A 382-unit community located in the shadow of Empower Field at Mile High Stadium sold for $145 million, or $379,581 per unit.
OZH Holdings 2 LLC, according to public records, purchased Luxe at Mile High at 3200 W. Colfax Ave. in Denver.
“Luxe at Mile High was an interesting transaction because it sold before it had received its certificate of occupancy, which is a rare event in multifamily product,” commented Terrance Hunt of Newmark Knight Frank Multifamily, who acted as the team lead on the transaction. “Typically, multifamily product sells when it is over 80% occupied. Luxe at Mile High sold at 0% occupancy, which greatly reduces the risk for the developer.”
Hunt and Newmark Knight Frank Multifamily’s Shane Ozment handled the transaction. The seller was San Antonio-based Embrey Partners.
Luxe at Mile High comprises one- and two-bedroom apartments that feature a state-of-the-art appliance package, including a full-size washer and dryer, stainless steel kitchen appliances and quartz countertops as well as close proximity to the Knox light-rail station, football stadium and the planned mixed-use redevelopment of its parking lots, the Jefferson Park neighborhood, Sloan’s Lake Park and the Highlands.
“Luxe at Mile High is truly a signature development for Embrey and for the area,” Garrett Karam, chief investment officer for Embrey, said in a release regarding the sale.
“Luxe at Mile High is a special project in a special place,” said Jimmy McCloskey, executive vice president, development for Embrey, who oversaw the development process. “From land acquisition to concept to construction, Embrey saw this as a defining project for the submarket and we were delighted to have the opportunity to bring the concept to reality.”