Downtown Denver Apartment Building Sells for $130M
Alexan 20th Street Station, a 354-unit, Class A+ multifamily property in downtown Denver, has sold for $130 million to an entity affiliated with The Blackstone Group Inc. (NYSE: BX), according to property records. The new construction property was delivered in 2019 and is located at 2080 California Street.
Newmark Vice Chairmen Terrance Hunt, Shane Ozment and Chris Cowan, Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman, represented the seller, Trammell Crow Residential, in the transaction.
“The Denver multifamily market exceeded expectations in 2020,” said Terrance. “Denver remains a top destination for corporate expansions and relocations and Alexan 20th Street Station is poised to be a beneficiary of this market growth in 2021 and beyond.”
According to Newmark Research, metro Denver absorbed 8,340 units in the last 12 months despite tremendous headwinds from the pandemic. Denver is projected to outperform in a post-COVID-19 environment as employers and workers seek to relocate towards lifestyle rich cities with great access to the outdoors; there has already been a wave of migration to Denver from
high-density coastal markets.
“Alexan 20th Street Station represents an outstanding outcome for our firm in the attractive downtown Denver submarket. Denver continues to be a great place to live and one of the most resilient markets in the country that desperately needs more quality rental housing to meet growing demand,” said Jarvie Worcester, managing director for Trammell Crow Residential.
The 12-story property’s community amenities include structured parking, a pool and spa, two 5th floor decks, a state-of-the-art fitness center, multiple community areas and work spaces. In-unit finishes include quartz countertops, stainless steel appliances, contemporary cabinetry, tile backsplashes, large under-mount sinks, plank flooring, high ceilings, in-unit laundry and more.