Newmark announces the sale of Broadstone Lowry, a 300-unit luxury multifamily community located at 8505 Lowry Boulevard in Denver, Colorado. Newmark Vice Chairmen Terrance Hunt and Shane Ozment with Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the seller in the transaction, Alliance Residential, the most active multifamily developer in the United States. Dayton, OH-based luxury apartment owner and operator, The Connor Group, purchased the property for an undisclosed price.
“Built in 2019, Broadstone Lowry’s high-quality construction and finishes made it attractive to investors and residents alike in the supply constrained submarket of Lowry,” said Hunt. “This was a unique transaction because the property was sold while still in lease-up, which has been a rare occurrence during COVID-19. All parties worked patiently and attentively to get this sale done during a challenging time.”
Situated in Denver’s Lowry redevelopment, the average single-family home price within a mile of Broadstone Lowry is $703,624 and goes up to $1.7 million, according to REColorado. Once a US Air Force Base, Lowry is a highly walkable mixed-use, master-planned community comprising 1.8 million square feet of office space and 130,000 square feet of retail. Broadstone Lowry’s location gives residents the ability to live within a coveted neighborhood near metro Denver’s largest employment hubs–Downtown Denver, The Denver Tech Center (DTC) Corridor, Fitzsimons Life Science District and Denver International Airport. The Broadstone Lowry location provides low-density housing, ample nearby green space and recreation access, all within a short drive to downtown Denver.
The Class A property’s best-in-class amenity package includes a resort-style pool, spa and pool-side cabanas; an outdoor kitchen and large fire pits; a rooftop amenity deck with panoramic views, outdoor kitchens, and entertaining areas; a wellness center featuring meditation pods and a living green wall; a pet wash and grooming station; a state-of-the-art fitness center and private yoga studio; several courtyards throughout the property. The apartment finishes include designer kitchens, hardwood-style plank flooring, stainless steel appliances, and luxurious bathrooms, large walk-in closets with built-in shelving and spacious patios and decks.
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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