RedPeak, a Denver-based property management company known for its resident-focused approach and award-winning workplace culture, recently acquired Monaco Row Apartments, a 196-unit property built in 2013 in the Denver Tech Center area.
JLL Capital Markets arranged $33.2 million in agency acquisition financing for Redpeak Properties, including a five-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, LLC, will service the loan.
Monaco Row, located at 4665 S. Monaco St., sits within Denver’s largest employment center, which houses over 34 million square feet of office space and more than 240,000 full-time employees. The property offers residents direct access to major employers including five of Colorado’s eight Fortune 500 companies and benefits from its proximity to the Belleview Light Rail Station.
The Denver Tech Center submarket continues to demonstrate strong fundamentals, with 28% rent growth since 2018 and an absorption ratio of 126% since 2019. The area maintains office vacancy rates 10.6% lower than Denver’s Central Business District and boasts 38% higher leasing activity.
Monaco Row, completed in 2013, features one- and two-bedroom apartments across 16 residential buildings on 8.97 acres. Many units include direct-access garages and offer expansive Rocky Mountain views. The community provides resort-style amenities including a pool and spa, fitness center, resident lounge and pet spa.
The property is surrounded by affluent demographics, with average household incomes exceeding $140,000 within a one-mile radius and home values approaching $950,000. This elevated cost of homeownership continues to drive rental demand in the area.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Tony Nargi and Executive Managing Director Eric Tupler.
“Monaco Row’s strategic location within Denver’s premier employment corridor and its value-add potential make it an attractive acquisition in today’s market,” said Nargi. “The property’s position near major job centers and transportation infrastructure provides strong fundamentals for long-term performance.”
