Denver Micro-Unit Community Sells for $23M
Castle Lanterra Properties acquired the multifamily asset within a year of the project's completion.
RiDE at RiNo. Image via Google Street View
McWhinney has sold RiDE at RiNo, an 84-micro-unit community in Denver, to Castle Lanterra Properties for $23 million, according to Yardi Matrix. Citibank provided the buyer with $14 million in acquisition financing.
The property opened its doors in May following two years of development work, per data from Yardi Matrix. Hyder Construction was the general contractor for the Christopher Carvell Architects-designed project.
With affordability issues becoming more widespread in Denver, developers have proposed micro-apartment communities as one possible solution. The all-studio property’s floorplans range from 369 to 849 square feet, with the larger apartments designated as live-work units. On-site amenities include fitness center, clubhouse, recycling center and bicycle repair station, and select units offer balconies and wall-mounted bicycle storage. The asset was 94 percent occupied in October, Yardi Matrix shows.
RiNo’s rise
RiDE at RiNo is located at 3609 Wynkoop St., within Denver’s rapidly growing River North Arts District. The area benefits from nearby commuter rail service and a trendy atmosphere replete with craft breweries, eclectic restaurants and entertainment venues.
The district is rapidly expanding: While the area within half a mile of the five-story community is presently home to approximately 630 apartments, more than 4,000 units are either under construction or in planning stages, according to Yardi Matrix. Office development activity tells a similar tale, with 2.4 million square feet in the works compared to the existing inventory of 1.1 million square feet.
