REIT adds The Muse to Denver apt. holdings

Highlands REIT paid $48.7 million, or $405,833 per unit, for the 120-unit apartment community at 2770 S. University Blvd. in Denver.

A newly constructed apartment building adjacent to the University of Denver recently sold at a price topping $405,000 per unit.

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Highlands REIT recently paid $48.7 million, or $405,833 per unit, for the 120-unit apartment community at 2770 S. University Blvd. in Denver.

“It is a high-profile location that is going to be pretty strong forever,” David Potarf of CBRE said of The Muse’s location across from DU, near the intersection of Interstate 25 and University and close to Observatory Park, Washington Park and Cherry Creek.

Potarf, along with CBRE’s Dan Woodward and Matthew Barnett, represented the seller in the transaction.

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The five-story building, built in 2018, was sold by the Hill Cos.

The Muse features a mix of studio, one- and two-bedroom units from 474 to 1,503 square feet. Apartments include built-in pantries, black appliances, full-size washer and dryer, under mount sinks, quartz countertops and wood-style flooring.

Select units also feature a breakfast bar, kitchen island, walk-in closets, built-in balcony fireplace, sliding barn doors, vaulted ceilings and an attached garage, for example.

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“It was extremely well built to high specifications – almost condo quality units,” added Potarf, noting The Muse’s large units are complemented by attractive amenities, including a rooftop deck with views “essentially” from Wyoming to New Mexico.

The rooftop deck at The Muse includes a putting green, barbecue grills, alfresco dining and areas to unwind. The community also includes a 24-hour fitness center, 24-hour yoga, spin and barre studio, central courtyard, entertainment clubhouse with catering kitchen, ski and bike lounge with tune-up equipment, limited-access bike and ski storage space, on-site pet space, onsite dry cleaning drop off and pick up, and 24-hour package pick up.

At the time of its sale, The Muse was around 92% occupied.

Highlands REIT owns a number of other properties in the Denver metro area, including The Lafayette, Buerger Brothers Lofts, Chamber Lofts, Detroit Terraces, Tennyson44, The Detroit and Kenilworth Court.

Featured in CREJ’s December 4-17, 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…