Colliers Sells Newly Constructed Multifamily for Near Record Pricing
Colliers Multifamily Advisory Group announced the sale of Connect at First Creek for $62,500,000 ($416,000 per unit and $417 per square foot).
The 150-unit multifamily apartment complex was built in 2020 and is located at 17900 E 56th Ave, Denver, CO near the Denver International Airport. The property was sold by a partnership between Chicago-based Origin Investments and Boulder-based Massimino Development. Craig Stack and Bill Morkes of Colliers represented the partnership in the sale. The $416,000 price per unit is one of the highest prices achieved in the Denver metro area for a three-story walkup community according to Colliers’ research.
“We are seeing aggressive investor demand for suburban class-A multifamily due to strong property fundamentals.” said Mr. Morkes. “Job growth and an influx of new retail amenities in the DIA submarket are large contributing factors for renters looking for high quality rental housing options in the area.” added Mr. Stack.
About Origin Investments
Origin Investments helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. They are a private real estate manager that builds, buys and lends to multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.6 billion in real estate transactions and its principals have invested more than $75 million alongside investors. Origin prides itself on offering unparalleled service to investors and its performance ranks the firm in the top decile of the best performing private real estate fund managers ranked globally by Preqin, an independent provider of data on alternative investments. The firm is currently accepting new investors for its open Growth Fund IV, IncomePlus, Multifamily Credit and QOZ II Funds. To learn more, visit www.origininvestments.com.
About Massimino Development
Massimino Development is a privately held real estate development firm located in Boulder, Colorado. The company has 480 units currently under construction and pre-leasing in Longmont and Denver, CO as well as an additional 1,000 units and 80,000 square feet of commercial/retail in planning. They have the unique ability to identify opportunities and formulate a vision that is consistent with municipalities, local neighborhoods, and financial institutions. Massimino Development continually delivers highly marketable developments exceeding residents and investors’ expectations. For more information, please visit www.massiminodevelopment.com.
Colliers Denver Multifamily Advisory group specializes in the disposition of multifamily assets in Colorado and the surrounding states – including market rate, affordable, senior, student, and mixed-use assets as well as land suitable for multifamily development – View All Properties