The apartment building at 1650 Wewatta St. has been renamed Griffis Platform Union Station. (Courtesy C2 Media)
An apartment complex next to Union Station has a new owner.
The 21-story, 233,000-square-foot apartment building at 1650 Wewatta St. sold late last month for $125.5 million to Greenwood Village-based Griffis Residential.
Completed in 2015, Platform Union Station, renamed Griffis Platform Union Station after the deal, has 287 units. The building went for roughly $437,000 per unit, or $539 per square foot.
The building was developed and managed by Washington-based Holland Partner Group, but did not own it at the time of the sale, CBRE said, the firm which brokered the sale for the seller. The building was 93 percent leased, the brokerage said.
Griffis said in a news release that the firm estimated the purchase price was 35 percent below replacement cost, or what it would cost to build the exact structure at that site today.
Platform’s 287 units are about 6 percent studio, 20 percent two-bedroom and 74 percent one-bedroom apartments, according to previous coverage. Studios run about 500 square feet, the one-bedrooms average 740 square feet and two-bedroom units are about 1,240 square feet. Rents range from $1,650 to $3,400.
The building has a club room, conference room and pool deck on the 14th floor, and a fitness center on the 15th floor. Tupelo Honey Southern Kitchen & Bar, serving up Southern cuisine, occupies the building’s 6,500 square feet of ground retail.
Griffis is no stranger to Colorado. Its headquarters are south of the city in Greenwood Village and its co-CEO and co-founder, Ian Griffis, is a graduate of Colorado College. The firm owns other apartment complexes in LoDo, Cheeseman Park, Cherry Creek and across the entire metro area.
Holland has been active in development in Denver. The firm still owns two other downtown apartment complexes and also has buildings in RiNo, Lincoln Park and across the Denver suburbs.
Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer with CBRE represented Griffis in the transaction.
The apartment building at 1650 Wewatta St. has been renamed Griffis Platform Union Station. (Courtesy C2 Media)
An apartment complex next to Union Station has a new owner.
The 21-story, 233,000-square-foot apartment building at 1650 Wewatta St. sold late last month for $125.5 million to Greenwood Village-based Griffis Residential.
Completed in 2015, Platform Union Station, renamed Griffis Platform Union Station after the deal, has 287 units. The building went for roughly $437,000 per unit, or $539 per square foot.
The building was developed and managed by Washington-based Holland Partner Group, but did not own it at the time of the sale, CBRE said, the firm which brokered the sale for the seller. The building was 93 percent leased, the brokerage said.
Griffis said in a news release that the firm estimated the purchase price was 35 percent below replacement cost, or what it would cost to build the exact structure at that site today.
Platform’s 287 units are about 6 percent studio, 20 percent two-bedroom and 74 percent one-bedroom apartments, according to previous coverage. Studios run about 500 square feet, the one-bedrooms average 740 square feet and two-bedroom units are about 1,240 square feet. Rents range from $1,650 to $3,400.
The building has a club room, conference room and pool deck on the 14th floor, and a fitness center on the 15th floor. Tupelo Honey Southern Kitchen & Bar, serving up Southern cuisine, occupies the building’s 6,500 square feet of ground retail.
Griffis is no stranger to Colorado. Its headquarters are south of the city in Greenwood Village and its co-CEO and co-founder, Ian Griffis, is a graduate of Colorado College. The firm owns other apartment complexes in LoDo, Cheeseman Park, Cherry Creek and across the entire metro area.
Holland has been active in development in Denver. The firm still owns two other downtown apartment complexes and also has buildings in RiNo, Lincoln Park and across the Denver suburbs.
Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer with CBRE represented Griffis in the transaction.
