DENVER — Amberley Heights, a two-building, 96-unit, condo-quality asset located in the upscale commercial and residential community of Inverness in Englewood, CO has sold for $38.6 million. The property, with larger than average units, sold for more than $402,000 per unit and $267 per square foot, making it the highest-ever sale price per unit at the time of sale for a suburban Denver property, excluding Boulder.
Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews and Executive Managing Director Chris Cowan of ARA, A Newmark Company (ARA Newmark) represented Colorado-based developer Peter Kudla of Metropolitan Residential Advisors in the sale to a private buyer, represented by Granite Peak Partners, a California-based real estate advisory firm. Kudla stated, “In addition to the sale of Amberley Heights, Metropolitan Residential Advisors is currently building for-sale condominiums and townhomes in Denver’s Crestmoor neighborhood and just completed a 62-acre, transit-oriented site, Vallagio at Inverness, which encompasses the property.
“The record per-unit price of Amberley Heights reinforces the strong value of the property, as seen through the affluent resident demographics, proximity to the Denver Tech Center (DTC) and light rail, and remarkably large floor plans — almost all of which are two-bedrooms averaging more than 1,500-square-feet,” Hunt said. “The esteem and uniqueness of the asset, as well as the desirability of the Inverness market, attracted competition from investors on this one-of- a-kind deal, and condo-quality finishes of this grade are unmatched in the Denver market.”
Located at 10450 Spring Green Drive, Amberley Heights’ location provides residents access to unparalleled amenities as well as fast access to the light rail system. The property is adjacent to the AAA Four Star Inverness Hotel and Conference Center, which features an expansive, 18-hole Preston Maxwell championship golf course and a 4,500-square-foot spa. Amberley Heights is minutes from both the Dry Creek and County Line Stations on the Southeast Light Rail Line, allowing for travel from the DTC to Union Station in downtown Denver. The DTC is home to more than 200,000 jobs, 20,000 companies and 36.6 million square feet of office space.
Image courtesy of ARA, A Newmark Company.