CBRE has brokered the sale of The Brodie, a 299,001-sq.-ft. luxury multifamily community located at 2311 Park Center Drive in Westminster, Colo. Dan Woodward, David Potarf, and Matthew Barnett with CBRE represented the seller. The buyer purchased the property in a sale that closed July 11, 2019.
“Located in north metro Denver atop a promontory overlooking the Rocky Mountains, The Brodie caters to the large Colorado renter demographic that favors the outdoor lifestyle over the urban core. The property will continue to perform well given its quality construction and desirable location in a supply-constrained submarket,” said Dan Woodward, Executive Vice President with CBRE Capital Markets in Denver.
The Brodie offers 312 units across eight rental buildings on 20.66 acres. Community amenities include a resort-style pool, clubhouse, fitness studio and outdoor sand volleyball court.
Located along Zuni Street just north of 120th Avenue, the property is immediately adjacent a 7-acre park and near several retail and entertainment destinations including Sheridan Crossing, Orchard Town Center and Downtown Westminster, as well as the Denver Premium Outlets and TopGolf’s new Thornton location, expected to open later this year.
The U.S. multifamily market remained healthy in the first quarter of 2019, with a favorable vacancy rate and solid rent growth, according to CBRE research. The trailing four-quarter total reached 285,800 units in net absorption—higher than the 266,700 units delivered. The overall vacancy rate of 4.6 percent in the quarter was down 20 basis points year-over-year, while rent growth climbed to an annual rate of 3 percent, up from 2.1 percent a year ago. Multifamily acquisitions totaled $36.4 billion in the first quarter, up 1.3 percent year-over-year.
