A week after a massive apartment complex in LoHi sold for nine figures and set a 2018 per-unit pricing high, the feat has been repeated.
Last week, it was Infinity LoHi. This week, it’s Centric LoHi.
Nashville-based Southern Land Co. sold the two-building complex it developed at 2525 18th St. for $130.75 million, according to county records.
“It resonated quickly with the market, reaching 90 percent leased in just over 10 months, and today is a thriving community in one of the most dynamic neighborhoods in Denver,” Southern Land CEO Tim Downey said in a statement.
CBRE brokers David Potarf, Dan Woodward and Matthew Barnett represented the seller.
The complex was purchased by IMP Centric LoHi LLC, which listed an address that corresponds to an office of Boston-based real estate firm GID.
The complex has 302 units, which makes the deal worth nearly $433,000 a unit. That figure, however, omits the complex’s 9,300 square feet of restaurant space along Central Street, occupied by Marcella’s Denver and The Binder.
A source familiar with market conditions estimated the restaurant space is worth about $4 million. Subtracting that from the total sale price makes the deal worth about $420,000 a unit.
That’s higher than any other multifamily sale in the Denver metro area this year, topping the $409,340 mark set by last week’s sale of the 273-unit Infinity LoHi, a complex that does not have a retail component.
The 2017 sale of Steele Creek in Cherry Creek to UDR still holds the per-unit record locally. That property sold for about $570,000 per unit when factoring in the value of the project’s retail space.
Centric LoHi was the first Denver project for Southern Land Co., which recently opened an office in the Mile High City. The company is building a 316-unit apartment complex with some retail at 17th and Pearl streets in Uptown Denver, and recently broke ground on a mixed-use project at 30th and Pearl streets in Boulder.