LITTLETON, CO—ARA Newmark Co. has completed the sale of the 250-unit Outlook Littleton to Braddock and Logan for what the ARA says is the highest per-unit price ever paid for a non-core garden asset in metro Denver.

Outlook Littleton is a Class A multifamily located 15 miles from Denver.

With this transaction, ARA Newmark Denver closed more than $111 million in sales in the first week of 2016, following a record $2.04 billion in 2015.Vice chairmen Jeff Hawks and Doug Andrews and executive managing directors Chris Cowan, Terrance Hunt and Shane Ozment represented the seller, Evergreen Development, which constructed and delivered the property in 2015. Although Outlook Littleton is Evergreen's first metro Denver sale, the company's local partner, Jeff Wikstron, has been a successful developer for three decades.

Outlook Littleton is situated at 4560 West Mineral Avenue, 15 miles southwest of Denver in an extremely affluent area of Littleton. The garden-style property offers best-in-class finishes and amenities such as granite countertops, oversized walk-in closets, luxury swimming pool, bike and ski repair shop, and a community garden.

“The property generated tremendous interest because of the lack of apartments in the entire southwest metro submarket. In fact, our records show only six new properties in this sector in 25 years and only three other trades,” stated Hawks, an area native. “Although Outlook isn't located on a transit-oriented or core site, a strategic combination of timing, location, quality and adjacency to Dunkin' Donuts resulted in record pricing.”

David Lee, director of investment real estate for Braddock and Logan, stated: “As a long-term owner, our objective in entering the market has been to purchase new, well-located multifamily assets that will endure both economic and construction cyclicality. Outlook Littleton is a very well built community in a location with high-wage earners, expensive single-family housing and mature neighborhoods that will remain a desirable place to live for decades to come.” Braddock and Logan is a diversified real estate development and property management company based near San Francisco. The firm did not disclose the final transaction price for Outlook Littleton.

 

LITTLETON, CO—ARA Newmark Co. has completed the sale of the 250-unit Outlook Littleton to Braddock and Logan for what the ARA says is the highest per-unit price ever paid for a non-core garden asset in metro Denver.

Outlook Littleton is a Class A multifamily located 15 miles from Denver.

With this transaction, ARA Newmark Denver closed more than $111 million in sales in the first week of 2016, following a record $2.04 billion in 2015.Vice chairmen Jeff Hawks and Doug Andrews and executive managing directors Chris Cowan, Terrance Hunt and Shane Ozment represented the seller, Evergreen Development, which constructed and delivered the property in 2015. Although Outlook Littleton is Evergreen's first metro Denver sale, the company's local partner, Jeff Wikstron, has been a successful developer for three decades.

Outlook Littleton is situated at 4560 West Mineral Avenue, 15 miles southwest of Denver in an extremely affluent area of Littleton. The garden-style property offers best-in-class finishes and amenities such as granite countertops, oversized walk-in closets, luxury swimming pool, bike and ski repair shop, and a community garden.

“The property generated tremendous interest because of the lack of apartments in the entire southwest metro submarket. In fact, our records show only six new properties in this sector in 25 years and only three other trades,” stated Hawks, an area native. “Although Outlook isn't located on a transit-oriented or core site, a strategic combination of timing, location, quality and adjacency to Dunkin' Donuts resulted in record pricing.”

David Lee, director of investment real estate for Braddock and Logan, stated: “As a long-term owner, our objective in entering the market has been to purchase new, well-located multifamily assets that will endure both economic and construction cyclicality. Outlook Littleton is a very well built community in a location with high-wage earners, expensive single-family housing and mature neighborhoods that will remain a desirable place to live for decades to come.” Braddock and Logan is a diversified real estate development and property management company based near San Francisco. The firm did not disclose the final transaction price for Outlook Littleton.

 

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