Rendering of Modera Observatory Park courtesy ARA Newmark.

ARA Newmark has announced the sale of 1911 S. Josephine Street in Denver. The 1.03 acre site will be developed into two five-story apartment buildings that will house 275 apartment units with 336 parking spots. This future apartment project is located in Denver’s Observatory Park neighborhood near the University of Denver.

ARA Newmark provided brokerage services to the seller in this transaction. The property was sold to Mill Creek Residential, a Texas-based multifamily developer.

Executive managing director Chris Cowan of ARA Newark stated, “This transaction illustrates the continued demand for housing in a neighborhood experiencing some of the best market fundamentals in Denver with limited new supply, single digit vacancies and explosive rent growth. With visibility from I-25, light rail access within walking distance and proximity to some of the highest value homes in Denver, This opportunity was one that Mill Creek understood immediately.”

Construction is slated to begin in ernest this month with completion expected in the first quarter of 2017. Denver-based Studio PBA is the architecture firm that designed this development which is titled Modera Observatory Park.

Mill Creek Residential managing director Brian Wynne represented Mill Creek in this transaction.

Wynne stated, “We were attracted to the Observatory Park neighborhood for many reasons, including the easy commute to both Denver’s employment centers and convenient access to some of Denver’s best amenities and transit. We plan to develop a high quality community with top level finishes, a luxucry pool deck and more. We are very excited to become a part of this neighborhood.”