Luxury Tower Trades for $131M in Downtown Denver
- Jul 24, 2018
The 1600 Glenarm Place mixed-use high-rise in downtown Denver has changed hands. HFF secured the sale on behalf of the seller, a joint venture between RedPeak Properties and Allstate Investments, and procured the buyer, Northland Investment Corp.
According to Yardi Matrix, Northland bought the asset located in the core of the rapidly growing Denver market for $131 million. The company drew an undisclosed amount for the acquisition from a $316 million line of credit held by Fannie Mae, the data provider also shows.
Built in 2006, the 31-story building consists of 333 apartments and roughly 29,000 square feet of commercial space. Located at 1600 Glenarm Place, the property features a mix of studios, penthouses and one- and two-bedroom units ranging from 618 to 1,744 square feet. Common-area amenities includes:
- outdoor terrace
- fitness center
- demonstration kitchen
- cyber lounge
- conference room
- movie theatre
- game room
- resident library
- reading room
As of June, the community was 93.4 percent occupied, Yardi Matrix data shows. Managing Director Jordan Robbins and Directors Jeff Haag and Anna Stevens were part of the investment advisory team that represented the seller.
Northland has also acquired a 0.8-acre land parcel for future development located at 14th & Glenarm.
Image courtesy of Yardi Matrix