HUMPHREYS SELLS DENVER MULTIFAMILY DEVELOPMENT FOR $101.5M; DEVELOPS PUBLIC ART WALK INSTALLATION

Humphreys Capital, a private real estate investment firm, reports the completed sale of Gateway Arvada Ridge, a 296-unit multifamily development in the Wheat Ridge submarket of Denver, Colorado. The property, which was part of the portfolio of the closed-end fund known as “Humphreys Fund II”, was sold for $101.5 million. Since inception, Humphreys Fund II has returned a gross multiple of 1.7x.

During the 44 months that Humphreys worked with the strategic development partner, the partners attended approximately 30 public hearings for rezoning, articulating the high barriers to entry that this project's location required. Often, larger, and more complex real estate developments such as this have a more demanding entitlements process that requires time, expertise, and extended community building efforts by the developer.

They also worked with local artists to install the lenticular mural inspired by geometric crop rows at the Arvada Rail station. The mural celebrates the agricultural history of Arvada Ridge. Public art is featured throughout the property including sculptures, fixed installations, and wall art. Todd Glass, Senior Managing Director of Humphreys Capital, stated, “We appreciate the fact that good development considers not only a solid financial bottom line, but also beneficial community and social outcomes that might include art and public beautification.”

“This was a great project on an exceptional site. We were able to offer reasonable rental rates by building a surface parked development, while also providing easy access to historic Arvada and the Denver MSA through the adjacent light rail station. Additionally, tenants can walk to 280,000 sq. ft. of retail. With a lot of hard work, we ended up hitting the points and strategies that we strive to deliver to our investors, our development partners, and the surrounding community.” said Todd Glass, Senior Managing Director of Investments.

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