Downtown apartment tower nets $131 million, and buyer also grabs nearby parking lot

The 31-story apartment tower at 1600 Glenarm Place in downtown Denver sold for $131 million. Photo by Thomas Gounley.

The developer who converted a vacant art deco office tower downtown into apartments a decade ago has unloaded the property for a nine-figure sum.

Denver-based RedPeak sold 1600 Glenarm Place last week to Massachusetts-based Northland Investment Corp., according to county records. The sale price was $131 million.

CBRE Multifamily Capital provided financing for the deal.

Neither the seller nor the buyer responded to a request for comment.

The 31-story structure, which according to city records dates to 1964, originally housed offices, and was known for years as the Security Life building. By the late 1990s, however, the building was vacant.

RedPeak purchased it in March 2004 for $10.75 million, according to records, and converted the upper floors to 333 apartments, reopening the building in 2006.

The building has commercial space on the ground floor. Tenants include Novo Coffee, Cook’s Fresh Market and Earl’s Kitchen + Bar.

Northland said on its website that it owns or manages about 90 properties in Arizona, New Mexico, Texas, Florida, North Carolina, Tennessee, Connecticut and Massachusetts.

The company does not have any other holdings in Colorado.

In addition to the skyscraper, Northland also purchased the 0.79-acre parking lot at 1405 Glenarm Place for $4.5 million, according to records. Seller RedPeak bought the lot in June 2004 for $5.1 million.

Prior to the sale, RedPeak owned 2,608 apartments in the Denver area. The company has done more buying than selling in recent months. Most recently, in late April, the company purchased a 60-unit townhome development on the northern edge of Platt Park for $29.5 million.

Sales in the Central Business District this year include the $125 million sale of the Brown Palace Hotel & Spa, the $67 million sale of 1660 N. Lincoln St. and a partial sale that valued the city’s second-tallest building at $560 million.

 

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