Northmarq brokers $32 million sale of Denver build-to-rent multifamily property

DENVER (Oct. 18, 2023) — Northmarq’s Denver Investment Sales team of Rich Ritter, Dave Martin and Brian Mooney have completed the sale of AVERE on the High Line for approximately $32 million. The 56-unit build-to-rent property was built in 2022 and is located at 1850 S. Quebec Way in Denver, Colorado. Northmarq represented the seller, REVA Development Partners (with offices in Chicago and Denver). “The build-to-rent space continues to attract capital investment, and the AVERE on the Highline represents a best-in-class asset in that space,” said Ritter. “REVA’s execution of the development of this property was exceptional.” The luxury townhome community is conveniently located with easy access to Metro Denver, Cherry Creek Country Club, Denver International Airport and the Cherry Creek Shopping District. In addition to close proximity to Downtown Denver, AVERE on the High Line is directly adjacent to the High Line Canal Trail, a 71-mile long walkable and bike-friendly trail, with an abundance of natural open space. The build-to-rent community consists of 11 three-story townhome buildings with 44 three-bedroom plus den units and 12 two-bedroom units. AVERE on the High Line residents enjoy a private, attached two-car garage, modern stainless-steel appliances, 9-foot ceilings and oversized walk-in closets. View available multifamily properties here. About REVA Development Partners REVA Development Partners is a privately held real estate development company. REVA’s principals bring  extensive backgrounds in construction, engineering and finance and have successfully developed high-quality rental and for-sale housing and mixed-use projects throughout the Midwest and the state of Colorado. REVA’s expertise encompasses land acquisition, design, planning/zoning, financing and construction for projects ranging from small infill sites to complex, master-planned developments. Reva has enjoyed a high degree of success through a focused approach, working with strong financial partners and disciplined underwriting standards.  The principals of REVA value the many strong relationships with third party design, finance and construction team members, in some cases going back 30 years, and share a commitment to delivering the smartest, most cost-effective solutions for every project. As a boutique developer, REVA is optimally positioned to respond quickly to shifting trends in the housing market. In recent years, the company has been focused on the demand for larger-scale, institutional quality, multifamily developments in strong suburban locations. As the market evolves, REVA will respond with best-in-class solutions in design, construction, marketing and sales. https://www.revadevelopment.com/