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Equity Residential continues its multifamily buying spree in Denver
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Equity Residential continues its multifamily buying spree in Denver

Equity Residential continues its buying spree in the multifamily sector, with another purchase in Denver, Colorado.

This time, the real estate investment trust has added NOVEL White Fence Farm to its portfolio. The property is built on the same site as the 12,500-square-foot White Fence Farm restaurant. To complement it, the area has now been enhanced with a community clubhouse.

NOVEL White Fence Farm contains three- and four-story elevator buildings. Tenants can rent one- or two-bedroom units, as well as a studio. In addition to an Americana Barn clubhouse, the apartment community amenities include a heated pool, an outdoor kitchen area, work-from-home spaces, a hospitality bar, a fitness studio, and equipment.

Additionally, NOVEL White Fence Farm is located near the Lakewood and Colorado Foothills neighborhoods. Lakewood, Belmar and Green Mountain are just minutes away.

Crescent Communities sold the property for an undisclosed price, while Newmark with equity partner ParkProperty Capital negotiated the deal.

“The combination of a prime Denver metro location and A+ construction quality has created a generational multifamily asset,” said Courtney Crowder, Newmark’s CEO.

“The offer was very well received by the investment community, leading to a highly competitive bidding process in which numerous groups bid aggressively for the asset.”

Not only does this mark another purchase by Equity Residential, but it also follows its continued investment in the Sunbelt and Denver. Last week, the company announced that bought 320 multi-family properties in Atlanta for $126.25 million. In addition, acquired 11 apartments from Blackstone for $964 million. The portfolio includes 3,500 units located in Atlanta, Denver and Dallas/Fort Worth, and was the largest multifamily purchase in the country in the past seven years by a public REIT.

The Sunbelt has been an attractive area in 2024 thanks to its growing population, representing an opportunity for multi-family.

Despite Crescent’s sale of Denver, the company said it is still looking to expand into the multifamily sector in Colorado. In the state, its portfolio includes NOVEL RiNo, which consists of 483 units, and NOVEL Uptown, which will open soon, according to Crescent.

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