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Denver Apartment Venture Trades at Steep Loss
The Civic Lofts apartments in the Golden Triangle area sold at a steep discount. The $30 million sales price was more than half what Centerspace Homes paid for the property in 2021. It traded at $63 million then.
FPM Partners was the buyer. FPM has holdings in Broomfield and Fort Collins. Centerspace meanwhile holds four other buildings in Denver
The Denver Business Journal reports Civic Lofts was completed in 2017 and offers studio, one- and two-bedroom apartments in a 14-story building.
Civic Lofts is currently offering 8 weeks of free rent and up to $1,000 of other concessions for those who sign leases within 48 hours. Civic Lofts has 176 units and is 88% occupied. The Apartment Association of Metro Denver said in a recent survey that vacancy rates have hit 7.6$, a 16-year high.
- ◦Sale/Acquisition
