288-unit, 34-story luxury multi-family high-rise tower in Denver's most historic location DENVER, CO
- PM Realty Group (PMRG), a nationally recognized, full-service commercial real estate firm, today announced development plans for a 288-unit, 34-story luxury multi-family high-rise tower located at 2166 15th Street at the corner of 15th and Little Raven, at the confluence of the Platte River and Cherry Creek, the historical origin of the City of Denver. Situated on a 1.21 acre site, the luxury for rent apartment tower represents one of the best infill sites in Denver.
The partnership between National Real Estate Advisors (NREA), PMRG and Ray Suppa will develop and own the glass apartment tower, which will be the tallest structure in Riverfront Park. The tower will feature top-of-the-line finishes and amenities that are unparalleled in the Denver high-rise multi-family market including stunning 360 degree views of the mountains and the city with floor to ceiling windows. Additionally, the project will include a large rooftop terrace with an infinity edge pool, cabanas, grills, and fire pits. Adjacent is the skyline lounge with a catering kitchen with movable walls that expand to the outdoor terrace. The ground floor is intergraded into Confluence Park with high-end ground floor retail and restaurant space with access to the trails along Cherry Creek and the Platte River. Construction is expected to commence fall 2013, with delivery anticipated in the fall of 2015
HFF arranged the joint venture equity for the development of the project. The HFF team representing the borrower included managing director Rob Rizzi and real estate analyst Colin Oberg out of HFF's New York office as well as directors Josh Simon and Jordan Robbins and senior real estate analyst Jake Young from HFF's Denver office. Newmark Grubb Knight Frank was the land broker for the 50,000-square-foot parcel of land. Newmark Grubb Knight Frank brokers Stephen Roesinger, senior managing director, and Wade Fletcher, associate broker, assisted both parties in the transaction.
"We spent quite a bit of time understanding and studying the downtown market and noticed the growing trend of demand for high quality high-rise living," said Bryant Nail, Executive Vice President, Multi-family Development. "The specific demographics that we are targeting desire a diverse mix of homes of which we have crafted into this development."
"We knew this was the best multi-family site in Denver the first time we saw it," said Roger Gregory, Executive Vice President and Chief Financial Officer with PMRG. "With unimpeded views of the both the mountains and downtown, front door access to three parks and Cherry Creek Trail, and walking distance from the newly extended 16th Street Mall, we saw an opportunity to provide an unrivaled housing option in Denver's urban core."
For more information, contact Bryant Nail of PMRG at email@example.com or (972) 421-3378.About the INDURE Fund
The IBEW-NECA Diversified Underwritten Real Estate Fund, or INDURE Fund, is a commingled, open-ended real estate investment fund designed to complement the portfolios of pension trusts and other institutional investors. INDURE invests in institutional quality, geographically-diversified properties. The investments are further diversified by product type and through a mix of debt and equity.
National Real Estate Advisors, LLC (NREA), INDURE's manager, invests based on its "Build-to-Core" philosophy in carefully selected development projects which are added to the core portfolio. This strategy is designed to create value and a modern portfolio. NREA, based in Washington, DC, manages its flagship INDURE Fund in addition to real estate separate account investments on behalf of other institutional investors. NREA is a wholly-owned subsidiary of the National Electrical Benefit Fund.
For additional information, visit www.natadvisors.com.
About Ray Suppa
Ray Suppa is President and founder of several real estate related companies and has owned and developed property in Denver for over 20 years. His completed projects in Downtown Denver include Include Palace Lofts and Waterside Lofts.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com