ARA Newmark Closes Sale of $100M Denver Community
- Dec 22, 2017
ARA Newmark has arranged the sale of The Huron, a 296-unit asset located in downtown Denver. Griffis Residential bought the property from Columbus, Ohio-based developer Edwards Cos. in exchange of $100.5 million.
“This was a full-circle deal for ARA Newmark. In 2012, Chris Cowan and Steve O’Dell sold the site to the developer, and once the project was constructed, our institutional brokerage team marketed the property and identified the best buyer,” said Shane Ozment, vice chairman of ARA Newmark, in a prepared statement.
Ozment, alongside Vice Chairmen Terrance Hunt, Jeff Hawks and Doug Andrews and Executive Managing Director Chris Cowan, led negotiation efforts on behalf of the seller. The same team was also behind a similar deal, the sale of a $142 million Denver luxury community, which closed back in October.
A Live-Play-Work Community
The Huron was completed in 2016 at 2975 Huron St. in downtown Denver, just blocks from Coors Field in the Union Station neighborhood. It offers a lounge with a tech bar, three theater screening rooms, a fitness center, controlled access and concierge service.
“The Huron’s design embraces elements of the historic warehouse district, with exposed brick and heavy iron entryways, yet also features luxury amenities that include: ten-foot ceilings, under-mount sinks and granite and stainless steel details,” said Hunt in the same statement.
The property is close to a mixed-use development slated to break ground in 2018, which will include a Rockies Hall of Fame, hotel, office and retail space as well as an outdoor public gathering area. More than 2.5 million square feet of office space are also under construction in the nearby area.
Rendering courtesy of ARA Newmark
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