ARA Newmark Closes $60M Sale of Denver Asset
- Jul 11, 2017
ARA Newmark has secured the $60.3 million sale of Via Modern Residences, a 200-unit mixed-use community in Denver. The company arranged the transaction on behalf of the buyer, New York-based real estate private equity firm Azure Partners. This acquisition marks Azure’s second purchase brokered by ARA.
Built in 2015, the Class A community offers studios, one- and two-bedroom units ranging from 523 to 1,267 square feet. Common area amenities include:
- Fitness center
- Bike storage and repair center
- Swimming pool
- Dog park and a dog wash
- Fire pit with conventional seating
- Open-air cabanas
- Free Wi-Fi
Additionally, Via Modern Residences features 4,220 square feet of ground-floor retail space rented by a single tenant.
Located at 828 Broadway St., in the Mile-High City’s Golden Triangle neighborhood, Via Modern is situated adjacent to Denver’s central business district, between downtown Denver and south Broadway, within walking distance of Trader Joe’s, King Soopers, coffee houses, bars and shop venues.
“Via Modern Residences is in a great location with high visibility from three main thoroughfares: Broadway, Lincoln Street and Eighth Avenue,” Terrance Hunt, vice chairman of ARA, said in a statement. “Its walkability to downtown Denver as well as South Broadway restaurants, retail and employment made it a very sought-after asset with offers from multiple buyers.”
Hunt, Shane Ozment, Jeff Hawks and Doug Andrews together with Chris Cowan, executive managing director, represented the seller and developer, The Pauls Corp.
Image courtesy of Via Apartments