RedPeak drops $17.5M on apartment buildings in Congress Park, Cap Hill

RedPeak paid $4.29 million for the apartment building at 611 E. 11th Ave. in Capitol Hill. (Libby Flood)

RedPeak is wrapping up 2018 with a pair of buys, in Congress Park and Capitol Hill.

The Denver-based real estate firm paid $13.25 million on Dec. 11 for the seven-story building at 1412 Steele St., known as LIV on Steele, according to county records.

The building has 50 units, making the deal worth $265,000 a unit.

Two days later, RedPeak paid $4.29 million for the four-story, 27-unit building at 611 E. 11th Ave. That works out to $158,888 a unit.

Chief Investment Officer Bobby Hutchinson said the purchases give RedPeak 2,419 residential units across 30 properties in the Denver area.

Hutchinson said RedPeak is trying to increase its presence in central Denver.

“We like the Congress Park neighborhood a lot,” he said of LIV on Steele. “We own three properties within a block of that location.”

RedPeak paid $13.25 million for the seven-story apartment building at 1412 Steele St. in Congress Park. (Libby Flood)

The Congress Park building, which dates to 1969, was sold by Liv Apts LLC, which purchased it in July 2014 for $7.8 million, according to records. Hutchinson said the seller extensively renovated the property.

The Capitol Hill complex, which dates to 1952, was sold by Sanford Rogoff and Beverly Ann Rogoff Revocable Trust, and Sanford Rogoff Trust B, according to records. Hutchinson said the complex is in more average condition.

No brokers were involved in the transactions.

The purchases are RedPeak’s fifth and sixth deals of 2018.

The company paid $46.25 million for a complex near Interstate 25 and Colorado Boulevard in February, then $30 million in April for a 60-unit townhome complex in Platt Park. In July, RedPeak unloaded 1600 Glenarm, a 31-story apartment tower downtown, for $131 million. And in August, the firm paid $16.5 million for a 68-unit building in West Washington Park.

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