Sale of Micro-apartment Community in Sloans Lake Marks Growing Trend
Sloan’s Place, a newly-constructed, 24-unit micro-apartment community located at 1540 Sheridan Boulevard in Sloan’s Lake, has sold for $5.275 million..
CBRE’s Robert Bratley represented the seller, Denver-based Highland Builders. The buyer, Helios Properties LLC, also of Denver, purchased the property in a sale that closed Oct. 10. Craig Branton with CBRE Capital Markets, Debt & Structured Finance, arranged the financing.
“Sloan’s Place is one of the first new construction micro-unit apartment buildings to sell in Denver. Micro units, although fairly new to Denver, are popular in larger metropolitan areas and a trend that isn’t going away. More and more tenants are embracing a minimalist lifestyle, and the smaller unit sizes allows them to be affordable for nearly every renter. Combining these factors with the appeal of the booming Sloan’s Lake neighborhood and proximity to the light rail system, Sloan’s Place is poised for very strong performance moving forward,” said Mr. Bratley, first vice president, CBRE.
Sloan’s Place was developed by Matthew Provenzano and James Herron of Highland Builders, a full-service design, build and management firm. The micro-unit community consists of 20 studio apartments and four one-bedroom apartments with an average unit size of 439 square feet. The apartments include stainless steel appliances, quartz countertops, in-unit washers and dryers, high-quality plank flooring, oversized windows and 10 ft. ceilings. Some of the units have mountain, downtown Denver and Sloan’s Lake views.
“I really like the Sloan’s Lake neighborhood and its potential. I currently have four other similar developments in various stages throughout the neighborhood, totaling nearly 150 units,” said James Herron, founder and owner of Highland Builders.
Sloan’s Place is located along Sheridan Boulevard, just north of West Colfax Avenue. It is within minutes of Sloan’s Lake Park and retail amenities including Target, Alamo Drafthouse, Sloan’s Tap & Burger, Joyride Brewing Company and Edgewater Public Market. The Sheridan light rail station is three blocks south of the property.
“I like the new construction play in this growing submarket as I continue to build our portfolio in Colorado,” added Justin Sims, founding partner with Helios Properties. Helios Properties is an investment firm targeting mid-market multifamily investment properties in strategic infill locations along the Colorado Front Range and across the greater U.S.
Photo courtesy of CBRE