Newmark Brokers $32M Sale of Boulder Property
- Nov 02, 2020
Newmark has brokered the sale of Henley & Remy in Boulder, Colo. The 82-unit community changed hands for $32.3 million, or almost $400,000 per unit.
Executive Managing Directors Andy Hellman and Justin Hunt, together with Transaction Manager Katie Hufnagel from the brokerage company worked on behalf of the seller, Pathfinder Partners.
At the beginning of October, Newmark represented Urban American and Madison International Realty in the $140 million sale of Marquis at the Parkway in Denver.
Located at 635 and 565 Mohawk Drive, the community is adjacent to Meadows Shopping Center, less than 2 miles from the University of Colorado Boulder and roughly 27 miles from downtown Denver. Completed in 1974 and 1968, the property comprises one-, two- and three-bedroom options with common-area amenities that include a fitness center, indoor and outdoor swimming pools, as well as a sauna and billiard room. Henley & Remy underwent more than $2 million in capital improvements, which included 65 full-unit renovations and a total clubhouse renovation, with pool and fitness center upgrades.
Newmark data shows Boulder has one of the highest gross rents in metro Denver and year-over-year rent growth that has averaged 10 percent over the past 3 years and remains one of the most expensive residential markets in the state of Colorado and the U.S. Also, Boulder recently debuted in the first spot on U.S. News & World Report’s 2020-2021 Best Places to Live ranking list.