2 Denver apartment complexes sell for $144 million

Two Denver apartment complexes, including one completed just last year across the street from Coors Field, have sold for a combined $144 million.

Both complexes were developed by Alliance Residential, a Phoenix-based real estate company, and purchased by Simpson Housing, a local firm that last year sold a 1,206-unit apartment complex in a $255 million deal, said to be Colorado’s largest-ever for an apartment complex.

Broadstone on Blake, located at 21st and Blake, was finished in 2015 and includes 164 units. The property was purchased for $62 million or $378,048 per unit, according to Terrance Hunt, executive managing director at ARA, A Newmark Company, which was involved in the transaction.

2101 Market Street, a 226-unit complex, sold for $81.9 million, or $362,389 per unit.

The transaction closed last week and is indicative of continued strong demand for multi-family assets in metro Denver, particularly in prime locations such as LoDo, Hunt said.

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Posted in: Apartment Market

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