Englewood Apartment Building in Opportunity Zone Sells for $8.5M
The LIV Apartments, a 30-unit, five-story apartment building, located at 201 Englewood Parkway in an opportunity zone in downtown Englewood, have sold for $8.5 million.
Robert Bratley with CBRE Capital Markets in Denver represented the seller, a private local group. Hardwick Partners, an investment group out of San Francisco, purchased the property in a sale that closed Sept. 4, 2019. Andrew Behrens, Stephen Baird and Ryan Jameson with CBRE Capital Markets, Debt & Structured Finance, in San Francisco arranged the financing.
“The residences at LIV Apartments are some of the nicest in Englewood, and the location is walking distance to everything a renter needs, from coffee shops to restaurants, bars, big box retail, entertainment and light rail,” said Mr. Bratley, who specializes in representing private owners of mid-market multifamily properties in Denver.
The LIV Apartments are located within downtown Englewood’s opportunity zone. Stemming from the Tax Cuts and Jobs Act of 2017, qualified opportunity zones are designed to promote long-term investment in underdeveloped areas by providing tax benefits to investors who invest eligible capital into these communities.
“While the tax advantages of the opportunity zone do not apply to this transaction, the property is poised to benefit from substantial appreciation as development springs up in the surrounding area,” added Mr. Bratley.
Built in 2016, the apartment building is located at the intersection of Englewood Parkway and South Bannock Street, two blocks west of South Broadway. The property is within walking distance of The Gothic Theatre, the Englewood CityCenter and Amphitheatre, the South Platte River Trail and the Englewood light rail station.
Photo courtesy of CBRE