In its first sale in nearly 25 years, a southeast Denver apartment complex traded for more than 10 times its last price tag last week.
Advenir, Inc. bought the French Quarter at Nine Mile Station apartment complex last week for $65.8 million, Denver city records show. The 12-acre apartment complex sits along Parker Road, near the Nine Mile Station light rail stop.
French Quarter has more than 400 apartments, according an on-site leasing representative, with one-bedrooms starting at $1,020. The apartments are arranged in several clusters of four buildings each, and the complex also includes an outdoor pool and tennis courts.
French Quarter, which Advenir has renamed Advenir at French Quarter, was built in the early 1970s, according to Denver real estate records. Weidner Apartment Homes sold the complex.
Weidner founder Dean Weidner bought French Quarter in 1992 for $6 million.
Advenir already owned a half-dozen apartment buildings between Denver and Aurora before the French Quarter acquisition. Its local portfolio includes Advenir Stapleton, Advenir Lowry, two properties in Cherry Creek, and Advenir at Del Arte, which the company bought last year.
French Quarter is also the second big apartment complex near Nile Mile Station to sell in about a year’s time. Bascom Group bought the Axis at Nine Mile Station apartments next-door to French Quarter for $50 million last November.