Walker & Dunlop Completes $134 Million Sale of Multifamily Property in Denver Submarket

Rhea-AI Summary

Walker & Dunlop completed a $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton, Colorado. This property is expected to perform strongly due to its renovation program, potential for rent growth, and limited new construction in the area. The sale was brokered by a team including Dan Woodward and David Potarf, with financing arranged through Fannie Mae for the buyer, Kennedy Wilson. Walker & Dunlop has reported a $4.7 billion sales volume in the first half of 2021, a 117% increase year-over-year.

Positive

• Completed the sale of Griffis Marston Lake for $134 million.
• Expected strong long-term performance due to renovation potential and lack of new construction nearby.
• Achieved $4.7 billion in property sales volume in H1 2021, marking a 117% increase compared to 2020.

Negative

• None.

BETHESDA, Md., Oct. 19, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it completed the $134,000,000 sale of Griffis Marston Lake, a 332-unit suburban multifamily community located in Littleton, Colorado. The property is positioned for strong long-term performance, due to its renovation program, significant potential for rent growth, and a lack of new construction in the area.

Walker & Dunlop's Dan Woodward, David Potarf, Matt Barnett, and Jake Young brokered the sale on behalf of their longtime client, Denver-based Griffis Residential, along with their partner, Pacific Coast Capital Partners. In parallel with the sale of the property, Walker & Dunlop's Trevor Fase arranged fixed rate, interest-only financing through Fannie Mae on behalf of the buyer, Kennedy Wilson.

Mr. Barnett commented, "Griffis Marston Lake represented an ideal garden-style, value-add opportunity, on the desirable west side of Denver. Our team's deep relationships with clients brought unprecedented interest to the property throughout the marketing process." He continued, "We conducted over 30 tours and – through an extremely competitive bidding process – ultimately found the right buyer in Kennedy Wilson.  Walker & Dunlop's financing capabilities also provided a seamless execution for the buyer and seller."

Built in 2002 on the western edge of Denver, Griffis Marston Lake is an institutional-quality property offering residents convenient access to Red Rocks, downtown Littleton, and major employers in the area including the Swedish Medical Center, Denver Federal Center, and Lockheed Martin. The community appeals to the post-COVID renter demand for a low-density suburban location with larger units, while remaining close to metropolitan amenities. Downtown Denver and the Denver Tech Center are within a 30-minute drive, and the nearby Highway 285 and Interstate-70 enable easy access to the Rocky Mountains.

Walker & Dunlop is a leader in multifamily property sales, having completed $4.7 billion in property sales volume in the first half of 2021, a 117% increase over the same period in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, listen to our Driven by Insight podcast.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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SOURCE Walker & Dunlop, Inc.

FAQ

What was the sale price of Griffis Marston Lake by Walker & Dunlop?

Walker & Dunlop completed the sale of Griffis Marston Lake for $134 million.

When was the sale of Griffis Marston Lake announced?

The sale of Griffis Marston Lake was announced on October 19, 2021.

Where is Griffis Marston Lake located?

Griffis Marston Lake is located in Littleton, Colorado.

What is the significance of Walker & Dunlop's sale volume in 2021?

Walker & Dunlop reported $4.7 billion in property sales volume in the first half of 2021, a 117% increase from the same period in 2020.

Who brokered the sale of Griffis Marston Lake?

The sale was brokered by Dan Woodward, David Potarf, Matt Barnett, and Jake Young.