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A boutique apartment building in Denver’s Capitol Hill neighborhood has sold for a record-setting $400K/unit — the highest ever paid for an apartment building in central Denver.
Endurance Real Estate Partners, a Denver-based real estate investment and development company, sold the 30-unit asset, called Jux, to an undisclosed New York-based real estate investment group for $12M.
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“Jux was highly sought after due to infill site scarcities in Capitol Hill, the overall quality of the asset and the top-floor mezzanine units with 18-foot ceilings and incredible views of downtown Denver,” said ARA Newmark Director Robert Bratley, who, with Associate Director Marcus Griffin, represented Endurance in the transaction. “When we introduced the property to market, it was only 50% leased, making both the record pricing achieved and the volume of offers even more impressive. The distinctiveness of the building, in conjunction with a successful marketing campaign, drove a competitive bidding process resulting in 10 offers, several of which were all-cash.”
The average unit at Jux, at 821-827 Corona St., is nearly 800 SF, and ARA was able to achieve pricing of more than $500/SF.
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In 2017, Jux is a juxtaposition of modern styling with a restored 1900s-era brick exterior. The facade of the building, which originally was an automotive garage, was preserved and incorporated into the new building, including a painted Chevron Gasoline sign. The hallway decor was created from reclaimed wood floors salvaged from the old garage.
The building has a 700 SF deck with outdoor furniture, a gas grill, city views and Google Fiber internet. The units have stainless steel appliances, in-unit washers and dryers, sliding barn doors and large, private balconies or terraces.
“The property’s design and location make it unlike any other new construction apartment asset in Denver," Griffin said. “The building makes a statement and seamlessly integrates with the old city charm and neighborhood feel of Capitol Hill.”
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