The Buchtel Park Apartments, a seven-building complex at 3700 E. Jewell Ave. in Denver’s University Park area, have been sold for $46.25 million.
RedPeak, a Denver property management company, purchased the property. RedPeak is renaming the property “RedPeak Colorado Station.”
The seller was not disclosed. According to Denver County public records, the previous owner was “Buchtel Realty Investors LLC,” registered to same address as the apartments.
A press release said the seller was a local family that purchased the property in 1996 for $10.6 million as apart of the Low Income Housing Tax Credit program. Shortly after, the units were converted to market rate.
“The owners of Buchtel Park Apartments have had long-term success with the property,” said Tom Ethington, principal of Pinnacle Real Estate Advisors, a local commercial real estate brokerage firm that represented the seller in the transaction.
“They made a business decision to convert the equity held in Buchtel to focus on guaranteed, long-term leased, singed tenant assets,” Ethington said. “This will lock in the value application, diversify their portfolio, increase cash flow and significantly reduce their day-to-day management.”
The seven-building complex was built between 1963 and 1971.
RedPeak plans to invest in the apartments to “continue raising rents to market.”
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