Denver Office Property Converts to Apartments

Lofts on Monaco opened to residents in June after Shea Properties spent about a year converting the four-story building into apartments. The Denver Business Journal reports Shea Properties bought the 120,000-square-foot office building in April 2025 for $12 million, and then spent another $32 million to gut the whole thing and create 143 apartment units.

Lofts on Monaco offers a mix of studios, one-, two-, three- and four-bedroom units that are equipped for families.

The building is 100% designated affordable housing. Its residents earn an average of 60% of the area median income; renters range between 30% to 70% of the area median, and rental rates are set on a sliding scale based on what they earn.

Shea Properties sold the land to Invesco in the early 2000s. The investment company built the 124,000-square-foot building before departing, leaving the building empty for six years until Shea repurchased the property in 2025.