Highlands Apartment Complex Sells for $46M
DENVER — Line 28 at LoHi, a 130-unit apartment complex in Denver’s popular Highlands neighborhood, has sold for $46.6 million – $359,000/unit, $514.08/SF.
The property was purchased by TH Real Estate — one of the largest real estate investment managers in the world — from Washington-based developer Holland Partner Group. ARA, A Newmark Company, worked on the transaction.
“Line 28 at LoHi was a pioneer property in the Highlands multi-housing market; the asset has proven to be on one of the most highly visible and well-positioned corners in Denver. Investors were attracted to the long-term viability of the property, as there is strong, continued growth in office product across the pedestrian bridge on Platte Street,” said ARA Newmark’s Vice Chairman Terrance Hunt. “The versatile location provides residents with direct access to the most popular retail and dining in the city, allowing the community to maintain a neighborhood feel with downtown amenities at the doorstep.”
The 96 percent occupied property includes 3,300-square-feet of ground-floor retail, leased to sushi restaurant Mizu.
Image courtesy of ARA Newmark/NKF.