Tennyson Place Apartment Community Sells for $32.4M
Cohen Rojas Capital Partners, a private real estate investment firm specializing in value-add residential and mixed-use properties, has purchased Tennyson Place apartment community in Denver for $32.4 million.
“We are incredibly pleased with the sale of Tennyson Place, and we know the buyer will be good stewards of the property. Tennyson Street is a one-of-a-kind location, and we were privileged to develop such a great property,” said Daren Schmidt with Allante Properties.
Tennyson Place is located at 3885 N. Tennyson Street in a historic entertainment district in Denver’s Berkeley neighborhood. Built in 2017, the five-story building has 81 units with studio and one-bedroom floor plans. The property is rated Class A with luxury amenities including a 24-hour fitness center, clubhouse with rotating local art, pet spa, bike and parcel storage, and a sky deck with mountain and city views. The property also has 2.5 stories of secured underground parking.
“The foresight in Allante’s design of Tennyson Place combined with the location’s desirability made for a highly contested sale process that culminated in record per-square-foot pricing. The buyer selected was fantastic to work with and will take advantage of the recent near double-digit lease trade outs,” said Justin Hunt, senior vice president, CBRE. “The amenity package and abundance of subterranean parking would be near impossible to replicate at today’s building costs.”
Andy Hellman, senior vice president at CBRE, added, “We were very encouraged by the level of interest in Tennyson Place. It is clear Denver is one of the top multifamily markets in the country, and we expect this trend to continue through 2022.”
Tennyson Place is Cohen Rojas Capital Partners’ sixth Denver acquisition in 2021. The firm says they have several more properties in contract to close over the next few months.
“We are strong believers in this market and in urban walkable investments, and Tennyson Place fits those criteria with its thoughtful design and community-oriented feel. Tennyson Street will continue to improve as the retail is repositioned and will be among our most desirable pockets in all of Denver,” said Eli Cohen of Cohen Rojas.
Photo courtesy of CBRE