Historic Champa Street Buildings Sell for $20M
DENVER – Three historic, mixed-use buildings at 1726, 1732 and 1742 Champa St. in downtown Denver, sold on August for $19.8 million or $243 per square foot.
Built between 1892 and 1929, the trio of buildings included the longtime headquarters of Buerger Brothers, a barber and beauty shop supplier that was based in the neighborhood for 40 years until 1970s.
The structures were converted to a 70 unit apartment building with ground-floor retail, known today as Denver City Lofts. 25 of the apartments are designated for affordable housing. A tenant that makes under $33,660 per year or qualifies for Section 8 housing may qualify.
The sellers were CS Champa and CS Champa II who bought the northern parcel for $1.1 million in 1997 and the southern for $762,500 in 1999, according to property records. The buyer is Chicago-based Highlands REIT.
Jules Hochman, Justin Brockman and Mike Krebsbach of Pinnacle Real Estate Advisors, represented the buyer and the seller in the transaction.
Image courtesy of Pinnacle.