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Denver Apartments Sell for Nearly $640K/Unit
A 36-unit apartment building in Cherry Creek recently sold for $23 million, nearly $640,000 per unit.
Broadmark Realty Capital, a subsidiary of Ready Capital, sold One19 Cherry Creek at 119 S. Harrison St., to Epp Properties.
One19 Cherry Creek is a 47,300-square-foot, three-story apartment building. The Denver Business Journal reports the property was originally built as a condo development and was previously called The Alanar and The Cassidy before its original developer ran out of money attempting to complete the project in 2019. That resulted in Castle Rock-based Pacific North Enterprises, the general contractor on the development, buying the building for $14.9 million while it was still under construction. In October 2021, the building was converted from condos to for-rent units.
CBRE’s Andy Hellman, Justin Hunt, Erik Toll and Brad Schlafer represented Ready Capital on this sale.
Epp is a family-owned company that has developed and managed apartment buildings in San Francisco for more than 60 years.
- ◦Sale/Acquisition
