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A luxury apartment high-rise developed by the Rockefeller Group and Denver-based Summit Capital Venture Group sold on Tuesday, according to a warranty deed filed with Denver on Thursday.
An entity tied to Kirkland, Washington-based Weidner Apartment Homes purchased Patten Gray at 370 W. 12th Ave. in Denver’s Golden Triangle neighborhood for $90.8M, according to the Nov. 12 deed.
The seller was an LLC tied to the Rockefeller Group.
Weidner Apartment Homes has 17 properties in Colorado Springs, Monument and Fountain, according to its website. Patten Gray appears to be its first Denver property.
Patten Gray was built in 2024 and spans approximately 180K SF, according to marketing materials from Newmark. Newmark brokers Tim and Jack Richey represented the seller.
The 13-story apartment tower offers 250 units, including studios, one- and two-bedroom units, and 2K SF of ground-floor retail. The building also features a fitness center, a rooftop deck, concierge services, a gear repair shop, a dog wash and covered on-site parking.
Rent at Patten Gray ranges from $1,570 a month for a 485 SF studio to $6,700 a month for a 2K SF unit, according to the building’s website.
The property is offering up to 12 weeks free base rent and a $1K gift card as a concession to get new renters, according to Patten Gray’s website.
Concessions are common in Denver, as the metro has experienced an increase in new supply.
Denver’s apartment market is still in a strong renter’s market, but local developers are hopeful for recovery in the next year or two. Others say recovery is happening now.
“The recovery is happening,” Vivmark Residential Vice President of Development Todd Nicotra said at a Bisnow event on Nov. 5. “Denver is affordable once again from a rental perspective. Rents came down so dramatically, but they are actually trending in the right direction right now.”
Earlier this year, Denver apartment building X Denver went into receivership, and Greystar sold its 282-unit luxury apartment building for $110M.
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