CBRE Arranges $40.6 Million Sale of 10-Building Multifamily Property Located off I-25 in Northglenn
02 Nov 2020
CBRE announced the $40.6 million sale of Highland Way, a 230-unit multifamily property in Northglenn, Colo., to Summit Communities. David Potarf, Dan Woodward, Matt Barnett and Jake Young with CBRE Capital Markets in Denver represented the seller, Avanti Residential of Denver.
Located at 11310 Melody Drive, the 155-890-sq.-ft. property built in 1973 includes 10 buildings with studio, one- and two-bedroom units featuring fully equipped kitchens, open living and dining areas, walk-in closets and private balconies or patios. Highland Way’s community amenities include storage lockers, a clubhouse, partially covered swimming pool, barbecue picnic area, playground, basketball court, private dog park and fitness center.
“Highland Way garnered investor interest as it is a relatively large property with clear renovation potential in a growing metro Denver suburb. The area is surrounded by retail and employment offerings and faces little competition from similar apartment communities,” said Mr. Young, CBRE.
Highland Way is located along the I-25 corridor in north Denver, across the highway from Boondocks Food & Fun. Residents benefit from access to the 350,000-sq.-ft. Denver Premium Outlets, the second Topgolf location in Colorado, and large nearby employers including Maxar Technologies and the Park 12 Hundred Tech Center. The property is a five-minute walk to the Wagon Road RTD Park-N-Ride.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.