Northmarq completes $29.1 million sale of Highline Lofts Apartments in Aurora, Colorado
DENVER, COLORADO (March 10, 2022) – Northmarq’s Colorado Multifamily Investment Sales team of Alex Possick, Rich Ritter and Seth Gallman listed and completed the $29,075,000 sale of Highline Lofts Apartments, a 112-unit, 1972-vintage multifamily property located at 456 South Ironton Street in Aurora, Colorado. Northmarq represented the seller, Lowe Property Group. The property was acquired by regional owner/operator, Summit Communities.
“The sale of Highline Lofts Apartments is an excellent example of the strength of the Denver market and the intense demand for well-located, value-add investment opportunities from multifamily equity investors,” said Possick. “We saw significant interest during our marketing campaign with almost two hundred groups registering to underwrite the prospective acquisition. The asset represents a strategic repositioning opportunity through the completion of a value-add business program and organic rental runway exhibited during the marketing campaign. These factors drove maximum attention from the investment field and ultimately enabled us to hit a record-setting price per unit ($260k/Unit), for 1970’s vintage product in Aurora.”
Highline Lofts Apartments offers one, two and three-bedroom floorplans (ranging from 740 to 1,395 sq. ft.) within a serene, low-density environment. The property sits steps away from Expo Park & the Highline Canal Trail, with miles of running and cycling trails, as well as a renowned disc golf course and recreation center.
Strategically located less than ten minutes from the R-Line Aurora Metro Center light rail station and I-225, Highline Lofts Apartments provides excellent transportation linkages and convenient access to some of Denver’s largest employment centers, including Denver’s Central Business District (20 minutes), the Denver Tech Center (15 minutes), Anschutz Medical Campus (10 minutes) and Cherry Creek (10 minutes) – and is situated within the prestigious Cherry Creek School District.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
