Newmark Arranges Sale of New Multifamily Development at Iconic Colorado Location

August 8, 2024 2:00 PM

Newmark announces it has facilitated the sale of NOVEL White Fence Farm, a newly constructed, 202-unit luxury multifamily community developed by Crescent Communities and located at 6273 W Jewell Avenue in Lakewood, Colorado, at the site of the former White Fence Farm restaurant. Newmark Managing Directors Courtney Crowder and Jack Kachadurian, supported by Transaction Manager Craig Ratterman, arranged the sale on behalf of Crescent Communities and equity partner ParkProperty Capital. The buyer was Equity Residential.

“Capital markets momentum in the Rocky Mountain Region continues to show remarkable resilience and growth, especially in the multifamily sector, where demand for high-quality, strategically located assets remains strong,” said Chad Lavender, Newmark President of Capital Markets for North America.

Completed in 2023 as Crescent Communities’ first residential development in Colorado, NOVEL White Fence Farm features a spacious clubhouse and two apartment buildings complemented by a collection of resort-style amenities, including an all-seasons heated pool and hot tub, a fitness studio, resident gardens, private garages and secure bike storage. The LEED Gold-certified community represents a thoughtful adaptive reuse development of the iconic White Fence Farm restaurant and animal farm, with the original 9,300-square-foot farmhouse transformed into the community’s anchor clubhouse. The new development embraces the site’s history and elevates it to a modern homestead aesthetic.

“The combination of a prime Denver metro location and Class A+ construction quality has created a generational multifamily asset,” said Crowder. “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.”

“As the only new multifamily development within a three-mile radius of the site since 2018, new ownership is well-positioned to benefit from strong long-term rent growth fundamentals,” added Kachadurian. “Our team is grateful for the opportunity to work on such an exquisite asset and represent a best-in-class ownership group.”

Located in the western Denver submarket of Lakewood, the property is near numerous employment centers, including the Denver Federal Center, as well as recreational opportunities such as Red Rocks Amphitheatre, Belmar Shopping Center, Downtown Golden and Bear Creek Lake Park. The strategic west side location also offers access to both the Rocky Mountains and downtown Denver.

“NOVEL White Fence Farm exemplifies Crescent Communities’ dedication to creating thoughtfully designed, sustainable communities that honor their local heritage,” said Ben Krasnow, Crescent Communities’ managing director for Colorado. “This community has been a significant milestone for Crescent Communities, and we’re confident that the new ownership will uphold the high standards we have established, ensuring NOVEL White Fence Farm remains a cherished part of Lakewood’s landscape for years to come.”

The sale of NOVEL White Fence Farm comes as Crescent Communities looks to expand its footprint throughout Colorado. In addition to NOVEL White Fence Farm, its portfolio in the region includes the 483-unit NOVEL RiNo and the soon-to-open NOVEL Uptown in Denver’s bustling central business district.

About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use “communities.” We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 85 multifamily communities and 24 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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