Joint Venture Between Zocalo Community Development and Principal Real Estate Completes Sale of Residential Development at Union Station
- Feb 26, 2014
Denver’s multifamily market recently recorded an important acquisition as an institutional client of Invesco Real Estate bought a residential complex from the partnership between Zocalo Community Development and Principal Real Estate Investors. The recently-completed apartment community is located in the city’s growing neighborhood of Union Station.
Cadence Union Station is a 219-unit residential is the first project of its kind to be opened in the area. The impact of the development became immediately apparent as the property quickly reached 20 percent occupancy in just one month since its opening. The interest generated by the property this close to its debut led to the current sale, and is indicative of the resurgence of Union Station. The Principal of Zocalo Community Development, David Zucker, recently said in a press statement that the company “had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what’s arguably the best location and building an asset that we believe will show itself to be one of enduring value.”
Developed at the core of the Union Station redevelopment which will eventually add a 22-bay underground bus terminal, an eight-track commuter rail station, as well as the renovation of the landmark that is Union Station this summer, Cadence will lead the way for the area in terms of residential appeal. The location also offers great proximity to two Light Rail stations, as well as the Denver International Rail line.
The community is LEED Gold certified by the U.S. Green Building Council, making it Zocalo’s fourth project in the Denver area to be awarded a LEED certificate. Cadence is the joint venture’s second of three development projects, with the first one, Solera, proving to be a resounding success when it was sold in 2011. Equity for the project was provided by Principal Real Estate Investors’ Green Property Fund, a division that focuses on developing green certified multifamily projects.
Image courtesy of cadenceunionstation.com