A Denver-based firm founded last year to create a new type of urban residential model made its first acquisition with the purchase of Union Denver.
The firm, daydream apartments, purchased the 13-story, 579-unit property at 1770 Chestnut Place. The sales price for the three-tower property, anchored by Whole Foods Market, which covers a full city block bounded by 17th, Wewatta and 18th streets, and Chestnut Place, was not disclosed.
“This is an ideal first acquisition for daydream. With its location in the heart of a vibrant neighborhood, Union Denver sets the standard for the type of urban living we hope to promote nationwide,” Daniel Cohen, founder and CEO of daydream apartments, said in a release regarding the acquisition. “We intend to make similar purchases in other dynamic cities, where daydream apartments can add value to residents. Union Denver will serve as a prototype as we explore how to bring new models of affordability and convenience to urban apartment living.”
The LEED Gold community was sold by its developer, Holland Partner Group, which had operated the property since its completion in 2018.
Union Denver, rebranded as Union Denver by daydream, comprises studio, one- and two-bedroom apartments. Units range from approximately 400 to 1,550 square feet.
Current and future amenities at Union Denver by daydream include a rooftop, heated saltwater pool with hot tubs, outdoor televisions, lounge and grilling areas; common areas including a Grand Hall with stadium seating, game room with pool table, 20-person theater and several conference rooms; gourmet demonstration kitchen; on-site Whole Foods Market with private elevator; bike and ski locker storage units; 6,000-sf fitness center with yoga room, on-demand classes and strength/cardio training; 24-hour concierge desk; bike and car sharing; and a managed homesharing concept.
Daydream was founded with the idea to create a new type of urban residential community with the opportunity for residents to lower their housing expenses with managed homesharing. Managed homesharing, daydream describes as similar to subletting or “Airbnbing” an apartment while the resident is away. Instead of the resident dealing with the bookings, key exchanges and cleanings, daydream apartments professionally manages the hosting on the residents’ behalf, including an on-site manager, staff security on the property and owners’ closets and safes.
Daydream’s program is designed to be in compliance with city requirements and is completely optional for residents.
The apartments are above ground-level retail space that includes Whole Foods, a CVS Pharmacy and Gyu-Kaku Japanese BBQ.