DENVER, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of 20th and Little Raven Land, a +/- 2.67-acre multifamily development site located in downtown Denver, just west of Denver’s Central Business District. ARA Colorado Principal, Steve O’Dell, and Senior Land Associate, Chris Cowan, acted as the Transaction Broker in the sale. The seller, an affiliate of East West Partners, sold the site to Chicago, IL-based AMLI Residential, a preeminent multifamily real estate investment and development firm for $9,000,000, representing a price per unit of $37,190 and a price per square foot of $77.41.
Located at the southeast corner of 20th Street and Little Raven in the Riverfront Park neighborhood of downtown Denver, the site is one of the most desirable multifamily development sites in metro Denver. Riverfront Park is a dynamic neighborhood that has evolved into the place to be in downtown. The neighborhood was recently awarded the 2011 ULI “Award for Excellence” and was also awarded the prestigious “New Urbanism International Charter Award” by The Congress for the New Urbanism (CNU) in 2003.
“This was a great deal for both the seller and buyer. AMLI landed an incredible corner in the most desirable downtown location of Riverfront Park, and with the land sale and future apartment community, the seller is also able to accentuate their urban master-planned neighborhood with a pronounced front door,” stated Chris Cowan.
Major employers, transportation, retail and restaurants surround the site, and Commons Park, the largest green space in downtown Denver, is one block away. Union Station, Denver’s transit hub and one of the largest transportation projects in North America, is four blocks from the site. The station is currently the final stop on the 16th Street Mall Shuttle, which runs through the Central Business District and on to the city and state capitols. The redevelopment of the station will extend the 16th Street Mall Shuttle and move some transit points within two blocks of the site.
“20th and Little Raven has everything you want in an urban apartment site – an excellent location within Riverfront Park, immediate access to I-25 and proximity to Union Station, the ultimate TOD,” added Steve O’Dell.
“AMLI plans to build a 242-unit, urban-style, wrap community with high-end finishes in downtown. The downtown apartment submarket is showing exceptional signs of strength as rents in the area for stabilized Class A communities are quickly approaching the $2.00 per square foot mark, which is the highest we have seen in this market,” said Cowan.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Steve O’Dell at odell@ARAusa.com, or Chris Cowan at cowan@ARAusa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com