A 36-unit apartment building in the desirable Cherry Creek neighborhood has recently been sold for a whopping $23 million, equating to approximately $640,000 per unit.
The property, known as One19 Cherry Creek and located at 119 S. Harrison St., was purchased by Epp Properties from Broadmark Realty Capital. The three-story building spans over 47,300 square feet and was originally intended to be a condo development under the names of The Alanar and The Cassidy. However, due to financial difficulties faced by its initial developer in 2019, construction came to a halt before being taken over by Castle Rock-based Pacific North Enterprises for $14.9 million while still incomplete. In October of this year, the project was converted into rental units.
CBRE’s team consisting of Andy Hellman , Justin Hunt , Erik Toll , and Brad Schlafer represented Ready Capital during this transaction.
Epp Properties is an established family-owned company with more than six decades of experience developing and managing apartments in San Francisco.
This recent sale highlights the strong demand for high-quality properties within Denver’s real estate market.
