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254-Unit Denver Mid-Rise Apartments Trade for $111M
An Uptown Denver rental community sold for $111 million, or $437,000 a unit. Jackson Square Properties acquired the 254-unit Broadstone Kendrick. Alliance Residential was the seller. A CBRE team led by Terrance Hunt represented the seller.
Constructed in two phases between 2021 and 2022, Broadstone Kendrick consists of two mid-rise buildings, each eight stories tall, with two levels of subterranean parking. The community floorplans have an average unit size of 727 square feet.
Community amenities include two rooftop terraces, a fitness and wellness center, as well as ample lounge and coworking space.
The apartments are located across the street from the Uptown Medical District, home to more than 4,000 medical jobs, and one block from 17th Street’s Restaurant Row.
Metro Denver’s multifamily market recorded over 4,000 units of positive net absorption in the second quarter of 2023, the third highest across all U.S. markets, according to CBRE research.
- ◦Sale/Acquisition
