
The X Denver 2 complex at 2100 Arapahoe St. on Jan. 12, 2024. (BusinessDen file)
The firm that made a construction loan for the X Denver 2 apartment tower in Arapahoe Square has taken ownership of the structure.
The 22-story building at 2100 Arapahoe St. was transferred last week to an entity affiliated with California-based CIM Group.
CIM Group lent $105 million in 2020 to build the tower, JLL said at the time.
The tower was completed last year and developed by Chicago-based The X Co., with funding from New York City private equity firm Raven Capital Management. By this past January, the property had racked up $20 million in liens filed by contractors, including general contractor Milender White.
Raven Capital President Joshua Green, who signed the sales paperwork, described the transaction as “a negotiated transfer between the parties.”
The deed transferring ownership included the price of $101 million, which works out to about $290,000 an apartment for the 351-unit building. That doesn’t factor in the value of its ground-floor retail space, which is vacant.

The unfinished retail space inside X Denver 2. (Matt Geiger/BusinessDen)
“We’ve been talking to them for a long time. It was a negotiated settlement with CIM. No blood was spilled,” Green told BusinessDen.
Local media outlets reported in late 2023 that construction had stopped on X projects in Phoenix, Houston and Tampa.
No one from The X Co. returned a request for comment. Green said The X Co. still operates its buildings, although it hires a firm to actually manage them.
Earlier this year, The X Co. and Raven Capital sold a parking lot at 2000 Welton St. — where they had once planned to build another tower — at more than a 50 percent loss.
The X Co. and Raven Capital’s first project in Denver was the inaugural X Denver, at 3100 Inca St. in Union Station North. Green said the companies have no imminent plans to sell that building.
X buildings feature a “coliving” model, where tenants can pay rent for just their bedroom instead of being responsible for the cost of an entire unit. The X Co. had planned for X Denver 1 and 2 to be a combined community of sorts, with residents at one building having access to amenities at the other.
The company also sold memberships giving access to the buildings’ “club” and amenities — which include coworking space, pools and gyms with fitness classes — to people who live elsewhere.
The X Co. closed that club last year and has yet to find an operator to take over the rooftop lounge and bar at X Denver. Earlier this year, residents of both buildings were told that shared access was being “discontinued,” per an email from building management obtained by BusinessDen.
“We’ve determined that the offerings at each property are comparable,” the email read.
A resident inside the X Denver 2 building on Wednesday told BusinessDen that amenities in his building were limited. Barely anyone uses the coworking spaces, the roof is locked, projectors in shared areas can’t be used, and his roommate’s bike was stolen from a storage room that was unlocked, he said.