DU apartment complex sold for $82.5M

The One Observatory Park apartment building, which opened in 2013, was sold this week. Photos by Burl Rolett.

The One Observatory Park apartment building, which opened in 2013, was sold this week. Photos by Burl Rolett.

Correction: A previous version of the story identified the seller of One Observatory Park as LaSalle Investment Management; the seller was Urban West Group in a joint venture with LaSalle. The story has been updated to correct this error.

More than 200 apartments with a DU view changed hands this week.

The Wolff Co., based in Phoenix, bought the One Observatory Park apartment building at University Boulevard and Evans Avenue this week for $82.5 million. At 213 units, the complex drew about $387,000 per door.

“It’s a fantastic location for a lot of reasons,” said Rob O’Dea, a Wolff Co. spokesman. “It has great proximity to the university, and that section is a killer community area and a great retail location.”

One-bedroom units rent for between $1,800 and $1,900 a month, according to an on-site leasing representative.

Denver-based Urban West Group, in joint venture with Chicago-based LaSalle Investment Management, was the seller in the deal. Urban West put the 1-acre parcel together between 2007 and 2008 for about $5.1 million and sold it to the Urban West-LaSalle joint venture entity in 2011.

One Observatory Park, which has an outdoor pool, opened in 2013. The building’s apartments are about 98 percent leased. Its ground-floor retail space is about 90 percent leased with tenants including Qdoba, Lost Coffee and Salon by JC.

Wolff Co. has been active in Denver-area development, according to projects listed on its website, but One Observatory Park may be its first buy within the city limits. Wolff previously developed 8000 Uptown in Broomfield; Capstone at Vallagio in Englewood; and Gunbarrel Center in Boulder.

LaSalle found itself on the other end of the table in another recent Denver real estate transaction, buying the 16M office and apartment building along the 16th Street Mall last summer.

The One Observatory Park apartment building, which opened in 2013, was sold this week. Photos by Burl Rolett.

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