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7/14/16
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Highlands Park Apartments, a 125-unit multifamily community located in Denver’s Lower Highland neighborhood commonly known as LoHi, sold for $40.25 mil, or $322k/unit. Grand Peaks Properties, a Denver-based multifamily investment firm, was the buyer.
Located at 2424 W. Caithness Place, the property includes a 6k sf, ground-floor CorePower Yoga Studio and 6k sf of office space. Highlands Park Apartments, nestled in a core-plus location, was built in 2012 to LEED® Gold certification standards. Grand Peaks plans on achieving higher rents by marketing to environmentally conscious renters and adding eco-friendly amenities such as a bike repair lounge and recycling valet.
Transwestern’s Tom Wanberg and John Blackshire represented the sellers, developer Bruce Heitler and CorePower Yoga founder Trevor Tice.
“We had significant interest for this listing from investors all over the United States, along with several international firms, allowing our clients to obtain top pricing for the asset,” said Blackshire. “With its close proximity to downtown and the Lower Highland submarket, Highland Park Apartments will continue to benefit from solid long-term rental demand, high employment and population growth.”
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