AMLI invests in RiNo with $89.25M buy

The 321-unit Crossing at Denargo Market was recently completed.

A newly built apartment property in RiNo has a new owner.

Chicago-based AMLI Residential paid $89.25 million, according to public records, for The Crossing at Denargo Market, a 321-unit community at 2525 Wewatta Way in Denver

Argyle Residential sold the River North property, renamed AMLI Denargo Market, which is situated within the Denargo Planned Unit Development.

Located less than a mile from downtown Denver and down the street from Coors Field, AMLI Denargo Market is the second phase of the Denargo PUD. The five-story wrap project is situated on 3.07 acres with 254,559 net rentable square feet.

Common-area facilities include a leasing center, theater room, swimming pool surrounded by a landscaped/hardscaped courtyard, passive courtyard, furnished outdoor living area, business center, conference room, rooftop club room, fitness room and outdoor amenity deck with dramatic downtown views.

Apartment amenities include 10-foot ceilings, simulated wood flooring, granite countertops, pendant lighting and stainless steel appliances.

β€œIt’s a great product, it was executed really well,” said Jordan Robbins of Holliday Fenoglio Fowler LP. Robbins, along with Jeff Haag and Anna Stevens of HFF, represented the seller.

The property is finishing lease-up and was around 90 percent occupied at the time of sale.

With the acquisition, AMLI owns approximately 3,000 units.

Featured in CREJ’s October 18-31, 2017, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…