Silva-Markham Partners, in collaboration with their brokerage arm, Pioneer Group Realty, has successfully completed the sale of 5810 Miller Street, a prime 2.4-acre land parcel in Arvada, Colorado. The acquisition was an all-cash transaction, totaling $2,900,000, and the property is ready for immediate development. This notable project was acquired by Arvada 5810 Miller St MF, LLC, an investment and development group from Santiago, Chile. The new owner’s ambitious plan involves the development of 64 units, featuring a mix of townhomes, duplexes, and cottages that will fill a big need for the missing middle-pricing housing in the area. Once completed and put on the market, the entire project is expected to yield over $30,000,000 in sales, with unit prices starting in the mid $400,000 range. It’s worth noting that the new owners have a track record of prior investments in the United States, primarily in commercial acquisitions within Dallas, Texas. However, this marks their inaugural venture in the Denver area.
I would like to extend my sincere appreciation to my partner and broker Luis Hernandez, from the Pioneer Group Realty, for his unwavering dedication and diligence in managing the intricacies of this acquisition, especially in facilitating the involvement of foreign investors.