Denver Apartments Trade for Over $500K/Unit
Hines sold off the 249-unit Raleigh at Sloan’s Lake apartment community in Denver for $125.6 million. That comes out to over $500,000 per unit. The lakeside property was acquired by Seminole Real Estate Fund.
Delivered in 2020, Raleigh at Sloan’s Lake delivers residences averaging just under 1,000 square feet.
Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented Hines in the transaction.
CBRE’s Hunt added, “The Raleigh at Sloan’s Lake has maintained both strong occupancy and rent growth over the past year. Hines delivered a high-quality asset that has outperformed the market, and the buyer recognized the opportunity to acquire a property that has been stress-tested, demonstrating it will have long-term viability and outsized growth as the market recovers in the next year.”
The property offers an amenity package that includes the Sky Lodge rooftop patio & lounge, dining room and full kitchen, along with a pool and fitness center, and co-working spaces.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout