Vacant 382-Unit Luxe at Mile High Trades for $145M

Luxe at Mile High in Denver reportedly sold for $145 million. Developer Embrey Partners Ltd. of San Antonio sold the complex at 3200 W. Colfax Ave. to a Bellevue, WA buyer operating under the name OZH Holdings II LLC. Terrance Hunt and Shane Ozment with Newmark Knight Frank brokered the transaction.

The just-completed, brand-new complex has one and two-bedroom apartments, with amenities including a resort-style pool and spa, bark park and pet spa, coffee bar, rooftop lounge, gathering areas with grills and fitness center and studio.

“Luxe at Mile High was an interesting transaction because it sold before it had received its Certificate of Occupancy, which is a rare event in multifamily product,” Hunt said. “Typically, multifamily product sells when it is over 80% occupied. Luxe at Mile High sold at zero percent occupancy, which greatly reduces the risk for the developer.”

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