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San Antonio-based Embrey acquired more than four acres near the intersection of Colfax Avenue and Federal Boulevard for $8.1M. The company is planning a 375-unit apartment development on the site at 3200 West Colfax Ave, the Denver Business Journal reports.
The 60k SF Avondale Shopping Center, later renamed Festival Shopping Center, at that location will be razed for the new development. Fuller Real Estate repped the seller.
Multifamily specialist Embrey is no stranger to the Denver market. In 2015, the Lowry Redevelopment Authority selected Embrey to build and manage a 350-unit apartment community at Boulevard One at Lowry. Boulevard One was the last neighborhood at the former Lowry Air Force Base to be built by the LRA. [DBJ]
