A 36-unit, multifamily building in Denver’s Cherry Creek neighborhood has sold for $23 million, according to the Denver office of the real estate firm CBRE.
The three-story One19 Cherry Creek apartment building at 119 S. Harrison St. was sold by Ready Capital, a New York-based real estate finance company, to Epp & Sons, Inc., a California-based commercial real estate company. CBRE represented the seller.
Built in 2021, the property features mostly two-bedroom units that average 1,366 square feet. The total square footage is 47,330.
The property was valued at $26.4 million, according to city records.
Amenities include walk-in closets, balconies, a 24-hour gym, a two-story underground parking garage, a pet spa and 12 electric-vehicle charging stations. The apartment building is just blocks away from the Cherry Creek Shopping Center and the Denver Country Club.
The Cherry Creek neighborhood is a national real estate hot spot. About a third of the overall office space in downtown Denver is vacant. In Cherry Creek, a Denver submarket with high-end retail and dining, the office vacancy rate is roughly 8.5%. Several office, retail and multifamily projects are in development.
“Our team’s coordinated marketing campaign yielded over 50 property tours (of the site) and 33 offers from family offices and institutions alike, signaling the market’s appetite for deep conviction assets,” said Erik Toll, one of four CBRE team members who represented the seller.
The area within a one-mile radius of One19 Cherry Creek has seen a 24% population growth since 2010 and has an average household income of $195,000, CBRE said.
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