Embrey Partners Sells Denver Property for $145M
- Jan 16, 2020
Embrey Partners has sold Luxe at Mile High, a multifamily property in downtown Denver, to OZH Holding 2 LLC for $145 million, according to BusinessDen. The 382-unit community is located at the entrance to Denver’s West Colfax corridor. Newmark Knight Frank Multifamily arranged the deal.
Luxe at Mile High currently does not have a certificate of occupancy but aims to complete its construction in February of this year, according to Yardi Matrix.
The property features one- and two-bedroom apartments with amenities such as a swimming pool, fitness center, clubhouse, spa, and covered parking. The asset offers exposure to downtown and is just minutes away from Mile High Stadium. Luxe at Mile High is within walking distance to RTD’s Knox Light Rail Station, shopping, parks and residential neighborhoods.
The Denver location has been very active for investors, according to Yardi Matrix’s 2019 Fall Denver Multifamily Report, which states investors spent close to $3 billion on properties year-to-date through September, with a per-unit price that rose 2.6 percent year-over-year.
In December, Nelson Partners Student Housing sold Auraria Student Lofts in Denver, producing a 102 percent return for its investors.