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Denver Rental Asset Trades for $95M
One City Block, a 302-unit community in Denver, sold for $95 million. InterCapital Group and Pamera North America were the buyers. Commercial Edge reports that the community last traded in 2017 when RREEF Property Trust acquired it for $99.5 million.
The North Capitol Hill property, located at 444 East 19th Ave., is just east of downtown Denver. It was 95 percent occupied at the time of sale.
One City Block includes 10,000 square feet of ground-floor retail and a two-and-a-half-level, below-grade parking structure with 369 residential parking spaces. The property, completed in 2013, consists of four four-story buildings. Amenities include a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks and resident lounge space.
Shane Ozment, Terrance Hunt, Chris Hart, and Brad Schlafer of CBRE represented the seller.
According to CBRE Research, Denver’s occupancy rate was 94 percent through the third quarter of this year.
- ◦Sale/Acquisition
