Walker & Dunlop Completes $66 Million Sale and Financing of Mixed-Use Building in Downtown Denver

Rhea-AI Summary

On February 16, 2022, Walker & Dunlop announced the successful sale of The Lydian for $66.2 million, a luxury mixed-use property in Denver, Colorado. Completed in 2018, the property includes 129 apartments, retail space, and coworking offices. This sale marks a positive indication of the recovery in Downtown Denver's real estate market post-COVID-19, with rent growth surpassing pre-pandemic levels. Walker & Dunlop showcased its strong market presence, previously completing $19.3 billion in property sales in 2021, a 214% increase from the prior year.

Positive

• Sale of The Lydian for $66.2 million indicates strong demand in the Denver real estate market post-COVID-19.
• Walker & Dunlop's significant experience, completing $19.3 billion in property sales in 2021, showcases its market leadership.

Negative

• None.

BETHESDA, Md., Feb. 16, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it completed the $66,200,000 sale of The Lydian, a mixed-use property located in the heart of Denver, Colorado. Built in 2018, the Class A, luxury building is comprised of 129 apartment units, 8,176 square feet of ground floor retail space, and 14,500 square feet of designated coworking office space.

Dan Woodward, Dave Potarf, Matt Barnett, and Jake Young of Walker & Dunlop Investment Sales completed the disposition on behalf of Confluence Companies. Cohen Rojas Capital Partners purchased the property and Justin Nelson and Jay Thomas of Walker & Dunlop's Capital Markets Group arranged the acquisition financing.

Mr. Woodward commented, "The sale of the Lydian is indicative of a rebounding of Downtown Denver from Covid-19. Rent growth within the market is climbing higher than pre-pandemic levels."

The Lydian is an all-inclusive community offering residents complementary retail space, occupied by a yoga studio and upscale cocktail lounge, and state-of-the-art co-working office space. Out of 129 apartment units, 22 are rent restricted at 80% area median income (AMI), and The Lydian also provides amenities such as a rooftop lounge and pool, fitness center, coffee bar, underground parking, and bike storage. With sweeping downtown and mountain views, the property sits within Downtown Denver's resurgent Five Points neighborhood and is just steps from the 25th & Welton Light Rail stop.

Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 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 multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.

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 is the significance of the $66 million sale of The Lydian by Walker & Dunlop?

The sale indicates a strong recovery in the Denver real estate market post-COVID-19, with rising rent levels.

When was The Lydian property sold?

The Lydian was sold on February 16, 2022, for $66.2 million.

What types of spaces does The Lydian include?

The Lydian includes 129 apartment units, retail space, and coworking office space.

What was Walker & Dunlop's property sales volume in 2021?

Walker & Dunlop completed $19.3 billion in property sales volume in 2021.

What does the sale of The Lydian imply for investors in Walker & Dunlop (WD)?

The successful sale reinforces Walker & Dunlop's market position and may suggest growth potential for its investors.