Newmark announces it has facilitated the sale of NOVEL White Fence Farm, a newly constructed, 202-unit luxury multifamily community developed by Crescent Communities.
Newmark Managing Directors Courtney Crowder and Jack Kachadurian, supported by Transaction Manager Craig Ratterman, arranged the sale on behalf of Crescent Communities and equity partner ParkProperty Capital. The buyer was Equity Residential.
“Capital markets momentum in the Rocky Mountain Region continues to show remarkable resilience and growth, especially in the multifamily sector, where demand for high-quality, strategically located assets remains strong,” said Chad Lavender, Newmark President of Capital Markets for North America.
Completed in 2023 as Crescent Communities’ first residential development in Colorado, NOVEL White Fence Farm features a spacious clubhouse and two apartment buildings complemented by a collection of resort-style amenities, including an all-seasons heated pool and hot tub, a fitness studio, resident gardens, private garages and secure bike storage. The LEED Gold-certified community represents a thoughtful adaptive reuse development of the iconic White Fence Farm restaurant and animal farm, with the original 9,300-square-foot farmhouse transformed into the community’s anchor clubhouse. The new development embraces the site’s history and elevates it to a modern homestead aesthetic.
“The combination of a prime Denver metro location and Class A+ construction quality has created a generational multifamily asset,” said Crowder. “The offering was extremely well-received by the investment community, leading to a highly competitive bidding process with numerous groups bidding aggressively on the asset.”
“As the only new multifamily development within a three-mile radius of the site since 2018, new ownership is well-positioned to benefit from strong long-term rent growth fundamentals,” added Kachadurian. “Our team is grateful for the opportunity to work on such an exquisite asset and represent a best-in-class ownership group.”
Located in the western Denver submarket of Lakewood, the property is near numerous employment centers, including the Denver Federal Center, as well as recreational opportunities such as Red Rocks Amphitheatre, Belmar Shopping Center, Downtown Golden and Bear Creek Lake Park. The strategic west side location also offers access to both the Rocky Mountains and downtown Denver.
“NOVEL White Fence Farm exemplifies Crescent Communities’ dedication to creating thoughtfully designed, sustainable communities that honor their local heritage,” said Ben Krasnow, Crescent Communities’ managing director for Colorado. “This community has been a significant milestone for Crescent Communities, and we’re confident that the new ownership will uphold the high standards we have established, ensuring NOVEL White Fence Farm remains a cherished part of Lakewood’s landscape for years to come.”
The sale of NOVEL White Fence Farm comes as Crescent Communities looks to expand its footprint throughout Colorado. In addition to NOVEL White Fence Farm, its portfolio in the region includes the 483-unit NOVEL RiNo and the soon-to-open NOVEL Uptown in Denver’s bustling central business district.
