A newly built multifamily development just south of Sloan’s Lake has sold for $23.4M.

Denver-based Cardinal Group Acquisitions purchased the 82-unit 1515 Flats at 1515 Vrain St. from Vrain Street Investments, also of Denver, as part of a 1031 exchange. The property, which was developed by CRE Investments and zerosixthree design + development, is waiting for its final certificate of occupancy and plans to open in the coming weeks.

“1515 Flats meets a specific demand rising in urban areas from renters who do not want to sacrifice luxury amenities or interior finish for accessible rents,” said CBRE Capital Markets Senior Vice President Matthew Barnett, who, with Dan Woodward and David Potarf, represented Vrain Street Investments. “This project specifically worked well as the infill location is close to downtown, provides great access to recreation and is surrounded by a growing number of retail amenities.”

The five-story building is a modern-style mid-rise built on one level of underground parking and 5,528 SF of retail space. The mix of studio and one-bedroom units are an average of 493 SF. The building was designed to maximize views of downtown, Sloan’s Lake and the Rocky Mountains. There are private resident balconies, as well as a rooftop deck.