RREEF America LLC, on behalf of a managed fund, paid $99.5 million, according to public records, for One City Block, a 302-unit mixed-use development in the Uptown neighborhood.
The LEED-certified property at 444 E. 19th Ave. comprises four buildings named after area parks, and includes retail storefronts, sidewalk cafes and more than 400 parking spaces, all of which are concealed.
Jeff Hawks, Doug Andrews, Terrance Hunt, Shane Ozment and Chris Cowan of ARA Newmark represented seller RedPeak Properties. RedPeak, an apartment owner, operator, developer and purchaser, developed One City Block, which spans the full block between 18th and 19th avenues and Logan and Pennsylvania streets, in 2013.
“One City Block transformed the expansive site of a former Romanesque-style Catholic school into a LEED-certified destination within steps of the state Capitol and central business district. An infill site of this size never will be available again in a such a prime location, making this asset truly irreplaceable,” said Hunt.
“The boutique-style buildings named for Washington, Commons, Benedict and Congress parks honor the neighborhood’s rich architectural history with the look of an Uptown community that evolved over time and yet offers all the benefits of new Class A-plus luxury product,” added Ozment.
One City Block is clustered around a central courtyard. The residential buildings share outdoor amenities, including a 25-meter lap pool, hot tub, full-size sport court, practice putting green, fire pit and patio areas. Each LEED Silver building also includes its own lobby and rooftop deck. In addition, there is a demonstration kitchen, fitness center, separate yoga/TRX studio with weekly classes, lounge with billiards and Ping-Pong, pet spa, bike shop, business center and heated underground parking.
“This is a very big part of our organization’s soul that went into creating, designing, building and operating this special community. Everyone on our team is very proud of what we created here and we wish RREEF America LLC much success with this one-of-a-kind asset in the future,” said Mike Zoellner, CEO of RedPeak.
