DENVER, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Prospect Park, a +/- 1.58-acre infill site located at 2901 Huron Street in Denver, Colorado, just minutes from the Union Station redevelopment, which is currently the transportation hub of metro Denver’s light rail system. ARA Colorado principals, Steve O’Dell and Chris Cowan, represented the buyer, Ohio-based Edwards Companies, in the acquisition. The Edwards Companies have developed multifamily, student and single-family housing in most of the eastern United States. The seller, Barry Hirschfeld, CEO of A.B. Hirschfeld & Sons, sold the property to Edwards for $6,250,000, which represents a price per square foot of $90.81.
“With the explosive demand over the last 18 months for downtown living, The Edwards Companies made a strategic buy in the heart of the action,” said Chris Cowan.
The Prospect Park neighborhood has dramatically changed over the years, once a warehouse district servicing the railroad traffic, the area is now a desirable location for young professionals looking for a convenient central downtown location. Most of the original warehouse buildings have been replaced by modern residential buildings, while a select few have been converted to loft style condominiums and apartments. Living in the shadow of Coors Field, the Prospect Park Neighborhood is a surprisingly quiet part of town located within walking distance of downtown sports venues, restaurants, and cultural attractions.
Chris Cowan concluded, “Being able to team up with a local real estate veteran, like Barry Hirschfeld, to implement a thoughtful urban mixed-use development in the Prospect Park neighborhood, is a perfect recipe for success. The Edwards Companies will create Class A living space while A.B. Hirschfeld & Sons will provide adjacent and much needed retail and restaurant sites, a winning combination in this burgeoning area.”
To schedule an interview with an ARA executive regarding this transaction, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Steve O’Dell at odell@ARAusa.com, or Chris Cowan at cowan@ARAusa.com, or 303.260.4400.
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 average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com