The 18-story Eviva on Cherokee apartment complex sold for $110.5 million. (Thomas Gounley)
An 18-story apartment complex in the Golden Triangle has sold for nine figures.
EQR1250 Cherokee LLC, which is registered at the same address as Chicago-based Equity Residential, purchased Eviva on Cherokee last week for $110.5 million, according to county records.
The complex, which broke ground in 2015, was sold by Atlanta-based Integral Group, which developed the property as part of a joint venture with Denver-based Charter Realty Group.
Eviva on Cherokee has 274 units, making the deal worth $403,285 a unit. The complex does not have a retail component.
On Tuesday, the cheapest available unit in the complex, a studio, was listed at $1,700 a month.
The deal is Denver’s first nine-figure residential sale of 2019, and closed about a week after the year’s first nine-figure office sale of the year.
Equity Residential, which is one of the nation’s largest owners of apartments, re-entered the Denver market in August when it paid nearly $135 million for a complex in Uptown. It quickly followed that with the purchase of the 25-story SkyHouse apartment tower downtown, paying nearly $140 million.
Integral Group also developed Ashley Union Station, a 107-unit apartment complex at 1850 Chestnut Place. A majority of the units there are income-restricted.
The 18-story Eviva on Cherokee apartment complex sold for $110.5 million. (Thomas Gounley)
An 18-story apartment complex in the Golden Triangle has sold for nine figures.
EQR1250 Cherokee LLC, which is registered at the same address as Chicago-based Equity Residential, purchased Eviva on Cherokee last week for $110.5 million, according to county records.
The complex, which broke ground in 2015, was sold by Atlanta-based Integral Group, which developed the property as part of a joint venture with Denver-based Charter Realty Group.
Eviva on Cherokee has 274 units, making the deal worth $403,285 a unit. The complex does not have a retail component.
On Tuesday, the cheapest available unit in the complex, a studio, was listed at $1,700 a month.
The deal is Denver’s first nine-figure residential sale of 2019, and closed about a week after the year’s first nine-figure office sale of the year.
Equity Residential, which is one of the nation’s largest owners of apartments, re-entered the Denver market in August when it paid nearly $135 million for a complex in Uptown. It quickly followed that with the purchase of the 25-story SkyHouse apartment tower downtown, paying nearly $140 million.
Integral Group also developed Ashley Union Station, a 107-unit apartment complex at 1850 Chestnut Place. A majority of the units there are income-restricted.
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