EMBREY has closed on the sale of Encore at Boulevard One, a 347-unit multifamily community in Lowry, Colorado, a desirable and unique Denver neighborhood built at the site of the former Lowry Air Force Base.
Encore at Boulevard One is an amenity-rich community that features a clubhouse and residential lounge with conference room and business center; a game room with billiards and shuffleboard; resort-style swimming pool with spa; an outdoor grilling area and fire features; a fitness center with a dedicated spin studio; an amenity deck with outdoor kitchen; and a gaming courtyard.
The upscale interiors feature wood-style vinyl flooring, quartz countertops, stainless steel kitchen appliances, keyless entries, washers and dryers, glass-enclosed showers, double vanity sinks and built-in desks.
“In the Denver market, the Lowry neighborhood is special because of its livability and support for an active lifestyle,” said Jimmy McCloskey, Chief Development Officer for EMBREY. “When EMBREY chose this location to build, we knew its architectural style and charm and integration into the neighborhood would elevate it as a premier property and those are exactly the attributes that made it attractive to potential buyers.”
EMBREY’s investment partner in the sale of the property is Northwestern Mutual.
The buyer for the property, AvalonBay Communities, Inc., has renamed the community Avalon Lowry.
“We’re excited to bring Avalon Lowry into our portfolio as AvalonBay’s 10th operating asset in Colorado,” said Jeff Lucas, Senior Director of Investments at AvalonBay Communities. “Lowry is a unique location with traditionally high barriers to entry. We’re pleased to be a part of this low-density, walkable mixed-use neighborhood that is still close to major employment centers and attractions.”
About EMBREY
San Antonio-based EMBREY is a vertically integrated real estate investment company that develops, builds, acquires, owns and manages multifamily communities and commercial assets in select markets throughout the United States. In 2024, EMBREY celebrates its 50th year in business with 50,000 multifamily units and more than six million square feet of commercial property completed in its history. As a leading developer in the multifamily sector, the company has more than 6,000 units under construction or in development. www.embrey.com
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company’s expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of September 30, 2024, the Company owned or held a direct or indirect ownership interest in 305 apartment communities containing 92,908 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development.
About Northwestern Mutual
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $60+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
