An apartment complex along Speer Boulevard in the Lincoln Park neighborhood has sold for nine figures.
1170 Galapago Street LLC paid $140 million in late September for the Marquis at the Parkway complex, according to public records.
The complex consists of multiple structures in the 1100 and 1200 block of North Galapago Street, adjacent to Speer. With 460 units, the deal works out to about $304,000 a unit.
Brokers Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller. Hunt said the buyer — which lists its office address as 158 W. 27th St. in New York — has done “big deals” in that city, and this is its first major buy in Denver.
He said it’s an example of a larger pandemic trend within the industry, of companies looking to exit major coastal markets for interior markets “that they feel are more livable.”
Hunt said the pair began marketing the property around March as the pandemic was setting in, when showings couldn’t be held in person and uncertainty forced some potential buyers to the sidelines.
“This is the only deal that was really blasted in the heart of COVID,” he said.
September saw a number of major multifamily deals locally, after several months that represented something of a lull. Hunt said repeated concerns that tenants would stop paying rent en masse haven’t quite panned out, low interest rates “just make a lot of math work” and the stock market — another place to pour cash — is seen by some as overvalued.
“There’s more capital out there on the sidelines than there’s ever been,” he said.
The property was sold by Parkway Marquis LP, an entity affiliated with Newport Beach, California-based CWS Capital Partners. A related entity purchased the property in 2005 in two transactions totaling $64.32 million, records show.