After a 25-year hold, a Denver family has unloaded a piece of prime LoHi real estate.
Karen Christiansen last week sold a 29-unit apartment building at 1600 Boulder St. to an entity headed by Infinity Homes CEO Paul Schmergel for $4.7 million. Fletcher Neeley, Christiansen’s son, brokered the sale.
“It was such a unique structure and in the dead center of LoHi with all the pedestrian traffic right on 16th,” he said. “We waited a few years until the market came back up – and obviously the multifamily market right now is white hot; I can’t believe what people are getting for some units.”
The deal came about 25 years after Christiansen, previously the building’s property manager, bought the 93-year-old Northgate Apartments and took on a major renovation project.
“When we bought it, it needed a lot of work, it needed a complete new roof, and it was a major operation – steel I beams, cranes, everything,” Neeley said. “We’ve been working on it, improving it ever since, and now my mom’s ready to retire.”
Northgate has a mix of 21 studio apartments, eight one-bedrooms and two retail storefronts. The apartments are fully leased, Neeley said, with rents slightly below market rate. Ratio Clothing and Bambucycles lease the two ground-floor retail spaces.
The sale was recorded on May 27. The buyers declined to comment on their plans for the building, but Neeley said it would continue to operate as a multifamily property.