There was a fine row a’ la poet
And the owner didst wish to bestow it
And so RedPeak said we
Will pay forty-eight three
And then that there deal closed, we know it
Six consecutive apartment buildings in Cap Hill named after writers sold for the second time in 3 1/2 years last week, as part of a $48.3 million deal, according to public records.
Denver-based landlord RedPeak bought the three-story structures at 1001 (Robert Frost), 1015 (Emily Dickinson), 1025 (Louisa May Alcott), 1035 (Mark Twain), 1045 (Nathaniel Hawthorne) and 1055 N. Sherman St. (Eugene Field). The deal also included the apartment building at 1000 N. Lincoln St., which is known as Lincoln Heights.
With 217 units in all, the deal works out to $222,580 per unit, or about $513 per square foot. The buildings feature art-deco exteriors and date to the 1930s, with the exception of Emily Dickinson, which was constructed in the 1950s after a previous structure on the site burned down.
The deal didn’t include every building considered part of Poets Row. Structures at 1000 (Robert Browning), 1010 (Thomas Carlyle) and 1030 N. Sherman St. (James Russell Lowell) are under different ownership. Architect Charles Strong designed most of Poets Row.
The buildings were sold by an affiliate of New York-based Abacus Capital Group, which paid $33.5 million for them in June 2016, according to public records. Andy Hellman, Justin Hunt, Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller.
Hellman, who also brokered the 2016 sale, told BusinessDen that the Abacus affiliate spent about $4.2 million on renovations, which involved exterior improvements such as new roofs, upgrades to building amenities and full renovations of about 25 percent of the units, which on average are 436 square feet.
“It was the most appropriate renovation I’ve ever been a part of,” Hellman said, in terms of balancing the vintage elements while appealing to modern-day renters.
The deal is the fifth buy of the year for RedPeak, and brings the company to approximately 3,100 units in Denver and Glendale. Most recently, the company spent $14.55 million for a 51-unit building just south of Speer Boulevard.