DENVER – Denver-based Griffis Residential, a multifamily real estate investment company that owns and manages nearly 8,000 apartment homes, has bought The Huron apartments in downtown Denver for $100 million/ $339,527 per unit.
The 296-unit complex — between Coors Field and the South Platte River in the Ballpark neighborhood — was sold by Ohio-based developer Edwards Companies. ARA Newmark represented the seller.
“This was a full-circle deal for ARA Newmark – in 2012, Chris Cowan and Steve O’Dell sold the site to the developer, and once the project was constructed, our institutional brokerage team marketed the property and identified the best buyer,” said Vice Chairman Shane Ozment.
Tenants of The Huron can walk out the property’s front door to bars, restaurants and Coors Field, home of Colorado Rockies baseball. The property is just blocks from Union Station and a recently announced mixed-use development, which will include a Rockies Hall of Fame, outdoor public gathering area, hotel and office space. The project expects to break ground in 2018, transforming a nearby parking lot into a multi-storied commerce and entertainment destination. Union Station is downtown Denver’s transportation hub, connecting the entire metro area and Denver International Airport via commuter and light rail.
The area’s 2.5 million square feet of under-construction office space offers an ideal working environment for commuters. “The Huron’s design embraces elements of the historic warehouse district, with exposed brick and heavy iron entryways, yet also features luxury amenities that include: ten-foot ceilings, under-mount sinks and granite and stainless steel details,” said Vice Chairman Terrance Hunt, ARA Newmark.
Image courtesy of ARA Newmark.