Equity Residential Continues Multifamily Buying Spree in Denver
NOVEL White Fence Farm becomes the latest addition.
Equity Residential is continuing its buying spree in the multifamily sector, with yet another purchase in Denver, Colorado.
This time the real estate investment trust has now added NOVEL White Fence Farm to its portfolio. The property is built on the same site as the 12,500-square-foot White Fence Farm restaurant. To go with it, the area is now enhanced with a community clubhouse.
NOVEL White Fence Farm contains three and four-story elevator buildings. Tenants can rent units in one or two bedrooms, as well as a studio. Along with an Americana Barn clubhouse, amenities with the apartment complex include a heated pool, outdoor kitchen area, work-from-home spaces, hospitality bar, fitness studio, and equipment.
Also, NOVEL White Fence Farm is in proximity to Lakewood neighborhood and Colorado Foothills. Plus, Lakewood, Belmar, and Green Mountain are minutes away.
Crescent Communities sold the property for an undisclosed price, while Newmark with equity partner ParkProperty Capital brokered the deal.
“The combination of a prime Denver metro location and Class A+ construction quality has created a generational multifamily asset,” said Courtney Crowder, managing director of Newmark.
“The offering was extremely well-received by the investment community, leading to a highly competitive bidding process with numerous groups bidding aggressively on the asset.”
Not only does this mark another purchase by Equity Residential – but follows its continuous investment in the Sunbelt and Denver. Last week, the company announced that it bought a 320-unit building in Atlanta for $126.25 million. Additionally, it acquired 11 apartments from Blackstone for $964 million. The portfolio includes 3,500 units located in Atlanta, Denver, and Dallas/Fort Worth, and was the largest multifamily purchase in the country in the past seven years by a public REIT.
The Sunbelt has been an attractive area in 2024 thanks to its growing population, representing an opportunity for multifamily.
Despite Crescent’s sale in Denver, the company said it is looking to expand still for multifamily in Colorado. In the state, its portfolio includes NOVEL RiNo, which is composed of 483 units, and NOVEL Uptown, which will open soon, according to Crescent.