Equity adds Eviva with $110.5 million buy

Equity Residential, which re-entered the Denver multifamily market last year, added a third asset to its local portfolio with its purchase of Eviva on Cherokee. 

Equity Residential, which re-entered the Denver multifamily market last year, added a third asset to its local portfolio with its purchase of Eviva on Cherokee.

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The Chicago-based real estate investment trust, which specializes in the acquisition, development and management of apartment properties, paid $110.5 million, approximately $403,285 per unit, for the Eviva on Cherokee, which was sold by The Integral Group LLC, according to public records.

“There was a significant amount of interest given the property’s location in the Golden Triangle, the quality of the 18-story luxury high-rise and the desire for core product,” noted Holliday Fenoglio Fowler’s Jordan Robbins.

Robbins, alongside HFF’s Anna Stevens, listed the 274-unit community at 1250 Cherokee St., adjacent to the city’s museum district.

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“The price per door also points to good, transactional strength in the market,” added Robbins.

Completed in 2017 and finishing lease-up, Eviva on Cherry Creek features a mix of studio, one- and two-bedroom apartments from approximately 500 to 1,300 square feet. Apartments include floor-to-ceiling windows with city and mountain views, full-sized washers and dryers, white quartz countertops, stainless steel appliances, frameless glass showers and wood-style flooring in living areas.

The community includes a 24-hour fitness center with yoga, barre and locker rooms; a resort-style heated saline pool; indoor/outdoor game area; outdoor grills, fire pits and cabanas; a movie room with billiards; 24-hour concierge; resident chef’s kitchen; bike repair room; garage parking; and original local art throughout the building.

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Equity Residential returned to Denver last year, after exiting the market in January 2016, with the purchase of the Alexan Uptown and Skyhouse Denver communities.

Featured in CREJ’s February 6-19, 2019 issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…