Central Denver is positioned to emerge as a long-term beneficiary of pandemic-driven demographic shifts as companies diversify the geography of hiring and residents are drawn to Colorado’s quality of life, say brokers associated with a recent multifamily transaction. Modera Cap Hill, a 197-unit eight-story class-A apartment community within Denver’s Capitol Hill neighborhood, recently sold for approximately $84 million. While the buyer was undisclosed, reports indicate the entity was an out-of-state investor.

Modera Cap Hill was built in 2019 and features studio, one- and two-bedroom floorplans averaging 782 square feet.

Located at 1200 Grant St., Modera Cap Hill has a WalkScore of 96, making it accessible to the central business district. In addition, nearby retail, restaurant, entertainment and cultural amenities include the 16th Street Mall, the Golden Triangle Creative District, all three professional sports venues, Cheesman Park and the Denver Botanic Gardens.

Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE arranged the sale on behalf of the seller, Dallas-based Mill Creek Residential.

“Modera Cap Hill presented an opportunity to acquire a well-performing asset in one of the strongest multifamily markets in the country. The community’s location in proximity to the central business district, and the area’s best amenities and attractions resulted in significant investor interest,” said Woodward.