An 11-story apartment building in downtown Denver sold for $110M amid a strong renter’s market largely driven by an oversupply of new units.
An LLC tied to Greystar sold the 524K SF property at 1840 Market St. to San Francisco-based Carmel Partners, the Denver Business Journal reported, citing a Denver County deed.
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Greystar purchased the land and building plans for about $21M in 2018. The company took out a $99M loan on the property, which was set to mature in October, according to the DBJ.
The luxury apartment building, known as The Fitzgerald, has 282 residential units, 304 underground parking spaces and retail on the ground level. It features high-end finishes and amenities including quartz countertops, a pet spa, a gear workshop, coworking spaces and meeting rooms, and an indoor-outdoor fitness center, according to the property’s website.
The Fitzgerald’s website lists a “limited time special” with up to four weeks of free base rent, something not uncommon in Denver right now.
In January, nearly 68% of the area’s rentals offered concessions, compared to the national rate of approximately 39%. The concessions were driven by high vacancy rates and an abundance of new construction hitting the market. In the first quarter, Denver County had the highest vacancy rates and most new construction in the metro.
Carmel Partners' purchase of The Fitzgerald comes nearly five months after it raised about $1.4B for its most recent multifamily value creation fund. According to its website, Carmel Partners has nine properties in the Denver metro, including Origin at Downtown Superior, which opened in April 2025.
The sale also takes place as Greystar faces accusations from the Housing Rights Initiative, a housing watchdog group, that Greystar unlawfully rejected potential renters who use public assistance payments to help cover rent.
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