Micro-Unit Apartments in Denver Sell for $20.4M
Economist, a micro-unit multifamily community located at 1570 and 1578 Humboldt Street in Denver, has sold to Avanti Residential, a Denver-based multifamily real estate company, for $20.4 million. The sale marks a growing trend in micro-units that provide luxury living at a more affordable price point.
Built in 2018, Economist is a two-building property with 97 units averaging 339 square feet. All apartments have a full kitchen, full-size in-unit washers and dryers, and 12-ft. ceilings. Community amenities include a fitness center, bike storage, parcel lockers, a resident lounge, and a rooftop deck with an outdoor grill.
“Economist demonstrates the demand for affordable luxury living in urban Denver. Smaller units offering modern finishes and priced at affordable monthly rents to a large segment of the population, allowed the property to perform extremely well throughout the challenges of 2020. Due to this price point, Economist saw little competition from other new downtown luxury
apartments,” said Matt Barnett, senior vice president, CBRE.
The property is located on the east edge of the Uptown neighborhood in downtown Denver, near the intersection of Park Avenue and East 16th Avenue. One block from Denver’s “Restaurant Row” and the East Colfax Avenue business corridor, Economist is a 10-minute walk to both Cheesman Park and City Park Golf Course, and a 15-minute walk to the Denver Botanic Gardens on York Street.
Photo courtesy CBRE