A Texas-based multifamily developer has purchased land for a planned apartment complex along Leetsdale Drive in eastern Denver.
Embrey Partners paid $8.7 million this month for adjacent parcels in the 5200, 5300 and 5400 blocks of Leetsdale, according to public records.
The site was rezoned in 2019 to allow for residential use. It adds up to 5.03 acres, making the deal worth $39 a square foot.
Embrey, which didn’t respond to a request for comment, wants to build a three-story apartment complex with 283 units on the property, according to the most recent site development plan submitted to the city. The project would incorporate 368 parking spots.
The site has two structures on a portion of it. A short retail strip building parallels Leetsdale, and a larger office or warehouse building sits further back, perpendicular to the street.
The property was sold by 226 Monroe Street LLC, managed by Paula Arnold. Arnold and her son co-own floral shop Newberry Bros., which has operated on a portion of the property. Arnold didn’t respond to multiple requests for comment last week.
Las Tortas, which serves Mexican sandwiches, recently left the property’s retail building for a new space along Colorado Boulevard.
Embrey’s website lists 11 complexes in the Denver region.