Denver Community Sells for $31M
- May 25, 2017
After closing the sale of a two-property, $92 million portfolio in the Denver area, ARA Newmark announces the transaction of Turntable Studios, a 179-micro-unit, 94,000-square-foot community. Terrance Hunt and Shane Ozment, vice chairmen, together with Chris Cowan, executive managing director, represented the seller, Nichols Partnership, a local development firm. The asset traded for $31 million, or $474 per square foot.
Located at 1795 Mile High Stadium Circle, in the Jefferson Park neighborhood and near downtown Denver, the property is in close proximity to Sports Authority Field at Mile High, Jefferson, Lower Lakewood Gulch and Crescent parks, Pepsi Center and Elitch Gardens. Nearby eateries include 2914 Coffee, Jack N Grill and the La Loma restaurant. It is also withina short bike ride or REI and the Platte River Trail System.
The 13-story building was constructed in 1967 and then converted to multifamily use in 2015, when Nichols Partnership renovated the property’s interior providing updated cabinetry, countertops, Juliet balconies, new flooring and exposed concrete ceilings. The building consists of efficiency, one-bedroom and penthouses averaging 365 square feet. Amenities include a fitness center, clubhouse, outdoor swimming pool, bike storage, laundry facilities, outdoor dog run and a media room. Additionally, the community offers an outdoor seating area with a gas grill and a fire pit. According to Yardi Matrix data, Turntable Studios was 95.5 percent occupied as of April.
“In 2013, Derek Ahrens and I looked at the then VQ Hotel and had the idea for a micro-unit conversion,” President & Founder of Nichols Partnership Randy Nichols said in prepared remarks. “Other interested buyers were looking to tear down the outdated hotel; we had a very different approach in mind and the market embraced this concept beyond our expectations. We set out to provide renters with a great product at an attainable price point at a time when area rents were dramatically increasing and when both studio and one-bedroom units in the city were scarce,” he added.
Image courtesy of Yardi Matrix