ARA, A Newmark Company (ARA Newmark) announces the sale of Landon Park Apartments, a 464-unit multihousing asset in Aurora, Colorado, just days before the highly-anticipated I-225 Rail Line services connect the community to metro Denver’s largest employment hubs.
ARA Newmark Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews represented seller Bridge Investment Group, a nationwide real estate investment management firm based in Salt Lake City. With this purchase, Denver’s BMC Investments owns more than 3,200 units throughout the metro. The property marks BMC Investments’ second metro Denver multihousing acquisition listed by ARA Newmark in 2017.
“Aurora is a magnet for residents and investors due to strong market fundamentals, the R Line expansion, continued redevelopment at Fitzsimmons Medical Campus and the opening of Amazon fulfillment centers projected to add up to 1,400 jobs to the area,” noted Shane Ozment. During fourth quarter 2016, apartment vacancy rates dropped to 3.7 percent in Landon Park Apartment’s submarket, pushing up average rents 10.3 percent year-over-year to $1.45 per square foot.
Built in 1978, Landon Park Apartments presents a strong value-add opportunity with a third of recently-renovated units achieving premiums of $130-$200 per month. The property gains additional value from community amenities such as a two-story clubhouse with a theater room, billiards, fitness center, business center, two outdoor pools, picnic areas with barbeques, two all-season soccer courts, park-like paths and a playground.
Landon Park Apartments is one mile from the Aurora Metro Center light rail station on the R Line which will provide traffic-free access to Denver Tech Center, Fitzsimons Life Science District, the Stapleton Redevelopment and the A Line to Denver International Airport.
About BMC Investments
BMC Investments (BMC) is a diversified and vertically integrated real estate investment company specializing in the development, acquisition and management of properties across various asset classes. BMC focuses its investment strategy on creating long term value in its assets and generating strong risk-adjusted returns. BMC has several development projects underway in various asset classes, including mixed-use residential, office and hotel totaling close to $500 million in cost. In addition, BMC owns and operates more than 3,200 residential units in its portfolio and has approximately 5,000 units and 200,000 square feet of commercial properties under management overseen by its property management arm, BLDG Management. BMC currently has over $850M in assets under management. To learn more about BMC, visit www.bmcinv.com.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) 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 comprises 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 $13.7 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 (NGKF) 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 14,100 professionals operate from more than 400 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 http://www.bgcpartners.com/.