Today, Milender White, Northstar Commercial Partners and Canyon Partners Real Estate LLC announce the successful closing of a new, mixed-use development Parkside @ City Centre. Located east of Denver in Aurora, Colorado, Parkside is a ground-up, mixed-use development featuring 216 market-rate, multifamily apartments, and 36,000 square feet of retail on 5.6 acres. The development cost is expected to be $78.7 million, with $24.5 million of equity and preferred equity invested.
“This is an exciting project in one of Colorado’s fastest growing cities” said Northstar Chairman and CEO, Brian Watson. “We think the retail development has a chance to positively impact Aurora by creating new jobs, while offering the area high quality multifamily apartments at a more affordable price point than many surrounding markets.”
Located within an Aurora Urban Renewal District, the land for Parkside was purchased by Northstar in 2015. After several years of securing development approvals and forming the right partnerships, the development is set to break ground in April 2019. Northstar and Milender White will jointly serve as developer, and Milender White will also act as general contractor for the project.
“We see the strength of the Aurora market and are excited to be a part of what we believe will be a very successful project,” said Bryon White, President and CEO of Milender White. “Parkside’s proximity to parks, transit and a variety of retail options make it a very appealing community for future residents. We couldn’t be more excited about this partnership and the opportunity to build upon our extensive multifamily resume to bring this community to life.”
The 216 apartments at Parkside will include studio, one-, two-, and three-bedroom units with class A finishes and balconies. Community amenities include a fitness center, top-floor lounge, and a large clubhouse opening to a courtyard complete with grills, pool, and hot tub. Retail space will become available in early 2020, with the apartments slated for summer 2021 delivery.
Aurora ranks No. 8 on Realtor.com’s list of fastest-growing suburbs, showing three-year price appreciation of 19.4%, according to the Denver Business Journal. Parkside is conveniently located near one of the city’s main transportation arteries in Interstate 225, as well as direct access to Denver’s “R” Line Light Rail.
“We see this as a major economic benefit for the City of Aurora, and we couldn’t have done it without the help of City leadership and their forward thinking,” Watson said. “We know the area well as we have invested in this community for more than 20 years, and strongly believe the proximity to the Anschutz Medical Campus, the Denver Tech Center, Denver International Airport, and downtown Denver, will entice people to live and work in Aurora.”
Canyon Partners Real Estate provided the preferred equity for the project, and has a long track record of investing in the multifamily sector. Over the past five years, Canyon has made over $750 million of debt and equity investments in multifamily assets nationwide, supporting the financing of approximately $2.5 billion of projects.
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