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11/05/24
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One City Block, a 302-unit apartment community in Denver’s Uptown neighborhood, was acquired by InterCapital Group and Pamera North America. The property was 95% occupied at the time of sale. Although the price was not given out, the Denver Business Journal reports the deal came in at $95 mil, which works out to $314.5k/unit.
Appropriately named One City Block, the property spans across an entire city block at 444 E. 19th Ave in the heart of Denver’s Uptown neighborhood. The property includes over 10k sf of ground floor retail and one of the city’s highest parking ratios with a 2.5-level, below-grade parking structure under the entire site.
The property was built in 2013 by a local developer. It has a brick façade and design features that pays homage to its original use as the Cathedral Grade School.
The 302 units are spread across four separate buildings with four floors each. Amenities include a lap pool, private courtyard, fitness center and yoga studio, four rooftop decks and ample resident lounge space.
Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, a global investment manager. According to Hunt, even with over 300 units, the property has a low density for the size of the site – 106.7k sf – situated in the heart of the city.
Denver’s multifamily market ended Q3 2024 with an occupancy rate of 94%, according to CBRE Research. During the third quarter, investment sales volume totaled $1.7 bil, the highest quarterly total in more than two years.
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