Denver’s Park Cheesman Apartments, an 88-unit high-rise building, was purchased by Avanti Residential for $31 million. Arqitel, which had bought the property in 2019 for $30 million, served as the seller, according to Yardi Matrix records.
The 11-story concrete tower, originally developed in 1970, features one- and two-bedroom residences averaging 877 square feet, including penthouse units with mountain and downtown skyline views.
Common-area amenities include a swimming pool, a fitness center, and laundry facilities, with 130 parking spaces and detached garages available for an extra fee.
Avanti financed the purchase by assuming the property’s existing fixed-rate loan from Nationwide Life Insurance Co. and securing new supplemental financing from the same lender, arranged by Brian Fisher, Senior Vice President of Debt & Equity at Northmarq.
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Avanti Residential will manage the community directly, utilizing its centralized resident-services platform, and operates a nearby property, benefiting from the area’s limited new multifamily developments, with no properties of 20 or more units delivered within one mile of the site since 2020.
The Denver multifamily market has experienced a cooldown, with rents down 3.6 percent year-over-year in July, and an occupancy rate of 93.5 percent as of June, below the national figure of 94.1 percent.
Investment activity has slowed, with transactions reaching $511 million, a 65.5 percent drop from the same period a year earlier. However, investors are still making deals, such as FPA Multifamily’s acquisition of a 237-unit multifamily portfolio in Denver and Michelson Organization’s purchase of Peakline at Copperleaf, a 266-unit community in Aurora, Colo., for $72.5 million.
