February 16, 2021 12:00 PM
Newmark announces the sale of Gateway Arvada Ridge, the Class A, 296-unit multifamily asset located at 5458 Lee Street in Arvada, Colorado. Newmark Vice Chairmen Shane Ozment, Terrance Hunt and Chris Cowan represented the seller, Embrey, in the transaction to The Praedium Group. Embrey developed the property, completing the project in 2019.
“Our team has worked with Embrey extensively, having represented the sale of several assets in metro Denver and, as always, it is our pleasure to advise them on Gateway at Arvada Ridge,” said Ozment. “It is obvious in the quality of the asset that Embrey took pride in the property’s development, with state-of-the-art interior finishes and a thoughtful community amenity package.”
The units boast high-end finishes such as wood-style plank flooring, large kitchen islands with under-mount sinks, stainless steel appliances, expansive balconies and spacious walk-in closets. The property’s community amenities include a resort style pool and spa, a fitness center and spin studio, a two-story clubhouse with a game room and billiards, a pet park and spa, and a bike wash and repair station.
The newly delivered luxury community benefits from its proximity to transit at the adjacent Arvada Ridge Light Rail Station, which is serviced by the G line. Opened in 2019, the G Line provides residents with direct access to downtown Denver’s Union Station in just six stops and the Olde Town Arvada station in just one stop.
Gateway at Arvada Ridge is in a competitive position in the Arvada multifamily submarket. Housing in the western Denver suburbs is supply constrained due to limited growth initiatives and lack of development sites, as no market-rate apartment buildings with more than 50 units were developed in Arvada between 1988 and 2004. According to Newmark Research, only six new communities (1,563 units), including Gateway at Arvada Ridge, have been built since 2007, furthering pent up demand for new apartments.
About Embrey Partners, Ltd.
San Antonio-based Embrey Partners, Ltd., is a diversified real estate investment company that owns, develops, builds and manages multifamily and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 41,000 apartments and over 6 million square feet of commercial property. Embrey is one of the leading developers in the multifamily sector, with approximately 6,000 units under construction or in development. www.embreydc.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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