Newmark Closes Recap for 1,346 Units in Denver
The new partnership plans to target $500 million in transactions focused on workforce housing.
Newmark has arranged the recapitalization of three workforce properties in Aurora, Colo., totaling 1,346 units. The move marks the launch of a partnership between BMC Investments and DRA Advisors.
BLDG Management, BMC’s managing arm, will continue to operate the three communities, as well as oversee a $12 million renovation plan. The company is planning a three-year renovation process, which will focus on both interior and exterior upgrades.
The recapitalization of Landon Park, Aurora Hills and Vista Park kicks off what BMC’s Chief Investment Officer Jeff Stonger calls a housing strategy targeting more than $500 million in assets as part of the partnership.
The deal for the three Aurora communities is one of the largest such transactions in metro Denver during the last year and a half, as strong market fundamentals continued to attract investors to the area. Just last week, Nuveen completed a $435 million multifamily sale, the largest such single-asset deal in Colorado history.
Newmark Vice Chairmen Dustin Stolly and Jordan Roeschlaub arranged the three-property recapitalization on behalf of both parties. The two, in partnership with Blake Okland, vice chairman & head of multifamily investment sales, worked together under the umbrella of Newmark’s Strategic Transactions Group.
One city, three communities
The 464-unit Landon Park, located at 100 S. Sable Blvd., came online in 1978. The community offers one- and two-bedroom apartments ranging from 630 to 820 square feet. The property encompasses 28 buildings across 21.9 acres offering a picnic area, fitness center, pool, playground, clubhouse and business center.
Neighboring City Center Park, the property is within walking distance of the Town Center of Aurora, located across the street from the Metro Center light rail station.
Located at 11850 E. Maple Ave., Aurora Hills is the largest of the three, encompassing 600 units. Built in phases between 1970 and 1974, the community comprises one-, two- and three-bedroom units with floorplans ranging from 650 to 1,400 square feet. Community amenities include a clubhouse, pool, fitness center, playground, basketball court and soccer fields.
Aurora Hills is within minutes of the Aurora Hills Golf Course, less than 2 miles from Kaiser Permanente East Denver Medical. Downtown Denver is roughly 10 miles west.
The third property, Vista Park, the smallest of the three, offers 282 units. The 1973-built property is located at 12707 E. Mississippi Ave. It offers one- and two-bedroom apartments distributed across five buildings, with layouts between 560 and 780 square feet. The five-building community is pet friendly and offers a playground, pool and fitness center.
Vista Park places residents in the middle of the East Mississippi Avenue retail corridor, neighboring Aurora Hills Middle School. The Medical Center of Aurora is approximately a mile from the community.