News Feed Item

Zocalo Community Development Sells Cadence Union Station

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 Union Station, a 219-unit, luxury apartment building, is located 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. 

About Zocalo:

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
303/477-9902 (Office)
720/404-4507 (Mobile)

Photo: http://photos.prnewswire.com/prnh/20140224/LA71024

SOURCE Zocalo Community Development

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining senso...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...