Investors Bet Big on Denver RiNo Apartments
- Jun 19, 2015
By Ioana Neamt, Associate Editor
A 301-unit apartment building in Denver’s lively River North neighborhood recently changed hands. Cypress Real Estate Advisors has sold The Yards at Denargo Market to Texas-based CWS Capital Partners for $72 million, according to the Denver Business Journal.
The sale of the three-year-old building at 2797 Wewatta Way went to CWS for $286 per square foot in a 1031 Exchange deal, Denver BusinessDen reports. The transaction was completed with the help of ARA Colorado brokers Terrance Hunt, Jeff Hawks, Doug Andrews and Shane Ozment. CWS has rebranded the property Marq at RiNo.
The property incorporates 301 studio, one- and two-bedroom units and is part of Cypress’ 30-acre Denargo Market development. The former marketplace opened in 1939 and held more than 500 retailers along the Union Pacific railway. Cypress’ vision for the site calls for more than 2,000 residential units and more than 125,000 square feet of retail space, according to the BusinessDen.
The Yards at Denargo Market features amenities such as energy-efficient appliances, fitness center, library, media and gaming room, business center, and conference room. The property also incorporates two landscaped courtyards, a resort-style pool, structured parking garage, and a rooftop amenity deck with views of the mountains and the Denver skyline.
Image courtesy of The Yards at Denargo Market Facebook page
Click here for more data on Denver’s multifamily market