CBRE announced the sale of Outlook Gateway, a 324-unit, Class A apartment complex in Denver, Colo., to Cortland.
Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets in Denver arranged the sale on behalf of the seller, Evergreen Development.
Outlook Gateway was developed by Evergreen Devco, Inc. and constructed by Nexus Builders, an Evergreen-affiliated company. Denver-based Kephart Architects designed the project.
Sitting on 16.64 acres at 5650 Argonne Street, the 13 buildings at Outlook Gateway include a mix of one- and two-bedroom units, which average 901 square feet. Each unit includes high-end finishes such as quartz countertops, wood-style flooring, glass showers, walk-in closets, in-unit washers and dryers, and private balconies or patios. Community amenities include a clubhouse, pool and hot tub, a fitness center, a business center, a coffee bar, a bike and ski repair facility, a bocce ball court, a dog park, open green spaces, and a package room and lockers.
“Outlook Gateway is coming off an incredible lease-up with what seems like limited effect from the COVID-19 pandemic, a testament to the quality and desirability of this property as well as demand for the area. Being one of the first new multifamily projects to deliver in the Airport submarket, it is poised to benefit from numerous development projects in the pipeline,” commented Jake Young, first vice president, CBRE.
Outlook Gateway is surrounded by master-planned developments that will add more than 14 million square feet of Class A office, industrial, retail and entertainment space to the Denver International Airport submarket in the coming years. This year, a new Sprouts-anchored retail center is set to open adjacent to Outlook Gateway.
The property is located within 10-15 minutes of Denver International Airport, Gaylord of the Rockies Resort and Convention Center, Buckley Air Force Base and the University of Colorado Anschutz Medical Campus. Residents have nearby access to Tower Road, Peña Boulevard, E-470, I-70, and the 61st and Peña Light Rail Station, providing connection to the entire Denver metro area as well as the mountains.
The buyer, Cortland, is a global, integrated multifamily investment, development and management firm that owns the core aspects of its business, including construction, design and property management. The company is headquartered in Atlanta with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston and Orlando. One of the nation’s largest multifamily real estate companies, Cortland has communities across the country, including a growing presence in Denver, Colorado Springs and Phoenix, with CBRE helping to facilitate that growth.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Evergreen Devco, Inc.
Founded in 1974, Evergreen specializes in retail, industrial, multifamily and mixed-use development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees, with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 600 projects. Visit evgre.com.
