Today ARA Newmark announed the $69,500,000 sale of the Cherry Creek Value-Add Portfolio. This includes five properties all located near I-25 and Colorado Boulevard in southeast Denver that house 537 residential units and 429,940 rentable square feet. The assets are: Park Point, Four Mile Flats, Vintage Point, The Birch, and Infinity Flats. All of these structures are located within a block of one another.
New York-based Arel Capital is the buyer in this transaction and intends to fully renovate all of the properties in this portfolio.
The Denver office of ARA Newmark provided brokerage services to the seller- Blueline Properties. Morgan Reynolds and Steve Daniel of Blueline Properties amassed this collection of properties over the course of the last five years.
“Reynolds and Daniel were pioneers in this area and helped begin the renaissance that the neighborhood is currently seeing.” He added, “Blueline is very knowledgeable about the Colorado market and is a hands-on operator, which has served them well over the years as this location has evolved into what it is today.”
The buildings were constructed between 1964 and 1975.
ARA Newmark’s Executive Managing Director Terrance Hunt noted, “This portfolio is located in a flourishing area in the South Denver and Glendale submarkets, an area sought after by a younger demographic as an alternative to the Washington Park and Capitol Hill neighborhoods.” The population within a three-mile radius of the portfolio is expected to grow 11.7% by 2019.”