Developer sells Highlands project for $32M

The building at 2828 Zuni St. property sold Photos by Burl Rolett.

The building at 2828 Zuni St. property sold recently. Photos by Burl Rolett.

It’s the year of the apartment flip.

Developer Canwest LLC sold a year-old apartment building at 2828 Zuni St. in the Highlands this month for $32 million. UBS Realty Investors is the buyer, according to Denver public records, and at 105-units, the building drew $304,000 a door.

2828 Zuni opened in March 2014, and has a mix of one- and two-bedroom units ranging from 551 square feet to 1,363 square feet. The complex was built between 2013 and 2014 and totals 90,000 square feet.

Canwest registered agent Glen E. Wood could not be reached for comment on the deal by press time. Thomas Barreira and Rodney Chu, who handle Colorado acquisitions for UBS and signed the 2828 Zuni deed, did not return phone messages on Friday.

The 2828 Zuni deal follows another quick apartment flip, coming a month after the Emerson Lofts in Cap Hill sold for $11.5 million a year after its opening ($273,000 per apartment). The Denver-based seller said he had intended to develop and hold the building, but sold it to catch a hot apartment market.

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