DENVER — Jux, a 30-unit multifamily asset in the heart of the Capitol Hill neighborhood has sold for $12 million. The $400,000 price-per-unit is the highest ever paid for a boutique apartment building in central Denver.
ARA, A Newmark Company (ARA Newmark) Director Robert Bratley and Associate Director Marcus Griffin represented Endurance Real Estate Partners, a Denver-based real estate investment and development company, in the sale to an undisclosed New York-based real estate investment group.
“Jux was highly sought-after due to infill site scarcities in Capitol Hill, the overall quality of the asset, and the top floor mezzanine units with 18-foot ceilings and incredible views of downtown Denver. The average unit size is nearly 800 square feet and we were able to achieve pricing over $500 per square foot,” said Bratley. “When we introduced the property to market, it was only 50 percent leased, making both the record pricing achieved and the volume of offers even more impressive. The distinctiveness of the building, in conjunction with a successful marketing campaign, drove a competitive bidding process resulting in ten offers, several of which were all-cash.”
The buildings incorporates a juxtaposition of modern styling and restored, 1900s-era brick exterior. The brick façade, originally that of an automobile garage, was preserved and incorporated into the new building, including a painted “Chevron Gasoline” sign. Additionally, the hallway décor was created from reclaimed wood floors salvaged from the old garage.
“The property’s design and location make it unlike any other new construction apartment asset in Denver,” Griffin explained. “The building makes a statement and seamlessly integrates with the old city charm and neighborhood feel of Capitol Hill.”
Located at 821-827 Corona Street, Jux is only a few blocks from restaurants, entertainment and recreation. Cheesman and Governors’ Park are both less than a half of a mile away.
Photos courtesy of ARA Newmark
