DENVER, CO - CBRE announced the $20.4 million sale of Economist, a micro-unit multifamily community located at 1570 and 1578 Humboldt Street in Denver. David Potarf, Dan Woodward, Matt Barnett and Jake Young with CBRE Capital Markets in Denver represented the seller, Pando Holdings. Avanti Residential purchased the property in a sale that closed Oct. 28. Brady O’Donnell and Jill Haug with CBRE Capital Markets’ Debt & Structured Finance group in Denver arranged the financing with a 10-year fixed rate Freddie Mac loan with full term interest only.
Built in 2018, Economist is a two-building property with 97 units averaging 339 sq. ft. All apartments have a full kitchen, full-size in-unit washers and dryers, and 12-ft. ceilings. Community amenities include a fitness center, bike storage, parcel lockers, a resident lounge, and a rooftop deck with an outdoor grill.
“Economist demonstrates the demand for affordable luxury living in urban Denver. Smaller units offering modern finishes and priced at affordable monthly rents to a large segment of the population allowed the property to perform extremely well throughout the challenges of 2020. Due to this price point, Economist saw little competition from other new downtown luxury apartments,” said Matt Barnett, Senior Vice President, CBRE.
“Economist posed a unique challenge to close an agency loan during these unprecendented times with an iStar ground lease structure. The entire transaction team as well as Freddie Mac were diligent and focused and enabled a successful outcome for all parties involved,” said Brady O’Donnell, Vice Chairman, CBRE.
The property is located on the east edge of the Uptown neighborhood in Downtown Denver, near the intersection of Park Avenue and East 16th Avenue. One block from Denver’s “Restaurant Row” and the East Colfax Avenue business corridor, Economist is a 10-minute walk to both Cheesman Park and City Park Golf Course, and a 15-minute walk to the Denver Botanic Gardens on York Street.