125-Unit, Mixed-Use Denver Multifamily Trades for $40.25M
Denver, CO – Transwestern’s Denver Multifamily Investment Services Group today announces the sale of Highlands Park Apartments, located in the popular Lower Highland neighborhood commonly known as LoHi. Grand Peaks Properties, a Denver-based multifamily investment firm, acquired the 125-unit property for $40.25 million, $407 per square foot or $322,000 per unit. Transwestern’s Tom Wanberg and John Blackshire represented the sellers, developer Bruce Heitler and CorePower Yoga founder, Trevor Tice.
“We had significant interest for this listing from investors all over the United States, along with several international firms, allowing our clients to obtain top pricing for the asset,” said Blackshire. “With its close proximity to downtown and the Lower Highland submarket, Highland Park Apartments will continue to benefit from solid long-term rental demand, high employment and population growth.”
Located at 2424 W. Caithness Place, the property includes a 6,000-square-foot, ground-floor CorePower Yoga Studio and 6,000 square feet of office space. Highlands Park Apartments, nestled in a core-plus location, was built in 2012 to LEED® Gold certification standards. Grand Peaks plans on achieving higher rents by marketing to environmentally conscious renters and adding eco-friendly amenities such as a bike repair lounge and recycling valet.
Photo courtesy of Transwestern