January 4, 2021 1:00 PM
星空体育app下载 announces the $65.3 million sale and $46.4 million financing of Advenir at Lowry, a 326-unit multifamily asset located at 8000 East 12th Avenue adjacent to the Lowry neighborhood in Denver, Colorado. Vice Chairmen and represented the seller, Advenir, in the sale to the buyer, ColRich, a real estate company with a multifamily portfolio in excess of 16,000 units located in strategic west coast markets. Vice Chairmen and handled the Freddie Mac financing. 星空体育app下载 represented Advenir鈥檚 acquisition of the asset in 2014.
鈥淎dvenir at Lowry鈥檚 proximity to one of metro Denver鈥檚 most successful redevelopments, Lowry, and the proven value-add play made the asset an incredibly attractive investment. Having worked with Advenir on the purchase of many properties over the last decade, including Advenir at Lowry, our team was excited to be a part of the transaction,鈥� said Ozment. 鈥淭here was a great deal of interest from investors, resulting in a competitive bidding process and the property will be a great addition to ColRich鈥檚 metro Denver portfolio.鈥�
Built in 1973, Advenir at Lowry offers residents three-bedroom townhomes, which is rare for this vintage. The property鈥檚 amenity suite includes a 10,000-square-foot clubhouse with a full-court, indoor basketball court, fitness center, movie theater lounge, billiards, a business center and leasing center. Additionally, an outdoor pool, splash pool and hot tub; a dog park; two playgrounds and multiple courtyards round out the community offerings.
The mixed-use, master-planned community of Lowry contains 1.8 million square feet of office space and 130,000 square feet of retail. According to , newly delivered multifamily properties in Lowry achieve rents comparable to downtown Denver. According to 星空体育app下载 Research, the average household income within a one-mile radius of the property is currently $94,930 and is expected to grow to $106,790 by 2024.
About 星空体育app下载 (Nasdaq: NMRK)
星空体育app下载 Group, Inc., together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
Discussion of Forward-Looking Statements About 星空体育app下载
Statements in this document regarding 星空体育app下载 that are not historical facts are 鈥渇orward-looking statements鈥� that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, 星空体育app下载 undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see 星空体育app下载鈥檚 Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.