Denver Office Property Converts to Apartments
Lofts on Monaco opened to residents in June after Shea Properties spent about a year converting the four-story building into apartments. The Denver Business Journal reports Shea Properties bought the 120,000-square-foot office building in April 2025 for $12 million, and then spent another $32 million to gut the whole thing and create 143 apartment units.
Lofts on Monaco offers a mix of studios, one-, two-, three- and four-bedroom units that are equipped for families.
The building is 100% designated affordable housing. Its residents earn an average of 60% of the area median income; renters range between 30% to 70% of the area median, and rental rates are set on a sliding scale based on what they earn.
Shea Properties sold the land to Invesco in the early 2000s. The investment company built the 124,000-square-foot building before departing, leaving the building empty for six years until Shea repurchased the property in 2025.
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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