Alliance Residential pays $7.85 million for Uptown Denver site

Denver County

Property Location: SEC & SWC E. 18thAve. & Marion St., Denver

Property Description: Misc. improvements (land value)

Land Size: 45,373 sf

Sales Price: $7.85M, or $173.01 psf, or $35,202 per buildable unit

Reception No.: 2018143156 @ 2018143129

Closing Date: 11/5

Grantor: Mile High Montessori Early Learning Centers (Pamela Harris, CEO) & Children’s Hospital Colorado (Jeff Harrington, SVP)

Grantee: PR III Broadstone Uptown LLC (Alliance Residential Co.), Andy Clay, managing director, 303-865-5430

Financing: $54.43M construction loan payable to BBVA Compass Bank

Comments: Two midrise apartment buildings planned. Five-story, 107-unit, & eight-story, 116-unit apartment buildings (total 223 units), including 46 studio units, 111 one-bedrooms & 44 two-bedroom units. Preliminary plans include 220 parking spaces within the two structures. The two sites sold in two separate transactions, one from Children’s Hospital for $3.3M, or $162.16 psf, & the other from Mile High Montessori for $4.55M, both combined reflecting $7.85 million, or $173.01 per square foot.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.