Amstar and Allied Orion Holdings Exit 2785 Speer, A Luxury Mixed-Use Multifamily Property in Denver
Denver, Colorado (July 11, 2017) - Amstar, a Denver-based real estate investment manager, in conjunction with its partner, Allied Orion Holdings, a fully integrated multifamily developer, announced today that the current owner of 2785 Speer completed a partnership buyout of Amstar and Allied’s interest in the asset. The property is a 332-unit luxury apartment community with approximately 11,000 square feet of retail in the Jefferson Park Neighborhood which is within the Highlands submarket of Denver. The buyout price was not disclosed. At the time of exit, the property was 94% occupied.
Beginning in 2007, Amstar and Allied acquired ten parcels covering 4.5 acres, vacated three rights-of-way and re-entitled and developed the 5-story mixed-use community. The property features over 40,000 square feet of amenities including two courtyards – one with four diﬀerent pools and a bocce ball court and one with a fire pit and outdoor lounge area. Additional amenities include a fitness center with a yoga and spin room, a 3,700 square-foot clubroom with a demonstration kitchen, coﬀee bar, library and billiards section, a bike repair shop, electric car-charging stations and a dog spa. The unit amenities include Class A finishes such as five-piece master bathrooms, tile backsplashes, stainless steel appliances, quartz countertops and full-size washers and dryers. The ground floor retail tenants include Fitwall, a California-based, niche fitness concept that specializes in group and private personal classes, Elements Massage and Sapor Coffee.
Amstar Managing Director Kim Sperry commented “We have mixed emotions about exiting 2785 Speer. Allied is a best-in-class developer and we are a strong believer in the Denver market. This investment represents Amstar’s multifamily develop-to-core strategy and patient investment philosophy.”
“The development of 2785 Speer is an excellent case study reflecting how to assemble a developable parcel in an infill location and rezone the site while maintaining a positive relationship with Jefferson Park Urban Neighbors,” said Lauren Brockman with Allied Orion Holdings.
The Highlands is one of the most desirable areas in the Denver metro. The property is proximate to Sloan’s Lake Park, the South Platte River Trail, Mile High Stadium and downtown Denver which is the metro’s largest employment center with 36.3 million square feet of office space and more than 120,000 jobs. Shopping and dining options in the Lower Highlands, Jefferson Park and Union Station neighborhood are within walking distance. In addition, the property benefits from the high visibility of 58,000 cars passing by per day and excellent ingress and egress from Speer Boulevard. The completed project is a strong addition to the community, and provides outstanding retail and much needed housing in the Highlands neighborhood.
Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment from ARA Newmark represented the seller.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $1.5 billion in assets under management (as of December 31, 2016). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
Allied Orion Holdings has developed more than 4,000 units over the last 22 years in Metro Denver as well as being active in the Houston Market for over 32 years. Allied’s strategy is to execute unique development opportunities such as 2785 Speer that require local knowledge of the specific market.