Newmark Multifamily announces the sale of Ironwood at Red Rocks, a Class A luxury garden-style asset located in the highly coveted west-side submarket of metro Denver.
Vice Chairmen Shane Ozment and Terrance Hunt represented the seller and developer, Embrey Partners (Embrey), one of the most well-known and respected multifamily developers in metro Denver, in the sale to AvalonBay Communities, an equity REIT. The property sold for an undisclosed price.
“Ironwood at Red Rocks is in a fantastic west-side location with high barriers to entry. We saw tremendous interest in the property due to its proximity to the mountains, Bear Creek Reservoir, Morrison and employment at the Federal Center and Denver West Office Park. It really is quintessential Colorado living.” Ozment added, “Embrey delivered high-end amenities and finishes throughout the community. The company is synonymous with quality and we have been fortunate to work with them on all of their Colorado transactions.”
Ironwood at Red Rocks provides excellent access to the Rocky Mountains and visibility via C-470. Employment hubs such as Lockheed Martin, the Denver West Office Park, the Denver Federal Center, Saint Anthony’s Hospital, the Jefferson Country government offices and the National Renewable Energy Lab (NREL) are minutes from the property.
Ironwood at Red Rocks’ 256 units comprise spacious one-, two- and three-bedroom units, the latter of which average more than 1,300 square feet. Luxury apartment interiors offer large kitchen islands, under-mount sinks, granite countertops, stainless steel appliances, full size washers and dryers, large patios and balconies, and spacious walk-in closets. The property’s amenities include a spacious clubhouse, state-of-the-art fitness center, indoor yoga studio with spin bikes, a game room with billiards and shuffleboard, a resort-style pool with tanning ledges and a heated spa; an outdoor kitchen and lounge area with a fire pit; a catering kitchen and dining room; private garages and carports; a bike/ski workshop; and pet spa.
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 16,000 professionals operate from approximately 430 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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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