Cherry Creek Apartment Building Sells to California Buyer for $23M

One19 Cherry Creek, courtesy of CBRE.

One19 Cherry Creek, a 36-unit multifamily community located at 119 S. Harrison St. in Denver’s Cherry Creek neighborhood, has sold to Epp & Sons, Inc., a San Fransisco-based commercial real estate company, for $23.05 million, according to CBRE.

The three-story ultra-luxury property is made up of mostly two-bedroom units averaging 1,366 sq. ft. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide plank hardwood flooring. Select units have oversized private terraces. Community amenities include a 24-hour gym, grilling stations, a two-story underground parking garage, a pet spa, a Luxor package system and cold storage, 12 EV charging stations and an outdoor community terrace. 

Andy HellmanJustin HuntEril Toll and Brad Schlafer of CBRE represented the seller, Ready Capital, in the transaction.

“One19 Cherry Creek is an exceptional asset and highly unique with unmatched interior finishes and an impressively built structured garage,” said CBRE’s Hellman. “The original construction cost on the asset was estimated at nearly $1,000,000, so there was a considerable discount to replacement cost.”

“Our team’s coordinated marketing campaign yielded over 50 property tours and 33 offers from family offices and institutions alike, signaling the market’s appetite for deep conviction assets,” said CBRE’s Toll. “Ultimately, the process drove pricing and execution, ensuring the optimal outcome for our client,” 

One19 Cherry Creek is near Denver Country Club, Cherry Creek Shopping Center and the Denver Tech Center Corridor, which employs approximately 212,500. The area within a one-mile radius of the property has experienced a 24% population growth since 2010 and has an average household income of $195,000.

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