DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 1600 Glenarm Place, an iconic, mixed-use high-rise located on the 16th Street Mall in downtown Denver, Colorado.
The HFF team marketed the asset exclusively on behalf of the seller, a joint venture between RedPeak Properties and Allstate Investments, and procured the buyer, Northland Investment Corporation. The tower was purchased along with a 0.77-acre land parcel for future development located at 14th & Glenarm.
1600 Glenarm Place was originally constructed in 1967 as an office tower known as the Security Life Building and was subsequently converted in 2006 by RedPeak Properties into one of downtown Denver’s first and most prominent residential and retail mixed-use projects. The building comprises 333 luxury apartment units and approximately 29,000 square feet of commercial space, including premium frontage along Denver’s 16th Street pedestrian mall. The 31-story building has a WalkScore® of 96 and is within walking distance of nearly 40 million square feet of office space and two blocks of light rail access. The residential units average approximately 980 square feet in a range of studio, one-bedroom, two-bedroom and penthouse layouts. Resident amenities include an outdoor terrace with barbecue grills and fireplace, state-of-the-art fitness center with Fitness on Demand and a yoga/Pilates studio, demonstration kitchen, cyber lounge, conference room, movie theatre, game room, resident library and reading room, valet parking, 24-hour concierge service and door-to-door room service from Earl’s Restaurant on the property’s ground floor.
The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
“1600 Glenarm is a one-of-a-kind, legacy asset within the downtown Denver market and by far one of the most recognizable assets in the area,” Robbins said. “RedPeak was extremely forward-looking in 2006 with its conversion from office space into a mixed-use residential and retail building, which has allowed 1600 Glenarm to maintain its prominent image within the market since its completion.”
“Northland recognized the irreplaceable nature of this asset, which marks their entry into the Denver market," Robbins continued. “This, coupled with their ability to implement an aggressive value-add strategy, will only serve to further the property’s position within downtown.”
About RedPeak Properties: RedPeak Properties is a full-service apartment owner, operator, developer and acquirer with an exclusive focus on Denver and Colorado’s Front Range. The company continually upgrades the value of its portfolio through the thoughtful development, redevelopment and repositioning of its assets. RedPeak strives to provide distinctive, highly amenitized residences close to key employment centers, public transportation and entertainment districts. RedPeak Properties’ portfolio comprises more than 2,200 units located in Capitol Hill, Cherry Creek, City Park, Downtown Denver, Greenwood Village, Littleton, Hilltop and Washington Park. For more information, visit redpeak.com
About Allstate Investments: The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties. For more information on the company’s investments focus, visit allstateinvestments.com
About Northland Investment Corporation: Northland Investment Corporation is a real estate private equity firm with a core competency in the acquisition, development, management and ownership of multifamily real estate. Northland has $5 billion of assets under management, including more than 25,000 residential units and 2.5 million square feet of commercial space, and $3.5 billion of development in progress.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.