Cheesman Park Apartments Sell for $30M
Park Cheesman Apartments, located at 1177 Race Street in Denver, are under new ownership after 42 years. The iconic building, located directly on Cheesman park, sold for $30 million and was close to 98 percent occupied at the time of sale.
The property was purchased by an undisclosed multi-family office based out of Los Angeles, California. According to Unique Properties Inc. which had the exclusive listing, the group is actively acquiring properties in markets across the Midwest and West Coast.
The property caught the attention of many investors not only locally, but nationwide, and multiple offers were received. The 88-unit property sold for $340,909 per unit and boasts large units with balconies, two stories of parking and abundant tenant amenities including a rooftop deck with unparalleled views of the city.
A managing partner for the new ownership group said, “We are thrilled to be part of the Denver community, which we find very appealing due to its vibrant and diversified economy. We have a long-term vision for this asset and will leverage its irreplaceable location by investing in the building to make it a highly desirable and enjoyable home for our residents. We were thrilled to work with Marc Lippitt and Justin Herman of Unique Properties who were incredibly professional and responsive throughout the entire process.”