DENVER, CO - CBRE arranged the sale of One City Block, a 302-unit apartment community in Denver’s Uptown neighborhood to InterCapital Group and Pamera North America. The property was 95% occupied at the time of sale. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, a global investment manager.
Appropriately named One City Block, the property spans across an entire city block in the heart of Denver’s Uptown neighborhood. One City Block is has 302 units, over 10,000 SF of ground floor retail and one of the city’s highest parking ratios with a two and half level, below grade parking structure across the entire site.
“One City Block is one of the most unique assets in Denver that will not be replicated. Although it is over 300 units, it is low density for that size of site in the heart of the city as you could have seen twice as many units built on the 106,722 SF site.” said Terrance Hunt.
Cord Ernst who represents Pamera North America added “We intend to hold long term as we strongly believe in this location, and the quality/design of the asset.”
The property was built in 2013 by a local developer has a brick façade and design features that pay homage to it’s original use as the Catherdral Grade School. The 302 units are spread across four separate buildings with four floors each. Amenities include a lap pool, private courtyard, fitness center and yoga studio, four rooftop decks and ample resident lounge space.
Denver’s multifamily market ended Q3 2024 with an occupancy rate of 94%, according to CBRE Research. During the third quarter, investment sales volume totaled $1.7 billion, the highest quarterly total in more than two years.
About CBRE Group, Inc. 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 2023 revenue). The company has more than 130,000 employees (including 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.
About InterCapital Group: InterCapital Group was formed in 2010 as an investment management firm focused on the acquisition and repositioning of multifamily assets across the United States. It operates as a full-service, vertically integrated apartment company with property and construction management services provided by its affiliate, Dayrise Residential.
About Pamera North America: PAMERA North America is headquartered in New York City and invests in US real estate on behalf of institutional and private investors from Germany (www.pamera.com).