Denver-Area Asset Commands Nearly $100M
This property’s price per unit was almost 40 percent higher than the market average during the first quarter.
Evergreen Devco has sold Outlook Table Mesa, a 250-unit luxury community located in Wheat Ridge, Colo., for $97 million. FJ Management purchased the asset and Northmarq brokered the deal on behalf of the seller.
Comerica Bank issued a $51.2 million construction loan for the asset in 2022, according to Yardi Matrix data. The property debuted last year.
Located on more than 12 acres at 4051 Clear Creek Drive, the community is roughly 14 miles west of downtown Denver, in a supply-constrained submarket featuring natural parks and trails, as well as several lakes.
Outlook Table Mesa consists of 16 low-rise buildings with one- and two-bedroom floorplans. The units, which average 908 square feet, include balconies or patios and quartz countertops, among other amenities. A swimming pool, business lounge, sports court and gym round out the community’s amenities.
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Outlook Table Mesa is part of Evergreen’s Clear Creek Crossing, a master-planned, mixed-use development that includes restaurant and retail space in addition to residential areas.
Another multifamily property is within the larger development’s premises, dubbed after the mixed-use project. Evergreen sold that 310-unit asset to Seagate Properties for $142 million in 2021, according to Yardi Matrix data.
Northmarq Regional Managing Director Dave Martin, together with Senior Vice President Brian Mooney, represented Evergreen Devco in Outlook Table Mesa’s sale proceedings.
Metro Denver investment drops sharply
Metro Denver’s multifamily transaction volume clocked in at $424.6 million during the first three months of 2025, the data provider shows. This marked a sharp 59.9 percent decline year-over-year, and an even steeper 72.2 percent drop quarter-over-quarter.
Outlook Table Mesa traded for $388,000 per unit, 38.9 percent higher than the first quarter average, which, according to the same source, stood at $279,330 per apartment—nearly unchanged year-over-year.
The metro’s fundamentals softened against the backdrop of a surge in deliveries—6.2 percent of stock came online on a trailing 12-month basis as of April—resulting in the fall of advertised asking rents by 3.9 percent year-over-year through April, another recent Yardi Matrix report shows.
