Capstone has closed the sale of Prospect on Central LoHi Apartments, a luxury mixed-use property for the sale price of $34,000,000. Nik MacCarter & Brandon Kaufman of Capstone represented both the Buyer & the Seller in the transaction.
We are grateful to have had the opportunity to broker this deal, and it was a pleasure to work with both the buyer and the seller throughout the transaction. We are excited to see the buyer continue to create value and maximize the opportunity that this unbeatable location presents.” say Capstone’s Nik MacCarter & Brandon Kaufman.
The 64-unit luxury apartment, retail, & office building is located in the heart of LoHi, arguably considered Denver’s Best Neighborhood. The apartment units include a mix of spacious studios, one-bedrooms, two-bedrooms, three bedrooms and two premier penthouse units.
Each spacious apartment includes above-average ceiling heights, a washer and dryer, and nearly every unit has a balcony. The modern amenities include a 24-hour fitness center with views of Union Station & Downtown Denver, and a courtyard with a fire pit, hot tub, BBQ & lounging areas.
The property is also home to some spectacular retail tenants including a restaurant, coffee shop, hair saloon and a smoothie/ acai shop. Some of the retail tenants have been in their spaces for many years, and the buyer is confident in their continued success for many more years to come.
The property is located at the intersection of Central Street & 17 th Street in the LoHi neighborhood, surrounded in every direction by endless popular restaurants, bars and shops. The building is blocks from Downtown Denver and all it has to offer, including Coors Field, the Ball Arena & Mile High Stadium.
The buyer plans on upgrading the units to mirror similar finishes seen in other new construction buildings in the neighborhood. The buyer hopes to leverage this upgrade to achieve market rents for the neighborhood. The buyer will continue running the retail as-is, keeping the tenants happy and running their operations smoothly.
The Seller, Isiah Salazar, stated, “We are very proud of this building that we developed. We think the location is second to none. We are sad to be parting ways with the building, but are excited for the new buyers and their plans for the property moving forward.”