Newmark Multifamily announces the sale of Monaco South, a 220-unit, multifamily property located at 2280 South Monaco Parkway in Denver. Comprised of two solidly constructed concrete mid-rise assets, Monaco South sold for $36,000,000, or $163,636 per unit.
Newmark Vice Chairmen Shane Ozment and Terrance Hunt, Executive Managing Director Justin Hunt and Senior Managing Director Andy Hellman represented the seller, Capital Real Estate, LLC (CRE), a Denver-based real estate investment firm specializing in the acquisition, management and disposition of multifamily real estate investments. Grand Peaks Properties, Inc. in partnership with Aegon Asset Management purchased the property.
“Monaco South offered investors the opportunity to acquire an asset with proven upside potential, centrally located between several employment hubs and retail options, in a strong multifamily market,” stated Ozment. “With only 15% of the units currently renovated, the new owner, Grand Peaks, plans a complete renovation of Monaco South for a significant increase to the asset’s bottom line.”
Constructed in 1971, Monaco South offers an attractive mix of one- and two-bedroom apartments averaging 744 square feet. Situated on 7.03 acres, the apartment community’s density is 31.29 units per acre. Community amenities at Monaco South include two pools, a clubhouse, fitness center, playground, business center, elevators and covered parking. Renovated units feature stainless steel appliances, new laminate flooring, modern lighting and brushed nickel fixtures.
Grand Peaks consists of two vertically integrated companies founded by the Simpson family in 2003. The Simpson family’s multifamily expertise spans three generations back to Harold Simpson, founding Simpson Housing in 1949. Grand Peaks Property Management, Inc. was originally created to oversee property management of the Simpson family’s private multifamily portfolio. Luke Simpson, CEO, and Nick Simpson, President, founded Grand Peaks Properties, Inc. to continue the family legacy of acquiring, renovating, and developing multifamily assets in core markets across the nation. Grand Peaks has since grown into a multi-billion-dollar company with properties and offices in Seattle, Washington; Portland, Oregon; Denver, Colorado; Dallas and Fort Worth, Texas; and Miami and Fort Lauderdale, Florida.
Aegon Real Assets US is the primary real assets investment center in the US for Aegon Asset Management, a leading global investment manager with $386 billion in assets under management/advisement as of June 30, 2019. With about 260 investment professionals in North America, Europe and Asia and roots dating back to 1844 via its Netherlands-based global financial services parent, Aegon Group N.V., Aegon Asset Management understands the importance of long-term relationships, robust risk management and sustainable outperformance.
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.
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