Denver Booms Continues As West Colfax Apartments Fetch $145M
A 382-unit multifamily community in Denver’s West Colfax neighborhood has sold for $145M, according to Newmark Knight Frank Multifamily.
Sold by San Antonio-based Embrey, the property, called Luxe at Mile High, sold for $379,581 per unit.
NFK’s Terrance Hunt and Shane Ozment handled the transaction. Multifamily typically sells when it's over 80% occupied, Hunt said, but Luxe at Mile High sold before it received its certificate of occupancy.
Hunt said this is a “rare event” in multifamily product. “Luxe at Mile High sold at zero percent occupancy, which greatly reduces the risk for the developer,” he said.
The property is located near RTD’s Knox Light Rail Station and Mile High Stadium. It features a mix of one- and two-bedroom apartments.
The buyer was not disclosed.