Luxury Apartment Building in SoBo Sells for $73.2M
Alta SoBo Station, a 187-unit, luxury multifamily community, located at 500 W Cedar Ave in Denver, has sold for $73.2 million, according to property records.
Newmark Vice Chairmen Terrance Hunt and Shane Ozment and Executive Managing Director Chris Cowan represented the sellers–Atlanta-based developer Wood Partners and San Francisco-based Stockbridge on behalf of a client–in the transaction. Scandic Capital LLC, a California-based private equity firm purchased the property.
“The exceptional execution of this multifamily development by Wood Partners and Stockbridge is something that stands out in the South Broadway market. Through the years, we have completed several asset and land sales with Wood Partners and we respect the thoughtful design and state-of-the-art amenity packages that are the cornerstones of their projects,” said Hunt.
Completed in 2019, Alta SoBo Station’s community amenities include the neighborhood’s only speakeasy lounge, a resort-style pool and spa deck with grills and game areas, a rooftop deck with downtown views, a professionally designed clubhouse and lobby, a fitness center, a business center with private work spaces, a bike and ski repair station, a pet wash, and structured parking.
A rebirth has occurred along the South Broadway corridor fueled by Denver’s growing population and strong migration of millennials, transforming the area into the metro area’s next hot spot–SoBo. SoBo is undergoing extensive infrastructure improvements including pedestrian and bike friendly corridors, easier light-rail accessibility, and enhanced public outdoor spaces including art gardens. The active, transit-oriented environment has spurred the mixed-use and multi-phased infill urban redevelopment of the entire area. The surrounding neighborhood has been entitled for 10 million square feet of future development that will include office, retail, hospitality, for-sale residences, and rental residences.
This transit-oriented development is across the street from the Alameda Light Rail Station linking the property to metro Denver’s 98 miles of rail and 68 existing stations. This station provides residents direct access to downtown Denver and the Denver Tech Center, metro Denver’s two largest employment hubs, via rail. Additionally, the property is within a quick walk or bike to the University of Denver, South Pearl Street, Washington Park and the extensive South Platte River Park and Trail System.
Photo courtesy of Newmark