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High-End Denver Res Community Sells for $640k/Unit

7/05/24

Epp & Sons Inc has acquired One19 Cherry Creek, a 36-unit multifamily community in Denver, in a $23.05 mil transaction. That works out to a price of $640k per unit for the high-end res project.

Photo: Cornerstoneapartments.com
Photo: Cornerstoneapartments.com
Located at 119 S. Harrison St in Denver’s Cherry Creek neighborhood, the three-story ultra-luxury property is made up of mostly two-bedroom units averaging 1.4k sf in size. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide plank hardwood flooring. Select units have oversized private terraces.

Community amenities include a 24-hour gym, grilling stations, a two-story underground parking garage, a pet spa, a Luxor package system and cold storage, 12 EV charging stations and an outdoor community terrace.

One19 Cherry Creek is near Denver Country Club, Cherry Creek Shopping Center and the Denver Tech Center Corridor, which employs approximately 212,500. The area within a one-mile radius of the property has experienced a 24% population growth since 2010 and has an average household income of $195,000.

Cherry Creek is an affluent neighborhood near Cherry Creek North, a 16-block shopping district with high-end retailers, upscale dining options and luxury hotels. The district ranks among the top 10 shopping districts in the country for retail sales per-sq.-ft.

Andy Hellman, Justin Hunt, Eril Toll and Brad Schlafer of CBRE represented the seller, Ready Capital, in the transaction. According to CBRE, the listing generated over 50 property tours and 33 offers from family offices and institutions.

“One19 Cherry Creek is an exceptional asset and highly unique with unmatched interior finishes and an impressively built structured garage,” said CBRE’s Hellman. “The original construction cost on the asset was estimated at nearly $1,000,000 per unit, so there was a considerable discount to replacement cost.”




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