Equity Residential Acquires $111M Denver Asset
- Feb 05, 2019
EVIVA on Cherokee, a 274-unit community in Denver, has changed hands. HFF secured the sale on behalf of the developer and seller, a joint venture between The Integral Group LLC and Chicago-based real estate investment firm Wanxiang America Real Estate Group. According to data provider Yardi Matrix, Equity Residential acquired the asset for $110.5 million.
Built in 2017, the class AA property sits on approximately 11.8 acres and consists of an 18-story building located at 1250 Cherokee St. It offers convenient access to Denver’s Golden Triangle neighborhood and to other dining, shopping and entertainment venues including Denver Art Museum and the Clyfford Still Museum.
EVIVA on Cherokee features a mix of one- and two-bedroom units ranging from 487 to 1,331 square feet. In-unit amenities include wood-style flooring, full-size washers and dryers, white quartz countertops and stainless-steel appliances. Common-area amenities include:
- 24-hour fitness center
- heated, saline pool
- bocce and bags in game area
- movie room with billiards
- outdoor game area
- bike repair room
- grilling area with fire pits and cabanas
Managing Director Jordan Robbins and Directors Anna Stevens, Mack Nelson and Chris White were part of the investment advisory team that represented the seller. The deal comes after HFF recently secured a $47.2 million construction loan for a 293-unit community in the Denver metro area.
“EVIVA on Cherokee is a best-in-class, trophy asset located in the highly desirable Golden Triangle neighborhood, one of Denver’s most exciting creative districts,” Robbins said. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset.”
Image courtesy of Yardi Matrix