CBRE Brokers Sale of Centric Apartments in LoHi
12월 20, 2018
CBRE announced today that it has completed the sale of the 302-unit multifamily community Centric LoHi, located at 2525 18th Street in Denver’s Lower Highlands neighborhood. CBRE’s David Potarf, Dan Woodward and Matthew Barnett represented the seller, Southern Land Company of Franklin, Tennessee.
“Centric LoHi is an ideal example of building the right product, in the right location, at the right time. The Class AA development spans an irreplaceable site, perched right above downtown Denver and offering sweeping views of the city while retaining ideal walkability and a true Lower Highlands cultural feel. Few opportunities will ever exist to acquire significant multifamily scale like this in the highly coveted LoHi neighborhood,” said David Potarf, Executive Vice President, CBRE.
Completed earlier this year, Centric LoHi includes a mix of 302 studio, one-bedroom and two-bedroom apartments across two buildings on 2.29 acres. Two restaurants occupy the 9,300 square feet of ground floor retail space, The Bindery and Marcella’s. Community amenities include a 24-hour fitness center plus flex room offering yoga, spin and pilates, game room, dog park, pet spa, heated outdoor saltwater pool and hot tub, three garden courtyards with outdoor kitchens, two resident clubhouses and a wine lounge with a kitchen. Residents also have access to secure, below-grade structured parking and bicycle storage with additional surface parking spaces available for retail and restaurant parking.
“Southern Land Company is very proud of the success of Centric LoHi, which introduced our high-quality, luxury placemaking to the Denver area,” said Tim Downey, Southern Land Company CEO. “It resonated quickly with the market, reaching 90% leased in just over 10 months, and today is a thriving community in one of the most dynamic neighborhoods in Denver. As with all of our projects, it was designed to thrive for decades to come, and we have full confidence it will continue to do just that under new ownership.”
Centric LoHi marks Southern Land Company’s first development in the Denver market. The property is located on the northeast corner of 18th Street and Central Street, adjacent to I-25. Downtown Denver and Union Station is less than a half-mile walk via a pedestrian bridge.
“LoHi is the most dynamic submarket in Denver. The density of housing and dining options is unprecedented, and rapid demographic change and innovative developments have shaped the area into an entertainment district unlike any other in our region,” said Matthew Barnett, Senior Vice President, CBRE.
The Lower Highlands is characterized by an affluent and increasingly young resident base. Five-year forecasts predict 15.6% population growth and 20% household income growth within a one-mile radius of Centric LoHi.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.