Downtown apartment community, parking lot sell for $135.5 million

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Denver County

Property Location: 1600 & 1405 Glenarm Place, Denver

Property Description: 333-unit, 31-story apartment building, 326,411 sf plus 29,814+/- sf of retail space on first floor, total 356,225 sf, YOC 1964, converted to multifamily in 2006, *renovated in 2016

Land Size: 30,902 sf

Sales Price: $131M, or $393,393 per unit, or $367.75 psf**

Reception No: 20180086406 & 2018086405

Closing Date: 7/11

Grantor: Glenarm Residential LLC, c/o RedPeak Properties (Bobby Hutchinson)

Grantee: Northland Glenarm, c/o Northland Investment, 2150 Washington St., Newton, MA 02462, attn: Peter M. Standish Jr., CCIM, 617-965-7100

Financing: $87.67Mpayable to CBRE Multifamily Capital

Comments: The property was listed and sold by HFF’s Jordan Robbins, Jeff Hagg and Anna Stevens. The parties to the transaction also entered into a sales transaction for the 34,375-sf parking lot at the north corner of Glenarm Place & 14thStreet in the amount of $4.5M, or $130.91 psf. The $135.5M transaction was a 1031 reverse exchange. See APN: 2346-10-034, 2346-10-041 & 2346-19-031. The property has 24-hour concierge, valet parking, state-of-the-art fitness center, cyber lounge, demonstration kitchen, movie theatre, game room with indoor/outdoor lounge area, yoga/Pilates studio, outdoor terrace with grills and fireplace, electronic entry locks, granite countertops. The apartments range from 618-sf studios to a 1,857-sf penthouse. Studios rent from $1,385 to $2,155 per month. One-bedrooms rent from $1,535 to $3,190 per month. Two-bedroom/two-bath units range from $2,590-$4,910 per month. To contact manager, call 303-825-1600. *RedPeak spent approximately $2M in renovation of the common area and lobby area of the building. The retail tenants include Earl’s Restaurant with 14,875 sf, Cook’s Fresh Market with 5,195 sf and two other small tenants occupying 2,642 sf. There are 16 penthouses and 317 individual apartments. The average lease rate is over $2,030, or $2.07 psf, while the average size unit is 980 sf. There are 97 covered parking spaces and 123 uncovered spaces. ** Sales price per square foot does not include the separate parking lot at 14thand Glenarm Place for $4.5M.

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.

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