Satori Residences, a 24-unit multifamily property in Denver’s Golden Triangle Creative District, has sold for $10.8 million. Satori Holdings LLC sold the property to a confidential out-of-state entity in a transaction that closed Dec. 3.
Satori Residences is a newly built, five-story property located at 950 Lincoln Street, the property totals 27,954 square feet including 2,346 square feet of retail space with 26-foot ceilings. Due to COVID-19, construction was delayed on the project, and the sale closed prior to the building’s occupancy.
“Satori Residences was an incredibly unique circumstance. The property was originally built as for-sale units, so the quality of the finishes is well above that in competing properties. The location is impeccable with a 98 Walk Score, and the buyer has the opportunity to add meaningful amenities in leasing up the ground-floor retail space,” said Robert Bratley, first vice president, CBRE Capital Markets. “We may see more apartments trade prior to stabilization in the quarters ahead as the pandemic’s effects on construction linger.”
According to CBRE Econometric Advisors, new apartment completions receded slightly in the third quarter of 2020. The U.S. saw 67,000 units added in Q3, down 4,000 units compared to the same time last year. The fourth quarter of 2020 is expected to see the highest number of completions in 10 years, though some of these projects will be delayed.
Photo courtesy of CBRE
