New apartment complex near Union Station sells for $174M

Lincoln Property Co. purchased The Pullman from South Carolina-based Greystar for $174 million. (Lucy Peterson photo)

An apartment complex completed last year near Union Station has sold at an eye-popping price.

MQMF Union Station LLC, an entity affiliated with Texas-based Lincoln Property Co., purchased The Pullman at 1959 Wewatta St. for $174.25 million, according to public records. The firm hadn’t responded to a request for comment as of press time.

The property was developed and sold by South Carolina-based Greystar, which paid $10 million for the 0.8-acre site in 2014, records show.

The 13-story apartment complex designed by the Mulhern Group and constructed by Milender White has 168 units, including four two-story penthouse units. The apartments average 1,400 square feet, with the smallest studio 819 square feet and the largest penthouse 3,784 square feet.

The sale price works out to $1.04 million per unit. Although that doesn’t factor in the building’s 3,500 square feet of ground-floor retail space, it’s still far beyond Denver’s previous per-unit record, set when Steele Creek at 3222 E. 1st Ave. sold for $140 million in 2017. That deal worked out to about $570,000 per unit, factoring in the retail space.

Brunch spot Onefold operates on the ground floor of The Pullman.

Greystar, meanwhile, recently purchased the lot at 2059 19th St., one block north of The Pullman, with plans for a 13-story apartment building. Construction is currently underway.

Greystar has also proposed a 17-story, 324-unit apartment complex next to its existing Parq on Speer complex in the Golden Triangle.

Lincoln Property Co. owns several apartment complexes in Denver, including TwentyOne01 on Market at 2101 Market St. and Verve at 1490 Delgany St.

 

Lincoln Property Co. purchased The Pullman from South Carolina-based Greystar for…

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