Newmark Multifamily announces the sale of Cambridge Place, a 114-unit apartment asset located at 1260 S. Bellaire Street in Denver and close to neighboring Glendale submarket. The multifamily property was constructed in 1967 and was sold by Arel Capital.
Newmark’s Justin Hunt and Andy Hellman represented Arel Capital, a New York City headquartered investment firm representing close to $1.6 billion worth of real estate, in the transaction. ColRich Multifamily, a San Diego based company primarily investing in the value-add spectrum, purchased Cambridge Place. “Cambridge Place allows us the opportunity to increase our Glendale portfolio, leveraging our local operation,” shared ColRich Multifamily CEO Danny Gabriel.
“Located near Glendale enclave, Cambridge Place offered an attractive value-add opportunity with a fully appointed amenity package for residents and a location offering a desirable unit mix, easy access to major employment centers along with strong retail and entertainment attractions, with major capital improvements completed,” stated Newmark Executive Managing Director Justin Hunt.
“Cambridge Place also provides ColRich the opportunity to increase returns through the continuation of a value-add program. Currently, 53 of the units have undergone in-depth renovations to achieve higher rent premiums,” explained Newmark Senior Managing Director Andy Hellman. “There are an additional 40 mid-level renovated units that could achieve even higher rental premiums with enhanced renovations in place. Market comps show neighboring communities of similar vintage with enhanced renovations achieving significant rental premiums.”
Featuring studio, one-bedroom, one bath and two-bedroom, one bath units in a two-building apartment complex situated on 1.85 acres, Cambridge Place showcases an outdoor swimming pool, a newly updated lounge and game room with Wi-Fi, on-site Bluetooth enabled laundry rooms, and on-site management and maintenance. Apartments feature wood-burning fireplaces, dishwashers, cable and high-speed internet ready, balconies, air conditioning, ceiling fans and faux wood floors.
Conveniently located in the Cherry Creek submarket near Denver’s I-25 corridor, residents at Cambridge Place have easy access to downtown Denver, the Denver Technological Center, nationally recognized retail, and major dining, entertainment, and recreational options.
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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