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1880 Arapahoe St, Denver, CO 80202
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Investment Advisors
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Steve Skok
Managing Director 312.845.5164 steve.skok@berkadia.com
Mack Nelson
Senior Associate
303.689.8348
mack.nelson@berkadia.com
Pam Koster
Senior Managing Director
303.689.8335
pamela.koster@berkadia.com
Mike Grippi
Senior Managing Director
303.689.8330
mike.grippi@berkadia.com
LOCATION
Berkadia is pleased to offer the exclusive listing of the Apartments at Denver Place, a 193-unit, value-add investment opportunity located in heart of Downtown Denver, Colorado. The Apartments at Denver place sit atop the Ritz Carlton hotel with its own dedicated entrance and porte-cochere. The Apartments at Denver Place offers residents easy access to everything that Downtown Denver has to offer, from employment and nightlife to entertainment and restaurants.
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1331 17th Street
10th Floor
Denver, CO 80202
Denver Office
The 193 units occupy the top 18 floors of a 37-story tower, resulting in every unit having a commanding view of the city and the Rocky Mountains. The Ritz-Carlton Hotel occupies the first 14 floors and features 202 guest rooms as well as a 9,000-sq-ft full-service spa and renowned Elway’s restaurant. Residence XXV condos occupy" floors 15-19. These owner-occupied condos range from $800,000 to over $3.0 million. The Apartments at Denver Place are located on floors 20-37.
Residents are within walking distance of the best that Downtown Denver has to offer. It’s a ten-minute walk to Coors Field as well as Ball Arena and the numerous sporting events and concerts these venues host. It’s also a five-minute walk to Larimer Square, which features a number of boutique shops, restaurants and nightclubs. The LoDo neighborhood, Denver’s premier nightlife district, is just steps away and includes Union Station as well as a Whole Foods and other shops and restaurants. Less than a 10-minute walk is Denver Pavilions, Downtown Denver’s premier entertainment complex featuring 24 stores, 10 restaurants, Lucky Strike Bowling and a 15-screen movie theater. In addition to these destinations, there are numerous restaurants, art galleries, and performing arts venues within easy walking distance of the Apartments at Denver Place.
Replacement costs for an asset such as the Apartments at Denver Place would be well over $600,000 per unit for Type I construction in this location. Further, new product within this submarket is asking rents approximating $2.80/sq ft, or circa 37% above the current rents at Apartments at Denver Place, making this property an attractive alternative for renters who want to live in this neighborhood.
Currently, the stabilized occupancy rate for the CBD stands at 93%. Despite the fact that 25% of the units under construction in metro Denver are concentrated in this submarket, the demand for multifamily housing in Downtown Denver remains strong and Downtown Denver’s population is estimated to increase by more than 10% over the next three years. Further, new apartment construction has come to a virtual halt due to the mandatory inclusionary housing ordinance that was passed in 2022, requiring developers in the City of Denver to include income-restricted housing for all developments of more than 10 units. As a result, 100% market-rate apartment properties like Apartments at Denver Place will become even more appealing to investors.
Value add investors will realize substantial increases in income with a comprehensive renovation program of both unit interiors and the resident lounge. Rents at newer high-rise projects within mere blocks of The Apartments at Denver Place are more than $400 higher on average, with some of the highest-end rents more than $700 higher. This is a clear opportunity to upgrade the Apartments at Denver Place to a more modern finish and still be a distinct value when compared to neighboring luxury high-rises. Even with projected average premiums of $275/month adding over $600,000 annually in revenue, rents will still represent a significant value to the submarket.
UNIQUE PRODUCT IN A BEST-OF-CLASS LOCATION
REPLACEMENT COST
THE CENTRAL BUSINESS DISTRICT (CBD) RENTAL MARKET
VALUE ADD OPPORTUNITY
County Denver Year Built 1983 Stories Floors 20-37, 18 total Units 193 Buildings 1 Gross Leasable Area 175,846 Avg SF per Unit 911 Parking Garage
Parking Ratio 1:1
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1880 Arapahoe St, Denver, CO 80202
193 Units Year Built: 1983
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1880 Arapahoe St, Denver, CO 80202
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193 Spaces (76 are 24/7; 117 are Weekends, Holidays, and weekdays between 6:00 pm and 7:00 am)
Annie Liston
Operations Director 303.689.8356 annie.liston@berkadia.com
Samuel Maldonado
Transaction Manager 303.607.9012 samuel.maldonado@berkadia.com
Jason Bond
Managing Director 312.845.8504 jason.bond@berkadia.com
