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SOURCE Zocalo Community Development
DENVER, Feb. 24, 2014 /PRNewswire/ -- Zocalo Community Development and Principal Real Estate Investors have agreed to sell the 219-unit Cadence Union Station apartments to an institutional client of Invesco Real Estate. Cadence Union Station is the first multi-family project to open in Denver's emerging Union Station neighborhood.
Cadence, which welcomed its first residents in January, is already 20 percent leased. The property was marketed to a small set of select buyers interested in owning the property for the long-term.
"We had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what's arguably the best location and building an asset that we believe will show itself to be one of enduring value," said David Zucker, Principal of Zocalo Community Development. "Invesco's focus on the strength of Union Station, the location of Cadence and its quality are aligned with our development ethics. We sense in Invesco a shared commitment of stewardship, making them an apt purchaser of this incredible asset."
Zocalo will continue to mange and lease the property, which features unparalleled amenities, including a dramatic 13th story rooftop pool and fitness center and a community jazz room, complete with baby grand piano and original, classic jazz album artwork.
"These features and community-creating spaces make Cadence a wonderfully unique property, immediately distinguishable for its character and quality," said Zocalo Partner and Director of Real Estate Susan Maxwell. "It's an honor to continue to manage what we believe is Denver's finest high-rise apartment for Invesco."
The LEED Gold-registered building is located in the very heart of the 20-acre Union Station redevelopment, which includes a 22-bay underground bus terminal, eight-track commuter rail station and the renovation of the historic Union Station, all of which are scheduled to open in July 2014. Cadence sits equidistant between two sets of Light Rail tracks, only 250 feet from the station and a 30 second walk to the Denver International Airport rail line, where (once it opens in 2016), travelers will ultimately check their bags and pick them up at their final destination. Cadence residents are also minutes by foot, bike or bus from some of the most exciting and sought-after restaurant districts in the country. The popular free Mall Shuttle also offers access to virtually all of downtown in only minutes.
"Invesco's investment in Cadence underscores the transformational impact that the redevelopment of Denver Union Station into the multi-modal transportation hub will have for the entire Rocky Mountain region," said Tami Door, President & CEO of the Downtown Denver Partnership. "This transaction confirms what many developers have known for some time – an investment in Denver Union Station is a once in a lifetime opportunity that can't be missed."
Principal Real Estate Investors' Green Property Fund provided the equity for the project. This is Principal and Zocalo's second of three joint ventures. The first, Solera, sold in 2011 for what was then the highest price per unit in the state's history. The partners' third joint venture, located at the northeast corner of Steele and 1st Avenue in the Cherry Creek district of Denver, is three months from construction start. Principal's Green Property Fund focuses on the development of LEED properties. Cadence, Zocalo's fourth LEED property, delivers on Zocalo's commitment to greater sustainable design and development by offering features like the Velo Room, a complete repair shop for bikes, skis and snowboards, one-to-one bike-to-auto parking, a focus on indoor air quality and heating, cooling and lighting system that will likely reduce resident utility costs by 50 percent.
Cadence was the first high-rise apartment building to break ground at the Union Station neighborhood. Cadence is the fourth LEED multi-family project developed by Zocalo in Denver. The company's other high-rise apartments include 2020 Lawrence, a 231-unit development, in Denver's Arapahoe Square neighborhood, and Solera, a 120-unit luxury project, which sold for a record price in October 2011.
Zocalo Community Development is an award-winning, Denver-based development and management services company focused on creating sustainable communities that deliver for residents, investors and neighborhoods alike. Locally produced and contextually sensitive are descriptors of Zocalo's commitment to community development. Zocalo seeks to reduce the impact residential and mixed-use buildings have on the earth and the environment by substantially reducing greenhouse gases generated both by the building itself and by the means and patterns of resident commuting. Zocalo is ceaseless in its commitment to improving the design, sustainability, construction, development and marketing of its projects. The product of this complete integration is the development of real estate projects of greater enduring quality and sustainability.
The word Zocalo dates back to the Aztec culture and refers to a community center or plaza common to towns and cities throughout Latin America.
For more information visit www.zocalodevelopment.com
About Principal Real Estate Investors:
Principal Real Estate Investors manages or sub-advises $37.3 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Invesco Real Estate:
Established in 1983, Invesco Real Estate manages $55.7 billion of real estate investments, which includes $20.4 billion in U.S. direct real estate portfolios, $7.3 billion in European direct real estate portfolios, $4.9 in Asian direct real estate portfolios, and $23.1 billion in real estate securities (as of December 31, 2013). With over 360 employees in 18 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for over 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.
Additional information is available at www.invescorealestate.com.
For more information contact:
Lu Stasko, The Stasko Agency
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