DENVER, CO — Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, has arranged the sale of a ±1.25-acre development site at 1915-1985 Logan Street in Denver, CO. This transaction illustrates the outcome of millennials flocking to seek residence in Denver, the 2nd fastest growing city in the United States, and real estate developers following suit in search of a piece of the booming action.
Denver-based Principal for ARA Colorado’s Land Services Team, Chris Cowan, served as lead broker for the undisclosed seller in marketing the development site which sold for an undisclosed price to Trammell Crow Residential (TCR). Chris was supported by his partner, Principal, Steve O’Dell and Associate, Julie Rhoades who are also both based in Denver.
The site, located on the northwest corner of Logan Street and 19th Street, is situated in Denver’s trendy Uptown neighborhood. It will be developed into a 12-story apartment tower, calling for 372-units, which will be named Alexan Uptown.
Alexan Uptown will have eight levels of steel framing constructed above a concrete podium; it will feature a 3rd level amenity deck with outdoor pool and rooftop deck showcasing a stunning view of Denver.
"TCR is truly bringing the highest and best use to this location with the innovative Prescient construction type,” stated Chris Cowan. “Alexan Uptown will be Denver’s first example of this kind of construction achieving 12-stories.”
Managing Director of Development, Matthew Schildt represents Trammell Crow Residential, the buyer, in this transaction. Trammell Crow Residential, a premier multifamily real estate company that has developed more than 225,000 units in major markets including Denver, is headquartered out of Dallas, Texas.
“TCR is thrilled to close on the parcel at 19th and Logan enabling us to break ground on our 372-unit, 12-story apartment tower,” said Matthew Schildt. “The tower will boast panoramic views of the Denver city skyline and front range. This is going to be a special project.”
Trammel Crow Residential plans to break ground in December 2014, with the project reaching full completion towards year-end 2016.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Natalia Izurieta, at nizurieta@ARAusa.com or 303.260.4487.
About ARA: Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.