ARA Newmark Brokers Record-Setting Deal
- Jun 06, 2018
After facilitating a $100 million deal in December 2017, ARA Newmark has arranged another sale in Denver. Jux, a 30-unit boutique-style community in central Denver, traded for $12 million, resulting in a record-setting price-per-unit of $400,000. Director Robert Bratley and Associate Director Marcus Griffin represented the seller, Endurance Real Estate Partners. The buyer was an undisclosed New York-based real estate investment group.
Located at 821-827 Corona St., the 2017-built property is in the city’s Capitol Hill neighborhood. Several restaurants, entertainment and recreational options are only a few blocks from Jux. Cheesman and Governors’ Park are both less than half a mile away. Jux has a 1900s-era brick exterior and amenities include a 700-square-foot deck with outdoor furniture as well as private balconies and terraces with city views. At the time of the asset’s introduction to the market, the occupancy rate was only 50 percent.
“Jux was highly sought-after due to infill site scarcities in Capitol Hill, the overall quality of the asset and the top floor mezzanine units with 18-foot ceilings and incredible views of downtown Denver. The average unit size is nearly 800 square feet and we were able to achieve pricing over $500 per square foot,” said Bratley, in prepared remarks.
Image courtesy of ARA Newmark
If you’d like to be featured in Brokers’ Corner, send your deal to firstname.lastname@example.org.