denver area, including Boulder, as the No. 2 “City Poised to Become Tomorrow’s Tech Mecca.”
“In metro Denver’s multihousing market, this type of property is a rarity - an owner-operated community with 100 percent rental townhome units. Traditionally, townhome sales are more like individual single-family home sales than multihousing community investments,” Hunt said. “We saw strong demand, competitive bidding and multiple offers. The buyer has the opportunity to boost property value through further in-unit upgrades including finishing the existing full-size basements in each unit.”
In 80 percent of units at Sunset Ridge, Willmax updated appliances, cabinets, countertops, tile backsplashes, basements, lighting and entry doors. Also within the past two years, significant capital improvement added a dog park and enhanced the community’s clubhouse, landscaping, parking lot, roofs, property signage and pool areas with gas grills and an outdoor fireplace.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the leading investment advisory firm in the multihousing industry. From marketing the sale of single assets and portfolios to sourcing acquisition and development equity and financing, ARA Newmark provides 360-degree solutions for clients. In addition to market-rate and mixed-use properties, we offer specialized services in land, student, senior, manufactured and affordable housing.
With the industry’s deepest bench of multihousing advisors, ARA Newmark provides the insight and experience to ensure world-class execution. Our advisors average 20 years’ experience and are the most skillful negotiators in the industry. They are experts in 300+ markets and provide asset-specific customization that yields highly effective transaction strategies. By leveraging our proprietary database that identifies 200 percent more investor interest, each advisor has ready access to unique market intelligence to drive demand.
Backed by the global resources of Newmark Knight Frank, ARA Newmark matches each client’s assets to a robust group of investors - from private and institutional owners to global entities - and accesses nearly every commercial real estate class for options to diversify and profit.
The firm’s combination of asset sales, debt and equity services and specialty practice groups yields more than $19 billion in transaction volume annually. For more on ARA Newmark’s multihousing-exclusive services, visit www.aranewmark.com.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’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, valuation and advisory 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.
NKF 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.