Central Denver Apartment Complex Trades For $111M
The Broadstone Kendrick, a 254-unit luxury apartment community in Denver’s Uptown neighborhood, sold Oct. 10 for $111M, or more than $437K per unit, according to a press release from CBRE.
The sale is one of few nine-figure deals in the market this year, though they were formerly a common occurrence for multifamily properties in Denver.
The Kendrick was built in two phases between 2021 and 2022 by Alliance Residential, a national developer with offices in Denver. It consists of two mid-rise buildings and includes more than 187K SF of rentable space. Each apartment also has high-end finishes like wine refrigerators, gas ranges and soft-close cabinetry. The average apartment size is more than 720 SF, more than 100 SF smaller than the average apartment in Denver, according to RentCafe.
The apartments, at 1780 Marion St. and 1160 East 18th Ave., are in the Central Denver submarket, one of Denver’s hottest multifamily submarkets this year. The Central Denver submarket has absorbed more than 1,400 units so far this year, according to data from CBRE. That total is second only to the East Denver submarket, which includes part of Aurora.
Jackson Properties purchased The Kendrick as a long-term investment, according to comments in a press release from CBRE Vice Chairman Terrance Hunt. CBRE’s Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham also represented the seller in the transaction.
“Broadstone Kendrick is truly a unique asset that exemplifies high-quality construction and design in a highly coveted neighborhood adjacent to Downtown Denver,” Hunt said in the release. “It is made up of two complementary boutique buildings that provide an intimate living experience to residents.”
There are also several new developments cropping up in the Central Denver submarket, which suggests it will continue to see similar growth in the future. For example, One River North is being built at 3930 Blake St. in downtown Denver. The project will add 187 apartments to the market and is expected to deliver in Q4 2023.
The same story can be told about 26th and Alcott, a more than 807K SF mixed-use development located at 2601 North Alcott St. The 15-story development includes 413 apartment units and 93 apartment-style hotel units and is expected to deliver in Q2 2024, according to CBRE.
