InterCapital Group and Pamera North America have acquired One City Block, a 302-unit community in Denver. The building sold for $95 million.
The North Capitol Hill property, located at 444 East 19th Avenue, is just east of downtown Denver. It was 95 percent occupied at the time of sale.
One City Block includes 10,000 square feet of ground-floor retail and a two-and-a-half-level, below-grade parking structure with 369 residential parking spaces. The property, completed in 2013, consists of four four-story buildings. Amenities include a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks and resident lounge space.
Studio, one, and two-bedroom apartment homes feature In unit laundry, luxury resort-style living and are Situated in a prime Uptown location, with easy access to vibrant shops, eclectic dining, dynamic nightlife, and all the energy Denver has to offer.
Shane Ozment, Terrance Hunt, Chris Hart, and Brad Schlafer of CBRE represented the seller.
According to CBRE Research, Denver’s occupancy rate was 94 percent through the third quarter of this year.
According to CBRE Research, Denver’s occupancy rate was 94 percent through the third quarter of this year. Investment sales volume during that time totaled $1.7 billion, the highest quarterly total in more than two years.
Steady population and employment expansion helped Denver’s rent growth rebound toward the end of the first quarter, and the positive momentum continued despite a hefty development pipeline.
