MGL Partners Sells Denver Community for $91M
NorthMarq provided $46 million in acquisition financing for the property.
The Amaranth. Rendering courtesy of NorthMarq
Developer MGL Partners has sold The Amaranth, located at 2019 E. 11th Ave., in Denver, for $90.5 million to buyer Griffis Residential. The transaction marked the highest sales price by square footage in the Denver market.
MGL developed the seven-story Cheesman Park property in 2015. The Amaranth comprises 156 units across 135,000 square feet. Floorplans include studios and one-, two- and three-bedrooms. Units feature stainless steel appliances, Quartz countertops and washers and dryers.
Resident amenities include a yoga studio, a year-round rooftop spa, a free membership to the Denver Botanic Gardens, electric vehicle charging stations, a dry cleaning drop-off, a community herb garden and a bike and ski repair area.
The Amaranth is just 2 miles from downtown Denver and a short four-block walk from the sprawling Cheesman Park. The community is bordered by U.S. Highway 287 to the north, State Highway 2 to the east and Interstate 25 to the west, providing convenient access to surrounding areas.
Favorable area
The Denver Zoo is less than 2 miles away and the Denver Botanic Gardens are less than a quarter-mile from the residences. The historic Larimer Square, a bustling shopping area with bars, restaurants and entertainment, is less than 3 miles away, northwest of The Amaranth. U.S. Highway 287 also affords several dining and entertainment options within walking distance.
NorthMarq’s Denver investment sales team of Managing Director Dave Martin and Vice President Brian Mooney listed and completed the sale. The debt/equity team of Managing Director David Link and Vice President Brian Fisher provided $45.5 million in acquisition financing on behalf of the borrower through its capacity as a Fannie Mae DUS lender.
At the end of September, NorthMarq facilitated Tides Equities’ $35.5 million purchase of the 225-unit Tides at Spring Mountain. In May, Griffis Residential acquired Presidio View in Mission Valley, Calif. The firm purchased the 7-acre, 350-unit suburban California community for $155.7 million.
