Platt Park for-rent townhome complex sells for $30M

townhomes

The 60-unit townhome development at 1131 S. Sherman St. sold for $30 million. (Thomas Gounley)

A 3-year-old complex consisting of for-rent townhomes on the northern edge of Platt Park is under new ownership.

Denver real estate firm RedPeak purchased Platt Park North Townhomes at 1131 S. Sherman St. in late April for $29.5 million, according to county records.

RedPeak bought the 60-unit complex from developers Pando Holdings and Chris Firman of CF Investments, who finished construction in 2015. It was an off-market transaction; no brokers were involved.

The complex has been renamed RedPeak Platt Park Townhomes.

RedPeak chief investment officer Bobby Hutchinson said the all-townhome complex was “a very unique product, and very well located,” situated a block east of Broadway and across from grocery store Sprouts Farmers Market.

The complex consists of 10 buildings, each with six units. Six of the buildings are along Mississippi Avenue; the remaining four are on the block between Lincoln and Sherman streets, with a half-acre of open space between them.

Hutchinson said the complex has 40 three-bedroom units and 20 two-bedroom units. All the units have garages. RedPeak’s website shows five units as available, the cheapest of which is a 1,070-square-foot, two-bedroom townhome renting for $2,390 per month.

The acquisition is RedPeak’s second of 2018. In February, it paid $46.25 million for the 269-unit apartment complex at 3700 E. Jewell Ave., which has since been renamed RedPeak Colorado Station.

The company now owns 2,608 residential units in the Denver area.

townhomes

The 60-unit townhome development at 1131 S. Sherman St. sold for $30 million. (Thomas Gounley)

A 3-year-old development with 60 townhomes on the neighborhood's northern edge is under new ownership.

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