1600 Glenarm Place Sells for $131M
DENVER — 1600 Glenarm, a 31-story apartment building in the heart of downtown Denver has sold for $131 million.
Northland Investment Corporation, a company registered to Northland Investment Corp. of Newton, Massachusetts, purchased the Iconic mixed-use high rise on Sixteenth Street Mall from RedPeak, Denver-based owner and developer of apartments. The purchase is Northland’s first in Colorado, expanding the company’s national presence to more than 25,000 residential units across ten states.
1600 Glenarm includes 333 luxury apartment homes with spacious floor plans, stunning views, state-of-the-art amenities, 24/7 concierge services, and 30,000 square feet of commercial space.
Northland also acquired a development parcel two blocks from 1600 Glenarm that has been designed for 305 residential units in a 31-story tower.
“We are very excited to be entering the Denver market with the acquisition of a best in class generational asset. In many respects – a highly educated work force, internationally acclaimed health care, and a high-quality, healthy lifestyle – Denver evokes Boston and Austin, two core Northland markets in which we have had great success” said Matthew Gottesdiener, Northland’s chief investment officer.
The building sold for $10.75 million in 2004, per public records. It was converted into a residential building in 2006. Davis Partnership Architects completed a renovation of the property in 2012.
The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
“1600 Glenarm is a one-of-a-kind, legacy asset within the downtown Denver market and by far one of the most recognizable assets in the area,” Robbins said. “RedPeak was extremely forward-looking in 2006 with its conversion from office space into a mixed-use residential and retail building, which has allowed 1600 Glenarm to maintain its prominent image within the market since its completion.”
“Northland recognized the irreplaceable nature of this asset, which marks their entry into the Denver market,” Robbins continued. “This, coupled with their ability to implement an aggressive value-add strategy, will only serve to further the property’s position within downtown.”
Featured photo courtesy of Davis Partnership Architects