Equity Residential Buys Denver-Area Asset
The Lakewood, Colo., property debuted last year.
Equity Residential has acquired NOVEL White Fence Farm, a 202-unit luxury multifamily property in Lakewood, Colo., a Denver suburb. Crescent Communities and ParkProperty Capital sold the asset in a transaction secured by Newmark.
Crescent broke ground on the project in 2021 and completed it last year. The developer funded the community’s construction with a $38.8 million note originated by UMB Bank, according to Yardi Matrix information.
At the time, the LEED Gold-certified community was the only new multifamily development within a 3-mile radius of the site since 2018. Project partners included general contractor CSI Construction, designers KTGY and CID Design Group, as well as civil engineer Kimley-Horn.
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The two three- and four-story buildings comprise studio, one- and two-bedroom layouts ranging from 556 to 1,262 square feet. Apartments also feature private balconies or patios, along with washers and dryers.
Common-area amenities include a fitness center, heated swimming pool, hot tub and business center, as well as resident gardens and private garages. Additionally, the developer repurposed the former White Fence Farm restaurant and animal farm into a 9,300-square-foot clubhouse.
Located at 6273 W. Jewell Ave., the more than 7-acre community is less than 3 miles from downtown Lakewood and several dining and retail destinations. Downtown Denver is some 8 miles away.
Newmark Managing Directors Courtney Crowder and Jack Kachadurian, along with Transaction Manager Craig Ratterman, brokered the deal on behalf of the seller.
Equity Residential’s growing portfolio
Equity Residential’s current multifamily portfolio consists of almost 300 properties totaling about 79,740 apartments across the U.S. The investment firm focuses on expanding its presence in Denver, Atlanta, Dallas-Fort Worth and Austin.
The current acquisition came on the heels of Equity Residential’s purchase of a $964 million portfolio. The company bought 11 assets—totaling 3,572 units—in three of its targeted expansion markets from Blackstone Real Estate.
Earlier this month, the firm acquired Marlowe Grapevine, a 324-unit garden-style community in Grapevine, Texas, a Dallas submarket. Greystar and Carlyle sold the property in a deal brokered by Institutional Property Advisors.
