Newmark announces the sale of 52nd Marketplace, a 157-unit multifamily asset located at 7797 West 52nd Avenue in the west suburbs of Denver–Arvada, Colorado. Newmark Executive Managing Directors Andy Hellman and Justin Hunt, Vice Chairmen Terrance Hunt and Shane Ozment, Senior Transaction Managers Amanda Meldrum and Katie Hufnagel and Transaction Manager Craig Ratterman represented the seller, The Bascom Group in the sale to buyer, Orion Real Estate Partners for an undisclosed price.
“We are very excited to add 52nd Marketplace to our Denver portfolio,” said Orion founder Marc Venegas. “The property represents our ninth acquisition in the Denver MSA and our first in the highly-desirable western suburb of Arvada. Within walking distance to the property is Olde Town Arvada, the town’s pedestrian-friendly historic district, which includes an eclectic mix of locally-owned boutiques, restaurants and shops. Olde Town Arvada also boasts a light rail station that provides convenient commuter access to downtown Denver via the RTD Gold Line with Union Station only five stops away.”
Olde Town Arvada is a destination for residents and visitors alike. Listed on the National Register of Historic Places and supported by the Olde Town Business Improvement District, it is a historic city center as well as a growing business district.
“Both the property’s location in the high-barrier to entry Arvada market and its proven value-add strategy make it competitive with newer product in the area,” said Andy. “With approximately 50% of the units renovated, those that remain unrenovated are poised for significant value-add upside.”
Due to zoning restrictions, legislation and lack of feasible sites, development in the western suburbs, including Arvada, has high barriers to entry and demand for multifamily has been outpacing supply. According to Newmark Research, there are currently no multifamily projects under construction in the Arvada submarket.
About The Bascom Group
Bascom has completed over $22.4 billion in multifamily and commercial value-added transactions since 1996 including 333 total multifamily properties containing 86,944 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partner Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Orion Real Estate Partners is a private real estate investment firm with offices in Los Angeles, Denver, and Austin.
Orion targets value-add multifamily assets in select Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.