Newmark Multifamily announces the sale and construction financing of a 1.65-acre land parcel at 19th & Clay in Denver. Newmark also arranged joint venture equity for the development of the future 277-unit luxury apartment development. The vacant lot and parking garage are located adjacent to the Broncos Stadium Redevelopment in the thriving Jefferson Park neighborhood.
Executive Managing Director Chris Cowan, Associate Director Bryon Stevenson and Transaction Manager Mackenzie Walker represented the seller, The Nichols Partnership, in the transaction to The Opus Group.
Newmark Research notes that the population within a one-mile radius of the land parcel is expected to increase by 19 percent over the next four years. “Located between the Stadium Redevelopment and the River Mile development, which are adding upwards of 17 million square feet of future mixed-use development to the immediate area, 19th & Clay is well-positioned for the flourishing population growth,” stated Cowan, who led the team in the transaction. “New, Class A multifamily product in the immediate area of 19th & Clay commands premium rents of $2.93 per square foot,” added Cowan.
Current plans for the development include a 12-story building offering studio, one-bedroom and two-bedroom luxury units averaging 763 square feet and three levels of structured parking with 288 parking spaces. Planned amenities include premium finishes and unobstructed mountain and city views.
About The Nichols Partnership
The Nichols Partnership is made up of a core group of multidisciplinary professionals with the experience, education and background to deliver projects that create long-term value, anticipate and respond to market opportunities. A proven leader in high quality urban real estate development in Colorado, The Nichols Partnership is driven to responsibly enhance the communities in which we work by incorporating innovative design and quality materials in order to deliver projects that stand the test of time. Over the last two decades of developing on the Colorado Front Range, the company has attained a fluency across a full spectrum of real estate types, earned a reputation for quality and responsible development and established the ability to work with a wide spectrum of partners and local governments. Its development projects in multi-family, residential, retail, office and hotel have ranged in size from $4 million to $175 million.
About The Opus Group
The Opus Group® is a family of commercial real estate development, construction and design companies headquartered in Minneapolis with offices and projects across the country. Opus operates as an integrated, multidisciplinary team with expertise in development, capital markets and finance; project management and construction; architecture, engineering and interior design. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries: Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in industrial, office, residential, student living, senior living, institutional and retail projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com and follow @TheOpusGroup on Twitter and @theopusgroup on Instagram
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
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