Northstar Commercial Partners, Milender White and Canyon Partners Real Estate LLC have closed on a new, mixed-use development called Parkside @ City Centre in the Denver suburb of Aurora, Colo. The ground-up, mixed-use development situated on 5.6 acres will feature 216 market-rate apartments and 36,000 square feet of retail. The development cost will be $78.7 million, with $24.5 million of equity and preferred equity invested.
Northstar purchased the land, located within an Aurora Urban Renewal District, in 2015. Over the next several years, the developer secured approvals and formed partnerships, leading to the anticipated groundbreaking this month. Northstar and Milender White will serve as co-developers, with the latter also acting as project general contractor.
Employment opportunities nearby
Parkside will feature studio, one-, two- and three-bedroom apartments with balconies and Class A finishes. Among notable amenities will be a courtyard with grills, pool and hot tub. The project’s retail portion will be delivered early next year, while the apartments will be completed in the summer of 2021.
“We think the retail development has a chance to positively impact Aurora by creating new jobs, while offering the area high-quality multifamily apartments at a more affordable price point than many surrounding markets,” said Brian Watson, Northstar chairman and CEO, in prepared remarks.
Parkside is situated near Interstate 225, one of the Denver metropolitan area’s primary transportation arteries. It will provide residents access to Denver’s R Line light rail.
“We see the strength of the Aurora market, and are excited to be a part of what we believe will be a very successful project,” said Bryon White, president & CEO of Milender White, in a statement. “Parkside’s proximity to parks, transit and a variety of retail options makes it a very appealing community for future residents. We couldn’t be more excited about this partnership and the opportunity to build upon our extensive multifamily resume to bring this community to life.”
Investment track record
Canyon Partners Real Estate furnished the preferred equity for the development. The firm has a lengthy track record of investing in the multifamily sector. During the past half-decade, Canyon Partners has made more than $750 million in debt and equity investments in multifamily properties in the U.S., supporting the financing of projects collectively totaling approximately $2.5 billion.
“We see this as a major economic benefit for the city of Aurora … We know the area well as we have invested in this community for more than 20 years, and strongly believe the proximity to the Anschutz Medical Campus, the Denver Tech Center, Denver International Airport, and downtown Denver, will entice people to live and work in Aurora,” Watson said.
Earlier this month, Canyon Partners teamed up with Santander Bank to launch Canyon Multifamily Impact Fund IV. The new multifamily fund will invest approximately $100 million on workforce housing communities in the Northeast.