Denver-based Investor Purchases Union Denver for $304M

Whole Foods-anchored Union Denver achieves a 2.20% rental rate premium. Rendering courtesy of Holland Partner Group.

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On Friday, Daydream Apartments, a new Denver-based residential investment and management company, purchased Holland Partner Group’s Union Denver, a three-tower, 13-story apartment complex in downtown Denver, for $304 million, according to Denver public records. Union Denver will be rebranded as Union Denver by daydream according to a Daydream press release.

Union Denver offers studio, one- and two-bedroom apartments. The sale also includes a Whole Foods Market, CVS Pharmacy and Gyu-Kaku Japanese BBQ across 62,000 square feet of retail space on the ground floor of 1770 Chestnut Place.

Daydream acquired a $200 million loan for the purchase from Deutsch Bank, according to records filed with the city.

“This is an ideal first acquisition for daydream. With its location in the heart of a vibrant neighborhood, Union Denver sets the standard for the type of urban living we hope to promote nationwide. We intend to make similar purchases in other dynamic cities where daydream apartments can add value to residents. Union Denver will serve as a prototype as we explore how to bring new models of affordability and convenience to urban apartment living,” said Daniel Cohen, founder and CEO of daydream apartments.

Daydream owns and manages Class A apartment properties and facilitates homesharing for residents. The Denver-based firm was founded in 2018 to create a new type of urban residential community, one with real opportunities for residents to lower their housing expenses with managed homesharing.

Rendering courtesy of Holland Partner Group

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