Newmark Knight Frank Multifamily announces the sale of Lugano Cherry Creek, a 328-unit multifamily property located at 9601 E. Iliff Avenue in Denver. Built in 2010, this five-story wrap includes 13,262 square feet of retail. Lugano Cherry Creek sold for $99,250,000, or $302,591 per unit.
NKF Vice Chairmen Terrance Hunt and Shane Ozment represented Toronto-based Brass Enterprises in the sale to Minneapolis, Minnesota based IRET. Brass Enterprises is a Canadian private investment group with multifamily assets in high growth markets throughout the United States. The purchaser, IRET, is a listed REIT with over $1.8 billion in multifamily assets across the Midwest.
“This is a rare opportunity to provide slight modifications to the well-constructed asset that even now features large units with modern touches and full amenities,” according to Hunt. “You can count on one hand the amount of apartment properties built in 2010 for metro Denver, therefore, this is a unique value-add for an investor.”
“Our purchase of Lugano is a continuation of our strategic growth initiatives in Denver. With its large units, wrap construction, two structured parking garages and outdoor green space, Lugano is well positioned in its submarket,” shared IRET Senior Vice President Grant Campbell. “Through implementation of select value-add and operational initiatives, we will be able to enhance the resident experience and position our organization for long-term growth potential.”
Ozment added, “Lugano Cherry Creek is surrounded by several of metro Denver’s largest employment centers, and the property feeds into the top-rated Cherry Creek School District.”
Community amenities at Lugano Cherry Creek include an outdoor resort-style swimming pool and spa with heated deck, 24-hour fitness center, expansive 4.5-acre private park, outdoor lounge with a fire pit and two structured parking garages. The property boasts a desirable unit mix with spacious floor plans, 9’+ ceilings, a patio or balcony on every unit and select loft units. Lugano Cherry Creek also boasts strong demographics, surrounding recreation, nearby amenities, and easy access to light rail and multiple major employment hubs.
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Newmark Knight Frank (“NKF”), 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, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’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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