A 3-year-old Uptown apartment complex changed hands last week in a $100 million sale.
Deutsche Asset Management bought the One City Block complex in Uptown last week for $99.5 million, city records show. Denver-based RedPeak Properties, which developed One City Block in 2013, was the seller.
“It had been a successful project for us,” said Bobby Hutchinson, RedPeak’s chief investment officer. “We thought it was time to harvest some of the profit in the deal.”
The complex fetched $329,000 per unit, not including the retail space along 19th Avenue on the property’s northern side.
One City Block covers 2.45 acres on the block bounded by Logan Street, 18th Avenue, Pennsylvania Street and 19th Avenue. The complex includes four buildings that surround an outdoor pool area.
RedPeak Properties bought the block for $4.8 million in 2005.
Tenants started moving into One City Block’s 302 units in September 2013. The complex also has about 10,000 square feet of retail space anchored by restaurant D Bar.
Hutchinson said his firm put the complex on the market around Labor Day. Terrance Hunt and Jeff Hawks at ARA Newmark brokered for RedPeak. Hutchinson said One City Block’s central location and nearly 2 ½-acre footprint made it appealing to buyers.
“I think it’s unique to have a building of that size on a full city block, walkable to downtown,” he said. “I think [prospective buyers] felt that the neighborhood is continuing to improve, and that the property was really well designed and well built.”
One-bedroom apartments at One City Block are leasing for between $1,705 and $2,110, according to an onsite leasing representative. Hutchinson said the property is 94 percent occupied.
One City Block is one of at least two apartment complexes near downtown Denver that RedPeak has built recently. The company also developed 7/S Denver Haus, a building at Sherman Street and Seventh Avenue that opened last year.
RedPeak also recently renovated an apartment tower at 1044 Downing St. in Capitol Hill. Hutchinson said its next project is a building at 1311 Cook St. in Congress Park, an apartment tower RedPeak bought in November for $8.6 million.