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February 21, 2024
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Denver Res Tower Sells for $125 Mil

1/05/24

In a large, end-of-year multifamily trade, Griffis Residential purchased Platform at Union Station, a 287-unit luxury apartment community in downtown Denver, for $125.5 mil ($437k/unit). The sale is among the largest multifamily property transactions in metro Denver last year.

Built in 2015, the property is located at 1650 Wewatta St, directly adjacent to Union Station, Denver’s primary transportation hub. The location is walking distance to Denver’s largest employers, top restaurants and entertainment venues, and an urban parks systems with miles of pathways connecting downtown to the greater metro area.

The LEED Gold-certified building stands 21 stories with views of the Denver skyline and Rocky Mountains. The 287 apartment homes are a mix of studio, one- and two-bedroom floorplans with an average unit size of 814 sf. Community amenities include a resort-style rooftop terrace and pool, a 24-hour fitness center and yoga studio, an indoor dog run and pet wash station, and business and coworking centers. Tupelo Honey Southern Kitchen & Bar occupies the building’s ground-floor retail space.

Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart, and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller. The buyer paid all cash for the asset.

“Platform at Union Station is one of Denver’s most iconic high-rise apartment communities located at the epicenter of downtown Denver. Opportunities to own an asset like this do not come around often, and this will be a great addition to the buyer’s portfolio,” said Hunt.

The rising cost of home ownership is driving demand for rental units with the delta between renting and owning reaching new heights in metro Denver last year. As of the third quarter of 2023, the average monthly payment for a single-family home in metro Denver was 2.2x greater than the average monthly rent, according to CBRE research. The spread is prompting some renters to continue renting for longer as they save up for a down payment. Prior to the pandemic, the long-run average number of years in rental payments to equal a 20% down payment was 3.4 years. Today, it would take 4.9 years of rent to equal a 20% down payment.





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