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A group of brand new micro-apartments has sold to Denver-based Helios Properties for $5.27M, as demand for smaller units picks up locally.
Denver's Highland Builders sold the property at 1540 Sheridan Blvd. in a sale with financing arranged by CBRE Capital Markets and was represented by CBRE’s Robert Bratley.
The 24-unit development finished construction in June and is part of a larger play by Highland to snap up properties in the booming Sloan's Lake area.
“I really like the Sloan’s Lake neighborhood and its potential. I currently have four other similar developments in various stages throughout the neighborhood, totaling nearly 150 units,” said James Herron, founder and owner of Highland Builders, in a statement.
The mix of studio and one-bedroom apartments has an average footprint of 439 SF and are located near light rail, Edgewater Public Market, Target, Joyride Brewing Co. and the Alamo Drafthouse.
Helios said it, too, is looking closely at the area.
“I like the new construction play in this growing submarket as I continue to build our portfolio in Colorado,” said Justin Sims, founding partner with Helios Properties.
The sale closed Oct. 10.
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