NKF Arranges Sale of Denver Community
- Sep 04, 2020
Newmark Knight Frank (NKF) has secured the sale of Broadstone Lowry, a 300-unit community in Denver. Ohio-based The Connor Group acquired the asset for an undisclosed price. This transaction comes after NKF arranged a $47.4 million in Freddie Mac refinancing for Encore Evans Station, a 224-unit luxury community in Denver’s South Broadway District.
The brokerage’s Vice Chairmen Terrance Hunt and Shane Ozment with Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the seller, Alliance Residential.
Located at 8505 Lowry Blvd., the property is situated in Denver’s Lowry redevelopment, a neighborhood on the site of the closed Lowry Air Force Base that offers 1.8 million square feet of office space and 130,000 square feet of retail. The site has convenient access to the metro’s largest employers, the Denver Tech Center Corridor, Fitzsimons Life Science District and Denver International Airport.
Built in 2019, Broadstone Lowry features a mix of studios, one-, two- and three-bedroom units ranging from 446 to 1,391 square feet. According to Yardi Matrix data, the community was 51.7 percent occupied as of July 2020. The 13 three- and four-story buildings include common-area amenities such as a swimming pool with cabanas, spa, outdoor kitchen, fire pits, rooftop amenity deck, wellness center, fitness center, pet wash and grooming station.
Luxury apartment owner and operator The Connor Group has more than $2.5 billion in assets with a portfolio of more than 13,000 units across 14 markets, according to its corporate website.