ARA Newmark facilitates record-breaking sale in Arvada
Purchase price was $7.95 million
ARA, A Newmark Company (ARA Newmark) has facilitated the sale of Village West, a 58-unit property located at 12155 West 58th Place in Arvada. Director Andy Hellman and Executive Managing Director Justin Hunt represented the seller, Village West Investment Group, LLC, in the transaction.
The buyer, 29th St. Management, LLC, purchased Village West for $7.95 million or $137,069 per unit, representing the highest price per unit paid for a 1970’s built, non-renovated apartment building in Arvada.
Constructed in 1972, Village West is located less than two miles from I-70, which connects residents to downtown Denver and is 1.5 miles from the future Ward Light Rail Station on the Gold Line, an 11.2-mile electric commuter rail transit line that will connect Denver’s Union Station to northwest Denver, Adams County and Arvada. With final designs underway, construction has begun with an expected completion date of 2016. The Gold Line will include eight stations.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest 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 Newmark 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 Newmark’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 global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production
volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA Newmark’s
extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents. With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.