Richman Group Sells Denver Apartments for $112M
- Dec 27, 2018
The Richman Group has sold Infinity LoHi, a luxury multifamily community in Denver’s Lower Highlands neighborhood, for $111.75 million, or $409,340 per unit. Newmark Knight Frank Multifamily arranged the deal, which marks the highest price per-unit in metro Denver for 2018.
Vice Chairmen Terrance Hunt and Shane Ozment represented the seller.
Located at 2298 W. 28th Ave., the property comprises 273 studio, one- and two-bedroom floorplans, ranging from 442 to 1,294 square feet across three buildings. Interior features include large closets, hardwood-style plank floors, 9-foot ceilings, quartz countertops, stainless steel appliances, ceiling fans, patio/balconies and washer/dryers. Residents have access to community amenities such as:
- spa/hot tub
- fitness center
- yoga and spin room
- paw spa and bark park
- door-to-door trash pickup
- business center
- package receiving
- city and mountain views
“The interest in this property validates that the Denver metro region continues to be an attractive place for investors; supported by a growing economy and the nation’s second most educated workforce,” said J. J. Ament, CEO of the Metro Denver Economic Development Corp., in a prepared statement. “Metro Denver is proud to have the headquarters office of BP Lower 48 near Infinity LoHi, and demand remains strong. VF Corp., Colorado’s newest Fortune 500 headquarters will open not far away later in 2019. Metro Denver continues to be a great place to invest and grow businesses.”
Infinity LoHi is within close proximity to the Platte Street Office Corridor, providing access to amenities and employment. Platte Street is downtown Denver’s fastest growing office submarket with 450,000 square feet of existing office space and another 225,000 under construction, bringing 4,500 jobs to the immediate area. British Petroleum relocated their Lower 48 Headquarters from Houston to Platte Street, leasing 86,000 square feet at Riverview at 1700 Platte this year.
Image courtesy of Yardi Matrix