Embrey Partners Buys Land for Denver-Area Project
The Lakewood project will bring 354 units to the market.
Embrey Partners has acquired 11058 W. from Atlas Real Estate Services LLC, as well as 11001 W. Colfax from a different seller, totaling 190,990 square feet of land in Lakewood, Colo. Embrey Partners plans to develop Bel Aire, a 354-unit Class A community.
Senior Advisor Travis Hodge and Investment Sales Advisor Anthony Bobay of Capstone represented the buyer.
The four-story community will take shape on Colfax Avenue, between Pierson and Owens streets, less than 5 miles from downtown Lakewood, 9.5 miles from Denver and close to Interstate 70. Oak Street Light Rail Station is within walking distance. The community is close to several parks, including Crown Hill Park and museums such as Dinosaur Ridge Main Visitor Center and Colorado Railroad Museum. Retail and dining options are available in the immediate area, along West Colfax Avenue.
Jimmy McCloskey, Executive Vice President of Development for Embrey Partners, stated in prepared remarks that the site was chosen due to its proximity to Denver light rail and a supply-constrained market.
Embrey Partners is developing other projects in the Denver area, such as Hensley at The District, a 304-unit luxury community slated for completion in 2024. Earlier this year, the company bought land for a development project in Texas which will take shape as 126 duplex-style homes totaling 252 units.