Equity Residential Buys 2 Denver Assets
The seller transformed a University of Colorado facility.
Theo
Equity Residential has bought the 319-unit Milo and the 275-unit Theo in Denver. The seller was a joint venture between CIM Group and Continuum Partners. The communities are part of the seller’s 9+CO development.
The 9+CO is a mixed-use redevelopment of the former University of Colorado Health Sciences Center. Alongside housing at Theo and Milo, the development features office space, entertainment, shopping and dining options, public gathering spaces and parking.
Property breakdown
Built in 2019 at 4109 E. 10th Ave., Milo offers studios and one- to three-bedroom units, ranging from 370 to 1,589 square feet, according to Yardi Matrix data. Theo was built a year earlier and also features studios and one-, two- and three-bedroom floorplans, ranging from 476 to 1,813 square feet. It features 41,000 square feet of ground-floor retail and is located across the street from Milo, at 985 N. Albion St.
Community amenities include a fitness center, business center, clubhouse, pool and spa. A game room, fire pits and grilling stations are also available, as well as on-site retailers and services such as cafes and chiropractors.
Situated at the intersection of the Cherry Creek, Hilltop, Hale and Congress Park neighborhoods, the communities offer easy access to Colorado Boulevard. Downtown Denver is some 4 miles northwest, while the Denver Tech Center is some 8 miles southeast. Cherry Creek Shopping Center is less than 2 miles southwest of the properties. Several other shopping, dining and entertainment options are available within a 1-mile radius.
An active owner, developer and operator in the Denver metro area for more than 10 years, CIM Group also acquired the 710-unit The Lex at Lowry this past summer.
