One City Block, a 302-unit apartment community in Denver’s Uptown neighborhood, has fetched $95 million records show. The buyer was InterCapital Group and Pamera North America. The property was 95% occupied at the time of sale.
Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, a global investment manager.
Appropriately named One City Block, the property spans across an entire city block in the heart of Denver’s Uptown neighborhood. One City Block has 302 units spread across four separate buildings with four floors each, over 10,000 square feet of ground floor retail, and one of the city’s highest parking ratios with a two-and-a-half-level, below-grade parking structure across the entire site.
“One City Block is one of the most unique assets in Denver that will not be replicated. Although it is over 300 units, it is low density for that size of site in the heart of the city as you could have seen twice as many units built on the 106,722-square-foot site,” said Terrance Hunt.
Cord Ernst who represents Pamera North America added, “We intend to hold long term as we strongly believe in this location and the quality/design of the asset.”
The property was built in 2013 by a local developer and has a brick façade and design features that pay homage to its original use as the Cathedral Grade School. Amenities include a lap pool, private courtyard, fitness center and yoga studio, four rooftop decks and ample resident lounge space.
Denver’s multifamily market ended Q3 2024 with an occupancy rate of 94%, according to CBRE Research. During the third quarter, investment sales volume totaled $1.7 billion, the highest quarterly total in more than two years.
