A 36-unit apartment complex in Denver's Cherry Creek neighborhood has sold for $23 million, according to the Denver office of real estate firm CBRE.
The three-story One19 Cherry Creek apartment building at 119 S. Harrison St. was sold by New York-based real estate finance firm Ready Capital to California-based commercial real estate firm Epp & Sons, Inc. CBRE represented the seller.
Built in 2021, the properties are mostly 2 bedroom units with an average size of 1,366 sq ft. The total size is 47,330 sq ft.
The property was valued at $26.4 million, according to city records.
Amenities include walk-in closets, balconies, a 24-hour gym, two levels of underground parking, a pet spa, and 12 electric vehicle charging stations. This apartment is just a few blocks from Cherry Creek Shopping Center and Denver Country Club.
The Cherry Creek neighborhood is a real estate hotspot nationally. Nearly one-third of all office space in downtown Denver is vacant. Cherry Creek, a submarket that's home to Denver's upscale retail and restaurants, has an office vacancy rate of about 8.5 percent. Multiple office, retail, and multifamily projects are in development.
“Our team's coordinated marketing campaign generated more than 50 tours and 33 offers from family offices and institutional investors, demonstrating the market demand for high-conviction assets,” said Eric Toll, one of four CBRE team members who represented the seller.
According to CBRE, the community within a one-mile radius of One19 Cherry Creek has seen its population grow 24 percent since 2010, and the median household income is $195,000.
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