Denver Community Trades for $95M
Completed in 2013, the property consists for four four-story buildings.
InterCapital Group and Pamera North America have acquired One City Block, a 302-unit community in Denver. The building sold for $95 million.
The North Capitol Hill property, located at 444 East 19th Ave., is just east of downtown Denver. It was 95 percent occupied at the time of sale.
One City Block includes 10,000 square feet of ground-floor retail and a two-and-a-half level, below-grade parking structure featuring 369 residential parking spaces. The LEED-certified silver property has a view of downtown Denver and the Rocky Mountains.
The property, completed in 2013, is made up of four four-story buildings. Amenities include a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks and resident lounge space. Units feature in-unit washers/dryers.
Yardi Matrix data shows that the community last traded in 2017 when it was acquired by RREEF Property Trust for $99.5 million.
Shane Ozment, Terrance Hunt, Chris Hart, and Brad Schlafer of CBRE represented the seller.
Denver’s solid investment sales volume
According to CBRE Research, Denver’s occupancy rate was 94 percent through the third quarter of this year. Investment sales volume during that time totaled $1.7 billion, the highest quarterly total in more than two years.
Steady population and employment expansion helped Denver’s rent growth rebound toward the end of the first quarter, and the positive momentum continued despite a hefty development pipeline.
Yardi Matrix business manager Doug Ressler told Multi-Housing News that development was strong, with a robust pipeline and steady deliveries, but new construction decelerated significantly. In 2024, through July, developers delivered 6,871 units and had another 39,088 underway.
Further, Yardi Matrix data shows that Denver’s employment slowed to 0.9 percent over the 12 months ending in May, below the 1.3 percent national average.
Last month in the metro, Centerspace acquired The Lydian community for $54 million. The 129-unit Class A property’s previous owner was Cohen Rojas Capital Partners. The community is located in the Five Points neighborhood, near downtown.
